2011年11月5日星期六

London 2012 athletics track ready

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World Championship 1,500m silver medallist Hannah England tries out the new track at the Olympic Stadium

The athletics track at the London 2012 Olympic stadium has been completed.

The track is made of synthetic rubber and has been designed to help athletes run fast times. Five world records were set on a similar surface in Beijing.

London 2012 chairman Lord Coe said: "Today marks a huge milestone for the project as the stadium comes to life."

Long jumper Chris Tomlinson, 1,500m runner Hannah England and Paralympic discus thrower Dan Greaves were the first athletes to test out the track.

They were joined on the new surface by local schoolchildren, who will benefit from the Stadium's legacy plan to be a venue for sport, athletics, community and cultural events.

The 80,000-capacity stadium is nearing completion with the latest anticipated final cost of the work being £486m.

Lord Coe and Hannah England take a run on the new track Lord Coe and Hannah England take a run on the new track

The stadium will host the opening and closing ceremonies of both the Olympic and Paralympic Games, as well as all the track and field events.

An 80m sprint straight made of the same material as the main track has been laid under one of the main stands and a 400m training track will be laid shortly.

The track will be covered to protect it from the elements while other work continues at the Stadium.

"People can get a glimpse of how it will look in less than 10 months' time when we welcome the world's athletes to London," Coe added.

"There is still a lot of work to do on the stadium but seeing some of our top British athletes on the track with local schoolchildren really underlines the stadium's potential for 2012 and beyond."

Hugh Robertson, Minister for Sport and the Olympics, said: "This is another piece in the jigsaw for our Olympic Stadium."

Olympic Delivery Authority chairman John Armitt added: "Watching athletes and children run around the Olympic Stadium's track 10 months before the London 2012 Games highlights just how much has been achieved over the last four years."


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Arsenal financial future 'secure'

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Emirates Stadium Arsenal moved from Highbury to Emirates Stadium in 2006 Chief executive Ivan Gazidis has said Arsenal's financial future is bright despite a fall in turnover and profit.

The Gunners reported group turnover for the year ending 31 May as £255.7m, down from £379.9m in 2010, while profit was also reduced from £56m to £14.8m.

Gazidis told the club website: "We are very secure - it's a good set of results again.

"This is a very solid, very healthy set of results and it gives us a good platform to move forward from."

Continue reading the main story

Arsenal's accounts do not include the £30m gained from the sale of Cesc Fabregas, the £24m received for Samir Nasri or the £7m paid by Manchester City for Gael Clichy

A reduced income from property sales at the Highbury redevelopment and increase in player wages have played their part in the drops, but the figures do not include the sales of midfielders Cesc Fabregas and Samir Nasri to Barcelona and Manchester City respectively.

"We didn't have the same kind of profit from player sales that we had in the previous season and that explains the slight reduction in profit," added Gazidis.

"We haven't seen the same kind of profits from the property side that we have seen in the past but that was entirely to be expected. Our property business is debt-free so any new sales of property do accumulate cash, which is very positive for the future."


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Qatar gears up for 2022 World Cup

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6 October 2011 Last updated at 23:01 GMT By Bill Wilson Business reporter, BBC News Qatar delegates celebrate after being awarded the 2022 World Cup hosting rights Qatar now has 11 years to prepare for the 2022 World Cup To say the football world was shocked when Qatar was given the right to host the 2022 football World Cup would be an understatement.

Critics, and many still remain, wondered how such a massive event could be held in a country with a total population less than Greater Manchester's, and where the summer temperature can reach 50C.

However, the man at the helm of organising the tournament insists criticism is misplaced and that the Middle Eastern Emirate will be able to stage a memorable tournament 11 years from now.

Hassan al-Thawadi, the secretary-general of the Qatar 2022 Supreme Committee, is looking to provide a World Cup memorable for all the right reasons.

Mr al-Thawadi said that two billion people were within a four-hour flight of Qatar, and that the World Cup would "build bridges of understanding between the Middle East and rest of the world".

And some bridges need to be built.

He said that since Fifa had awarded it the tournament, the emirate had faced an "avalanche of accusations and allegations" relating to claims it had bribed its way to securing the World Cup.

Mr al-Thawadi said Qatar had in fact conducted its bid campaign "to the highest ethical and moral standards".

'Promises'

Now he wants to focus on leaving a "bold legacy" from hosting a World Cup which some analysts estimate could cost as much as £138bn to bring about.

Qatar hopes to leave a legacy in the areas of football development, air-cooling technology, building modular stadiums (which can be downsized after the event), and fan experience.

The Khalifa stadium will be expanded from 50,000 seats to 68,030 New stadiums will be built and existing ones will have their capacity extended

"We can deliver... and fulfil the promises we made to the world," Mr al-Thawadi told delegates at the Leaders in Football conference in London.

He said Qatar has been drawing inspiration about how to host a successful event from a number of sources, including London 2012.

The small nation, population 1.7 million, is now looking to appoint a project management company by the end of the year - "a crucial appointment which we must get right".

It is also looking to draw up a "master schedule" for stadiums and infrastructure, in order to resolve any potential pitfalls on the road to 2022 as soon as possible.

There will be 12 stadiums in use at the World Cup, and it is hoped the first new one with air-cooling technology with will be in place by 2015.

Cooling

In addition, Mr al-Thawadi said the 2022 World Cup would benefit from a "state-of-the-art transport infrastructure" which needed to be largely constructed from scratch.

The official said that the small size of the emirate meant fans would be able to stay in the same hotel for the duration of the tournament, and also to travel easily and take in two games in one day at different venues.

One on the thorny question of temperature, the country says it is also developing air-cooling techniques.

"Technology is already being trialled in open spaces in Qatar," says Mr Al al-Thawadi.

There has been talk of moving the World Cup to the winter, but this notion has been scotched my many, including the German football federation.

"We submitted a bid that looks towards hosting a summer World Cup - we are moving towards that," says the 2022 supremo.

He said it was up to the global football community to come to any unanimous decision if that situation was ever to be changed.

Meanwhile, nine of the stadiums being used will be modular, and Qatar will donate 170,000 seats to developing countries after the World Cup, when stadiums are slimmed down.

That he said, meant the country would not be lumbered with any large "white elephant" rarely full stadiums after 2022.

Alcohol

For potential visiting fans, Mr al-Thawadi wanted to quell fears that there would be nothing for them to do after matches.

Continue reading the main story
We are confident and excited that this will leave a legacy of understanding, and that people can unite through a shared love of football”

End Quote Hassan al-Thawadi Qatar 2022 "There is significant investment in tourism in Qatar, museums and entertainment sites, and a service industry dedicated towards fans," he says.

"We have always said alcohol would be available. It might not be as available as it is in London, but any fan that wants to enjoy a drink can do so."

He said the Qatar public would also be prepared for the influx of fans and, for example, their different dress sense.

In addition, he said Qatar was host to many different communities, including English people, and was "used to being hospitable".

He added: "We have hosted major events over the years" - including the 2006 Asian Games.

Catalyst

The country has also applied to host the 2017 World Athletics Championship - in competition with London - and also the 2020 Olympics.

"The Olympic Games bid is not a distraction to 2022, and may be an opportunity for some synergies with the World Cup."

Qatar's Mohammed el-Sayed (white kit) fights for the ball with Bahrain's Mohammed Hussain It is hoped the 2022 World Cup will help improve football quality in Qatar

Hosting these large sporting events could, he said, be used as "an economic tool".

"The World Cup can be a catalyst of economic change," he believes, not only for Qatar but for the whole Middle East region.

He said a number of yet-to-be-revealed initiatives were in the pipeline to involve other Middle East countries' participation in the World Cup.

Finally, on the playing field, it is hoped that 2022 will provide the same boost to football in West Asia that the 2002 World Cup in Korea and Japan did for East Asia, particularly the two host countries.

"We want people to come and explore, and learn about us," he says.

"We are confident and excited that this will leave a legacy of understanding, and that people can unite through a shared love of football."


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Russia bleeds cash as investors pull out

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29 September 2011 Last updated at 23:00 GMT By Natalia Golysheva BBC World Service Traditional Matryoshka doll bearing the faces of Russian Prime Minister Vladimir Putin (underneath) and President Dmitry Medvedev Political turbulence has spooked investors in Russia Five months ago the Russian stock market was among the world's top performer, peaking after a steady rise in share prices that had lasted since early 2009.

Since then, the market has taken a tumble, with Russia's Micex index of leading shares losing more than a quarter of its value and the RTS index of 50 Russian shares falling by some 40% to levels not seen since this time last year.

According to the Russian government, investors are pulling back because they have been spooked by falling oil prices and global economic turmoil.

But many observers are instead blaming internal political turmoil for the retrenchment, which last year saw capital flight to the tune of some $30bn (£19bn) - only to accelerate this year, with some $31bn leaving the country during the first six months alone.

Wheeling cash out of Russia has become a sport shared by wealthy Russians and foreign investors alike, with one Russian opposition party leader, Boris Nemtsov, predicting that capital flight could rise to $100bn this year.

The capital flight is matched by a brain drain as the country's much needed skilled and educated people head for better opportunities abroad.

A recent survey suggests more than a fifth of Russia's adult population would like to emigrate, compared with 7% in 2007.

'Pillar of stability'

This week's ousting of Russia's long-standing finance minister, Alexei Kudrin, did little to mollify neither the people nor the markets.

Former Russian Finance Minister Alexei Kudrin Mr Kudrin eventually lost his battle with Russia's leaders

So the Russian rouble, already weakened by the turmoil in the world economy, has plunged and is trading around its lowest level against the US dollar since May 2009.

Mr Kudrin's main cheerleaders, Western investors and analysts, have long applauded the way his conservative budget policies have helped restore the country's financial health in the wake of the global financial crisis.

To them, his departure is seen as a deep blow to Russia's economy.

"The surprise factor of Kudrin leaving is bigger than the nomination of Putin to be the next president," according to Roland Nash, senior partner of Verno Capital.

"Kudrin personifies fiscal stability in Russia. It was really his big success that we've had this fiscal stability now for more than 10 years - him and the oil price.

Neil Shearing, chief emerging markets economist at Capital Economics, a private-sector think tank in London, agrees.

"It's difficult to see how Kudrin's resignation can be anything but market-negative," he says.

Economic differences

Mr Kudrin's departure after 11 years in the job could not have been announced at a worse time, coming hot on the heels of President Dmitry Medvedev announcing that that he will swap jobs with Prime Minster Vladimir Putin in March of next year.

Trader watch their screens on the Troika Dialog trading floor in Moscow September 26, 2011. Falling oil prices and risk aversion sent the Russian rouble to its weakest level since mid-August 2009 and hit stocks after Prime Minister Vladimir Putin announced he would return to the Russian presidency. Investors are nervous as share prices, oil prices and the rouble all fall sharply

The Russian media initially speculated that Mr Kudrin may have openly rebelled to bolster his own ambitions to become Russia's next prime minister.

Mr Kudrin has accused President Medvedev of economic mismanagement and excessive spending.

In particular, in the latest of the two politicians many disagreements over economic policy, Mr Kudrin has been vocal in his opposition to President Medvedev's efforts to raise military spending by some 2.1 trillion over three years, insisting the plan would create "additional risks for both the budget and the economy".

President Medvedev has been dismissive of Mr Kudrin's criticism, insisting Russia "cannot avoid defence spending worthy of the Russian Federation, which is not some 'banana republic' but a very large country, a permanent member of the UN Security Council that possesses nuclear weapons".

In the end, the conflict came to a head with President Medvedev telling Mr Kudrin to step down after the rebellious finance minister said he would be unwilling to work with the next prime minister.

And if investors were concerned about Mr Kudrin's departure, then they were far from mollified by the man Prime Minister Putin appointed to succeed him.

Mr Putin described the new acting finance minister, the rarely heard of former deputy Anton Siluanov, as a "good, strong specialist", which investors immediately took to mean he would tow the party line and as such be a safe bet for the Russian leaders during the upcoming election season.

Optimistic assumptions

Mr Siluanov's first challenge will come next week, when Russia's government will have to submit its 2012 budget for approval by parliament.

It will be a challenge because the budget is calculated on a rather optimistic assumption, namely that price of oil will rise to $116 (£72)per barrel next year.

According to the ousted Mr Kudrin, Russia needs oil to average $112 in 2012 to balance its budget.

However, the price of Russia's main export, Urals crude oil, has recently tumbled and is currently trading close to the $105-a-barrel level.

If the price of oil fails to bounce back, then Mr Kudrin will be proven right about the need to curb spending and plan for a future when Russia's earnings will be much lower than they have been in recent years.


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VIDEO: China currency vote: US view

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3 October 2011 Last updated at 00:27 GMT Help

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2011年11月4日星期五

VIDEO: Philippines aims to boost rice output

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7 October 2011 Last updated at 00:40 GMT Help

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Apple unveils refreshed iPhone 4S

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4 October 2011 Last updated at 23:38 GMT Rory Cellan-Jones looks at Apple's new iPhone 4S

Apple has unveiled the latest iteration in its iPhone range, but there was no sign of the widely rumoured iPhone 5.

The iPhone 4S, as the model will be known, boasts an improved camera and significantly extended battery life.

It will run the latest iOS5 operating system, which is set for release on 12 October.

The event was the first major announcement for new boss Tim Cook who took over from Steve Jobs in August.

The iPhone 4S, which will go on sale on 14 October, will be available in 16GB, 32GB and 64GB models - in both black and white.

It has the same look and feel as the existing iPhone 4 which was launched 15 months ago.

However, Apple said that updates to iOS meant the phone would boast some "200 new features".

Continue reading the main story Shares in Apple fell by almost 5% within minutes of the eagerly anticipated launch, with analysts saying that investors and Apple fans had expected the latest version to be a more radical improvement over its predecessor.

However, the company's shares later regained most of their losses to close down just 0.6%, albeit underperforming the NASDAQ index as a whole.

Voice control

Among the additions is an "intelligent assistant" that allows users to ask questions aloud and receive detailed answers back.

Siri, which began life as a third-party app, was purchased by Apple in 2010 but has yet to appear within its software.

Luke Peters, editor of gadget magazine T3, said that the software announcements would do just enough to keep Apple fans interested in the face of strong challenges from rival smartphone manufacturers.

Continue reading the main story

You could sense a great wave of disappointment rolling through the Apple community.

Why rush out and buy the new, new thing if it looks just like that old phone that's been around for more than a year?

"Some people were looking for a brand new phone and they haven't got that today, so some will be disappointed," he told BBC News.

"But with the update to iOS5 and Siri that could be enough to sway people to make the investment."

Disappointment

Other industry watchers were less charitable about the iPhone refresh, and the non-appearance of the iPhone 5.

Gareth Beavis, phones editor at TechRadar said that the new hardware would leave many people underwhelmed.

"It was quite disappointing. I think there is going to be a lot of anger from users expecting something big bold and quite exciting after a long time of waiting from the iPhone 4.

"People will buy this in their droves, but Apple has missed a trick by just releasing the exact same phone again with marginally upgraded specs."

Details of the new phone were unveiled by Apple's Philip Schiller

For Apple's new chief executive, the event was as much about making a statement about his leadership as it was new products.

Tim Cook had previously acted as interim boss, looking after the company while Steve Jobs was on sick leave.

Unlike his charismatic predecessor, Mr Cook left the biggest announcement of Tuesday's event to a colleague - marketing boss Phil Schiller.

"Maybe he wants to bring other people to the forefront by letting others speak on his behalf," said Gregory Roekens, chief technology officer at PR firm Wunderman.

"But in terms of style, it was underwhelming. People were expecting iPhone 5, but instead it's almost fixing the weaknesses the previous phones had.

"It will be interesting to see how people react to that."


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Shell Singapore fire 'contained'

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29 September 2011 Last updated at 04:27 GMT Shell refinery The refinery is on Bukom island about five kilometres away from Singapore's mainland Royal Dutch Shell said a fire that broke out at a refinery in Singapore - its biggest globally - has been contained.

The fire started on the plant on Bukom island, five kilometres off Singapore, on Wednesday and affected a unit that helps make diesel fuel.

Shell said it is shutting down units at the refinery as a precaution.

Singapore is a trading hub and analysts said a prolonged shutdown could tighten supplies.

Shell said that, while the fire was contained, firefighters were still working to completely extinguish it.

It also said an inquiry would be forthcoming

"We believe it was an accident," the company said in a statement. "A full investigation will be conducted once the fire is put out."

Trading centre

Shell shut down a hydrocracker at the refinery, which will affect gas oil and jet fuel production. All crude units were also operating at reduced rates.

Capacity at the Bukom plant is 500,000 barrels a day.

The fire hit at a time when refiners around Asia are already running near full capacity to meet demand.

Singapore is the world's largest market for fuel oil and Asia's hub for crude and refined product trading.


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Banks rally on rescue deal hopes

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26 September 2011 Last updated at 20:21 GMT Continue reading the main story Last Updated at 17:44 GMT

Market indexCurrent valueTrendVariation% variationEuropean bank shares have risen as investors react to the latest attempts to stabilise the eurozone debt crisis.

A number of measures are being discussed according to reports from the weekend's international meeting in Washington.

They are expected to involve a 50% write-down of Greece's massive government debt, the BBC's business editor Robert Peston says.

French and German bank shares were up 10% at one stage in Monday trading.

European governments hope to have measures agreed in five to six weeks, in time for a meeting of the leaders of the G20 group in Cannes at the beginning of November.

But EU officials in Brussels stress that they should not be seen as "a single grand plan", the BBC's correspondent Chris Morris says.

The measures being discussed are:

Institutions that have lent money to Athens writing off about 50% of the money they are owedThe size of the eurozone bailout fund, the European Financial Stability Facility (EFSF), increasing dramatically to 2 trillion euros (£1.7tn; $2.7tn)Strengthening big European banks that could be hit by any defaults on national debt obligations.

However, on Monday evening AFP reported that German Finance Minister Wolfgang Schaeuble had told television news channel NTV that there was no plan to boost the size of the EFSF.

"We are giving it the tools so it can work if necessary," Mr Schaeuble was reported as saying.

"Then we will use it effectively but we do not have the intention of boosting its volume."

Pan-Europe gains

Uncertainty over how to tackle Greece's problems has led to some European bank shares losing half their value in recent months due to concerns about their holdings of Greek debt.

But on Monday, French banks, which are particularly exposed to Greece, rallied, with BNP Paribas and Societe Generale up 4% and 5.4% respectively, and Credit Agricole up 3.7%.

Continue reading the main story
Unless the banks are fixed, there will remain too big a risk that a financial crisis could turn the current global economic slowdown into something more akin to depression than recession”

End Quote image of Robert Peston Robert Peston Business editor, BBC News Germany's big banks were also up sharply. Allianz was up 10%, Deutsche Bank 8% and Commerzbank 7.7%. In the UK, Barclays rose 6.8% and RBS 3.3%.

The Frankfurt was up about 3% at close, and in Paris by about 2%. The UK's main index, the FTSE 100, was virtually unchanged.

US shares closed higher, with the Dow ahead by 2.5%, the S&P 500 by 2.3%, and the Nasdaq by 1.4%.

However, commodity prices were lower on remaining concerns that the eurozone crisis could affect the global economy.

Philip Tyson of brokerage MF Global told the BBC that the proposed bailout fund had to be at least 2tn euros.

He said: "Markets need confidence that the fund has the firepower to deal with the likes of Italy and Spain should contagion risks spread.

"It does need to happen, but there are big question marks about the detail, and exactly how it will happen. Time is running out."

Ben Critchley, a sales trader at spread betting group IG Index, said: "For now at least, it looks as if markets are giving some credence to a firm plan on how to tackle the debt crisis beginning to emerge.

"But if recent experience is anything to go by, this patience is unlikely to last too long if details are not forthcoming."

Key elements

The reports about the rescue proposals emerged from the annual meeting of the IMF in the US capital last week, attended by finance ministers from the G20 group of countries.

The package is expected to involve a quadrupling - from the current projected level of 440bn euros - in the firepower of the eurozone's main bailout fund, the EFSF.

Continue reading the main story
The problem, they said privately, was that ministers couldn't talk openly about a new solution to the crisis when the old one had not even been passed by national parliaments. This was a particular issue, naturally, for Germany.”

End Quote image of Stephanie Flanders Stephanie Flanders Economics editor, BBC News It is not entirely clear how any expansion of the facility would be managed, but one suggestion is for the EFSF to guarantee the first part of any losses creditors sustain from a government defaulting on its debts, with the European Central Bank (ECB) providing an additional 1.5tn euros of loans.

The EFSF would take on the main risk of lending to governments struggling to borrow from normal commercial sources - governments like Italy.

It is also thought that private investors in Greek debt are likely to have to accept a 50% reduction in what they are owed, our editor says.

Eurozone leaders agreed a plan in July, which has yet to be ratified, that provided for a reduction in Greece's repayments to banks of about 20%.

European officials in Brussels stressed that their current focus was on getting measures, including changes to the EFSF, agreed back in July ratified by 17 national parliaments within the eurozone.

It was proving a difficult task, the BBC's Chris Morris says, to get these less far-reaching changes passed, with Germany one of three assemblies to vote this week.

The third element of the rescue plan envisages a strengthening of big eurozone banks, which are perceived to have too little capital to absorb losses.

'Critical days'

Commodity prices remained under pressure, pulled between relief that a eurozone deal could be nearer and worries that the global economy faces a downturn.

Continue reading the main story Oil prices fell sharply in early trading, but recovered with Brent crude up 60 cents at $104.57 a barrel and US light, sweet crude up 55 cents to $80.40 a barrel.

The stronger dollar, which rose around 0.2% against a basket of currencies, also weighed on oil prices as it makes dollar-denominated assets more expensive.

Gold fell 3.2% to $1,603.95 an ounce, continuing recent declines from record highs. Copper, which has already fallen, was down another 4%.

Senior commodities analysts Edward Meir, at brokers MF Global, said: "These are very critical days and weeks ahead, reminiscent very much of the touch-and-go situation we were in back in 2008.

"The key difference this time around is that it is countries and not companies that are in danger of going bust."


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Shares up on eurozone debt hopes

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6 October 2011 Last updated at 09:47 GMT EC President Jose Manuel Barroso EC President Jose Manuel Barroso has fuelled expectations that Europe is preparing an action plan Stock markets have been boosted by expectations that European leaders are about to act to ease the debt crisis.

The main markets in London, Frankfurt and Paris were about 2% up, after Hong Kong closed 5.6% higher.

European Commission President Jose Manuel Barroso said in a television interview that there were plans for co-ordinated action to recapitalise banks.

More details of any action plan could come later at a European Central Bank press conference.

There have been a flurry of reports and comments in recent days that European authorities have negotiated plans to bolster banks and boost bailout funds.

On Thursday, Mr Barroso fuelled expectations further, telling Euronews TV that the EU executive was proposing "co-ordinated action" to the 27 European Union nations to bolster banks.

The intention was to "recapitalise banks and get rid of toxic assets they may have".

Continue reading the main story
You can see this as creeping progress towards putting adequate shock absorbers into the eurozone's financial system.”

End Quote image of Robert Peston Robert Peston Business editor, BBC News On Thursday afternoon, European Central Bank president Jean-Claude Trichet will lead a media briefing, which will come after the bank announces its decision on European interest rates.

Then German Chancellor Angela Merkel is due to hold talks in Berlin with Mr Trichet as well as the heads of the International Monetary Fund, the World Bank, the OECD and G20.

On Wednesday, Mr Merkel said she was in favour of a co-ordinated recapitalisation of European banks if that was deemed necessary.

Expectations that there will be action to bolster banks and boost European bailout funds began on Monday, when Olli Rehn, European commissioner for economic affairs, said there was "an increasingly shared view that we need a concerted, co-ordinated approach".

In an interview with the Financial Times, he said there was "a sense of urgency among ministers and we need to move on".


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2011年11月3日星期四

VIDEO: Japan businesses more optimistic

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3 October 2011 Last updated at 01:21 GMT Help

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US durable goods slip in August

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28 September 2011 Last updated at 15:05 GMT Production at a General Motors plant in Michigan New orders for US cars and car parts fell sharply in August Orders for big manufactured goods in the US fell slightly in August after a sharp jump in the previous month, due in part to a fall in demand for cars.

Durable goods orders fell by 0.1% to $201.8bn, roughly in line with expectations, after a 4.1% rise in July, the Commerce Department said.

However, plane orders grew strongly for the second month in a row.

The figures come a day after weak housing and consumer confidence data reinforced concerns for the US economy.

On Tuesday, the closely-watched S&P Case Shiller index showed stagnant house prices in July, while the Conference Board's consumer confidence index for September showed no recovery from August's weak level.

'Positive signals'

The durable goods figures from the Commerce Department said new orders for motor vehicles and parts fell by 8.5% between July and August.

This was partially offset by a jump of 23% in aircraft orders.

Analysts said the figures were reassuring, given the large jump in total orders in the previous month.

"The marginal slippage in August after a positive July is not enough to suggest trend has turned negative," said David Sloan at IFR Economics.

"In fact the August breakdown contains some positive signals for business investment."


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VIDEO: Eurozone troubles worry Australia

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4 October 2011 Last updated at 01:21 GMT Help

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VIDEO: No guaranteed oil contract reward

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Aref Ali Nayed, Chief Operations Manager of Libya's Stabilisation Team, tells HARDtalk's Stephen Sackur that foreign support for the Libyan revolution should not be rewarded by oil contracts because support should have been motivated by humanity and not material gain.

You can watch the full interview on Wednesday 28 September at 03:30 GMT, 08:30 GMT, 15:30 GMT and 20:30 GMT. And on BBC News Channel at 0430 BST on Wednesday 28 September and 00:30 BST on Thursday 29 September.

Find out who is coming up on the programme by following us on Twitter.


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VIDEO: Greek protester: 'Measures hurt poor'

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5 October 2011 Last updated at 16:27 GMT Help

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IMF warns on drastic budget cuts

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5 October 2011 Last updated at 14:41 GMT Euro symbol Changing economic times will mean a change in economic policy, the IMF said Europe's stronger economies should avoid imposing drastic budget cuts at the expense of growth, a report by the International Monetary Fund has said.

If things worsen in the UK, Germany or France, they should "consider delaying" cuts, because they can borrow "at historically low" interest rates.

The IMF also warned that a recession in Europe in 2012 could not be ruled out.

Separately, a Markit PMI study said the eurozone's service sector shrank for the first time in two years last month.

The IMF's warning came in its latest 100-page report on the economic outlook for Europe.

"Finding a durable solution to the euro area sovereign crisis has become more than overdue," the IMF said in its report.

"(This) will require some difficult decisions to improve crisis management and a demonstration of unity behind the project of economic and monetary union that will convince markets.

"The pursuit of nominal deficit targets should not come at the expense of risking a widespread contraction in economic activity," the IMF said.

"If (economic) activity were to undershoot current expectations and risk a period of stagnation or contraction, countries that face historically low yields (for example, Germany and the UK) should also consider delaying some of their planned consolidation."

The IMF's Europe director, Antonio Borges, said that Europe had edged closer to recession. "We still predict growth in 2012, but very modest," he said.

But if economies go into reverse "all those countries with fiscal leeway might want to consider" changes in fiscal policy, he said.

'Spreading malaise'

The weakness of the eurozone's economic recovery was underlined in data from the latest Markit/CIPS Services Purchasing Managers' Index.

For September, the index fell to 48.8, from 51.5 in August, its lowest reading since July 2009. A reading below 50 indicates contraction.

Markit said that a service sector downturn that began in smaller members of the 17-nation eurozone had spread throughout the bloc.

"The malaise is spreading to the core, where surging rates of expansion earlier in the year have turned rapidly into contraction in Germany and only very modest growth in France," said Chris Williamson, chief economist at Markit.


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2011年11月2日星期三

Barclay brothers buy Claridge's

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29 September 2011 Last updated at 21:39 GMT Claridge's Claridge's is the latest luxury hotel to be owned by the Barclays The Barclay brothers have bought three of London's top hotels, including Claridge's, for 800m euros (£695m).

They acquired Claridge's, the Connaught and Berkeley from the National Asset Management Agency (Nama), the Irish government agency created to manage the toxic property loans of its bust banks.

Nama said it had recovered 100% of the original value of the loans plus interest.

The Barclays already own the Ritz hotel in London.

The loans had originally been made to the Maybourne Hotel Group by two Irish banks to fund the acquisition of the hotels in 2005.

By buying the loans, the Barclays have acquired the hotels.

Nama took control of the bad property debt from Irish banks during the height of the financial crisis, and it is tasked with maximising the return to the Irish taxpayer over the long term.

The agency has said that it wants to dispose of 5bn euros of UK loans in 2011. Its annual report listed total UK assets of about £8.5bn.

Sir David Barclay and his brother Sir Frederick also own the Daily Telegraph and the Littlewoods retail group.


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Wembley 'to break even by 2015'

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5 October 2011 Last updated at 11:15 GMT By Bill Wilson Business reporter, BBC News Wembley Stadium Wembley's income is boosted by other, non-sporting events Football Association chairman David Bernstein has said that English football's national stadium, Wembley, will financially break even by 2015, one year later than previously planned.

"Wembley is doing very well, it has been extremely profitable," he said.

Mr Bernstein added that the rebuilt stadium was showing an annual operating profit of between £40m and £50m.

He said he expected the stadium, built for £757m and opened in 2007, to start pumping cash into the game by 2015.

But he said that large interest charges and other continuing costs remained an issue.

The FA, which owns the stadium through its subsidiary Wembley National Stadium Ltd, said earlier this year it envisaged Wembley breaking even in 2014.

But Mr Bernstein told delegates at the Leaders in Football event in London: "By 2015, Wembley should start putting money back into the game, instead of being subsidised by the game."

World-class venue

Preliminary financial figures for 2010 released earlier this month by the FA showed that it paid out £22m in net interest during the year, partly to service the loans taken out to build Wembley.

And last year, FA general secretary Alex Horne said the association had budgeted to subsidise Wembley by £20m a year in 2010 and 2011 and £12m a year in 2012 and 2013.

Wembley's business plan relies on concerts and other events to boost the bottom line, but the FA obviously also sees the stadium as a world-class football venue.

And Mr Bernstein said that this on-field goal had been greatly been helped by the successful staging of the Champions League final at Wembley in May between Barcelona and Manchester United.

"I think that is when the new stadium really came of age," he said.

He also said it was a great vote of confidence in the Wembley when Uefa decided to stage the Champions League final again at the stadium in 2015.


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US bank hit after debit fee news

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30 September 2011 Last updated at 21:56 GMT Bank of America logo Bank of America will roll out the change from next year on a state-by-state basis Shares in Bank of America have fallen 2%, a day after it announced plans to charge debit card users $5 (£3.20) per month to pay for their purchases.

Bank of America, the largest US bank by deposits, said it would introduce the fee early in 2012.

The move comes ahead of a new rule that will limit how much lenders can bill retailers for customer debit card transactions.

The bank's debit card holders will still get free cash withdrawals.

The monthly charge will apply to users of Bank of America's basic bank accounts, and will be in addition to any service fees they already have to pay.

A number of smaller US banks, such as SunTrust, a regional lender based in Atlanta, have already introduced charges for debit card purchases.

So far only Citigroup has ruled out introducing the change.

'Changed economics'

Bank of America said the new fee would be rolled out on a state-by-state basis.

Continue reading the main story
Bank of America is trying to find new ways to pad their profits by sticking it to its customers”

End Quote Richard Durbin Domocrat Senator Its move comes as an amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act goes into effect from 1 October.

The amendment, brought by Democrat Senator Richard Durbin, limits the fees that banks can charge retailers for processing debit card transactions to 21 cents.

This compares to the previous average of 44 cents, meaning a substantial fall in revenues for the banks.

A Bank of America spokeswoman said: "The economics of offering a debit card have changed."

Sen Durbin said Bank of America's move was "overt and unfair" and that he hoped its customers would "have the final say".

"Bank of America is trying to find new ways to pad their profits by sticking it to its customers," he said.


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VIDEO: Citigroup under pressure from Asian regulators

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6 October 2011 Last updated at 04:12 GMT Help

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World pays tribute to Steve Jobs

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6 October 2011 Last updated at 03:12 GMT Consumers paid tribute to ''a man of great perspective''

Apple's corporate statement announcing the death of 56-year old co-founder Steve Jobs was brief: "We are deeply saddened to announce that Steve Jobs passed away today.

"Steve's brilliance, passion and energy were the source of countless innovations that enrich and improve all of our lives. The world is immeasurably better because of Steve."

Many technology experts, industry peers and other admirers have been quick to add their own tributes.

"Steve was among the greatest of American innovators - brave enough to think differently, bold enough to believe he could change the world, and talented enough to do it.

"By building one of the planet's most successful companies from his garage, he exemplified the spirit of American ingenuity.

"By making computers personal and putting the internet in our pockets, he made the information revolution not only accessible, but intuitive and fun.

"The world has lost a visionary. And there may be no greater tribute to Steve's success than the fact that much of the world learned of his passing on a device he invented."

"Apple has lost a visionary and creative genius, and the world has lost an amazing human being.

"Those of us who have been fortunate enough to know and work with Steve have lost a dear friend and an inspiring mentor.

"Steve leaves behind a company that only he could have built, and his spirit will forever be the foundation of Apple."

"For those of us lucky enough to get to work with him, it's been an insanely great honour. I will miss Steve immensely.

"Steve and I first met nearly 30 years ago, and have been colleagues, competitors and friends over the course of more than half our lives."

"All of us would be touched every day by products that he was the creative genius behind, so this is very sad news and my condolences go to his family and friends."

"Tonight, America lost a genius who will be remembered with Edison and Einstein, and whose ideas will shape the world for generations to come.

"Again and again over the last four decades, Steve Jobs saw the future and brought it to life long before most people could even see the horizon.

"In New York City's government, everyone from street construction inspectors to NYPD detectives have harnessed Apple's products to do their jobs more efficiently and intuitively."

Steve Jobs Steve Jobs is credited with revolutionising the way people listen to music

"Steve, thank you for being a mentor and a friend. Thanks for showing that what you build can change the world. I will miss you.

"His legacy will extend far beyond the products he created or the businesses he built. It will be the millions of people he inspired, the lives he changed, and the culture he defined.

"Steve was such an 'original,' with a thoroughly creative, imaginative mind that defined an era. Despite all he accomplished, it feels like he was just getting started."

"He always seemed to be able to say in very few words what you actually should have been thinking before you thought it."

"VISIONARIES are always called CRAZY in the beginning. A VISIONARY sees things that everybody else says is IMPOSSIBLE, sees a World that People can't invision (sic) - MAC, IPOD, IPAD, IPHONE, ITUNES and PIXAR. I have nothing but Love for Mr. Jobs and Apple, they have always given me and my films L-O-V-E."

"'Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose', as Steve Jobs said in 2005."

"Steve lived the California Dream every day of his life and he changed the world and inspired all of us."

"Thank you for revolutionising the way we listen to music. Your vision will not be forgotten."

Industry colleagues and rivals flocked to pay their compliments for and respect to Steve Jobs, including the founder of Twitter, Dick Costolo, AOL's founder, Steve Case, the chief executive of Time Warner, Jeff Bewkes, the chief executive of Dell, Michael Dell and the chairman of the New York Times, Arthur Sulzberger.

Other tributes (via Twitter) included praise for the way Steve Jobs changed the technological landscape:

"Thank you, Steve Jobs, for making technology a delight to use, instead of a necessary evil."

"The world pauses their iPods and rushes to their MacBooks and iPhones to confirm the news."

"3 Apples changed the World, 1st one seduced Eve, 2nd fell on Newton and the 3rd was offered to the World half bitten by Steve Jobs."

Apple fans were invited to share their thoughts, memories and condolences by sending messages to rememberingsteve@apple.com.

And social networking groups were calling for iPhone vigils in public parks across the United States.


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VIDEO: Can the eurozone maintain the euro?

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29 September 2011 Last updated at 21:40 GMT Help

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2011年11月1日星期二

New Sunderland position for Quinn

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Niall Quinn Quinn will focus on Sunderland's business interests overseas Niall Quinn is leaving his role as chairman at Sunderland to take charge of "international development".

Owner Ellis Short will take over as chairman while Quinn focuses on the club's business interests overseas.

Discussing Short, Quinn said: "He'll be a fantastic chairman and taking this role on speaks volumes about his ambition for the club."

Short said: "I can assure our fans that it's the same group of people continuing to lead the club."

Continue reading the main story
It's out of the blue. There's been a lot of restructuring behind-the-scenes at Sunderland. It's an interesting move for Quinn; he's very well respected. Maybe it's a precurser for other big changes that might be made at the club

Former Sunderland striker Marco Gabbiadini on BBC Radio Newcastle

He added: "With financial fair play rules coming into effect, it is essential for the long-term success of the club that we develop interests on a global scale and there's no one better than Niall to sell the ethos of Sunderland to an international audience.

"He has been keen to drive this change for some time and I agree that it's the way forward for us now.

"Assuming the position of chairman is a great honour and I will treat the role as guardian of this club with the utmost respect."

Quinn has been linked with the vacant chief executive role at his former club Manchester City recently.

He added to Sunderland's official website: "This is a great opportunity for us to make the club stronger and I'm delighted that Ellis has agreed to support the plan."

Continue reading the main story Becomes Sunderland chairman in July 2006Appoints Roy Keane as manager a month later, leading to the club's promotion to the Premier League that seasonReplaces Keane with Ricky Sbragia in winter 2008 then brings in current boss Steve Bruce during summer 2009 as club stays in top flight

Sunderland chief executive Margaret Byrne added: "Niall is widely known and hugely respected throughout the world of football.

"His profile, coupled with his vast knowledge of the game and the business, means he is perfectly placed to bring Sunderland to the forefront internationally.

"This new challenge begins immediately as he represents the club at the prestigious Leaders in Football conference in London this week, after which he travels to Korea with [manager] Steve Bruce and Mike Farnan, international marketing director.

"Trips to territories such as Vietnam, India, Abu Dhabi and Africa are also taking place in the coming months."


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Full Tilt Poker licence revoked

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29 September 2011 Last updated at 15:38 GMT Jack of Hearts card on gambling table Online poker is a multi-billion-dollar industry despite being banned in the US Besieged online gambling site Full Tilt Poker has had its licence revoked.

The move comes after the Alderney Gambling Control Commission (AGCC) held a hearing about the US-run site, which is registered on the Channel Island of Alderney.

The AGCC said that the owners of Full Tilt Poker had misled authorities over the amount of cash to hand.

This month, the US accused the firm of being a "global Ponzi scheme" that defrauded players out of $440m (£289m).

Full Tilt Poker's licence was suspended by the AGCC in June.

Full Tilt Poker "had fundamentally misled AGCC about their operational integrity by continuously reporting as liquid funds balances that had been covertly seized or restrained by US authorities, or that were otherwise not actually available to the operator," the regulator said.

The AGCC said the revoking of the licence did not prevent new owners from rescuing the business.

Continue reading the main story Use the dropdown for easy-to-understand explanations of key financial terms:AAA-rating GO The best credit rating that can be given to a borrower's debts, indicating that the risk of borrowing defaulting is miniscule.Illegal

Although online gambling is illegal in the US, internet poker remains a multi-billion dollar industry because companies use a variety of ways to flout the law, including locating operations offshore.

The US Justice Department said earlier this month that Full Tilt had "defrauded players by misrepresenting that their funds on deposit in online gambling accounts were safe, secure and available for withdrawal at any time".

"In reality, Full Tilt Poker did not maintain funds sufficient to repay all players, and in addition, the company used player funds to pay board members and other owners more than $440m since April 2007," it said.

The US also charged two other online poker companies, PokerStars and Absolute Poker, with money laundering and illegal gambling in April.


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Video: protesters March on Wall Street

Help 6 October 2011, last updated on: 10: 05 GMT

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Increase in UK mortgage approvals

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29 September 2011 Last updated at 09:29 GMT Estate agency The figures suggest a pick up in sales may lie ahead The number of new mortgages approved, but not yet lent, for home buyers in August rose to its highest level since December 2009.

The Bank of England said 52,410 mortgages were approved last month.

That was nearly three thousand more than in July, and the highest number since December 2009.

The figures suggest that a recent slight relaxation in lending criteria by banks and other lenders will lead to higher sales in the coming months.

Adrian Coles, director-general of the Building Societies Association, said: "Approval figures continue to look promising as consumers take advantage of the competitive mortgage rates."

"However, the outlook for the economy has deteriorated over the past month as has consumer confidence, which could well spill into the housing market, causing further weakness," he warned.

Lending squeeze Continue reading the main story
We are telling people to be realistic. If the price is right then it will sell”

End Quote David Sharpe, Sales negotiator, Dowen estate agents, Hartlepool Average house prices have been stagnant across the UK this year, with both the Nationwide and the Halifax reporting little change in the past few months.

In its latest survey, the Nationwide said house prices had continued to "tread water" in September. House prices rose by 0.1% in the month, Nationwide said, but were 0.3% lower than a year ago.

The number of house sales fell in August, according to the Bank of England's own figures published last week.

They dropped by 6,000 from July to 78,000 in August which was, in turn, 3,000 lower than in August last year.

Approvals are traditionally a good indicator of near term trends in sales, so the latest approvals data suggests that sales funded by mortgage borrowing may pick up this autumn.

But on Wednesday the Bank of England said banks had told it they may face a renewed squeeze on their ability to lend.

In its quarterly Credit Conditions Survey, the Bank said it had been told by some big lenders that they might find increasingly hard to raise the necessary funds on the wholesale financial markets to lend to home buyers.


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Survey finds 28p beer price gap

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5 October 2011 Last updated at 23:08 GMT Pint of beer Even the cheapest pint of bitter in London costs more than £3, the survey says The cheapest pint of beer is 28p cheaper in pubs in the north of England compared with south-eastern hostelries, a survey suggests.

Some 650 pubs were asked for the cost of their cheapest pint of bitter by researchers for the Good Pub Guide.

They found that this pint cost £3.15 on average in the south-east of England and London, but £2.87 in Yorkshire and the North.

Campaigners say that overheads faced by pubs could explain the difference.

Rates and rents were often higher for London publicans and that could be reflected in the cost of a drink, said Tony Jerome, spokesman for the Campaign for Real Ale (Camra).

Brewers

The 30th edition of the Good Pub Guide, published on Thursday, found that prices had risen by 7% over the last year - and that the north-south price divide had been in evidence for some time.

However, it suggested that pubs brewing their own ale were often charging less than £2.50 a pint, with scarcely any increase over the last year. A recent Camra survey claimed West Yorkshire had more breweries producing more types of beer than any other county in the UK.

Figures from the British Beer and Pub Association's Statistical Handbook claimed that the price differential for a pint in London and in the North East in 2010 was even greater - at 84p.

Pint of beer One brewer warned that the price of a pint could continue to rise

Paul Maloney, national officer of the GMB union, said: "Since the Good Pub Guide was first published, the Beer Orders were introduced in 1989. The aim was to foster competition to increase consumer choice and bring down prices.

"The opposite of this aim has been achieved. The average price for a pint of lager in Britain has risen by 80p higher than justified by inflation and changes in taxes in pubs, as property companies replaced brewers as owners."

Rising costs

Brewer Shepherd Neame said on Wednesday that beer prices would continue to rise in the coming months.

The brewer, which produces real ales such as Spitfire and Bishops Finger, said cereals such as barley were up to 30% more expensive than a year ago, while the price of glass has also increased, pushing up the cost of beer bottles and pint jars.

However, changes to the tax system have made some drinks cheaper.

Since 1 October, all beers with an alcohol content of 2.8% abv and below are being taxed less, to the equivalent of around 35p on every pint when compared with a typical 4.2% cent beer.

The Good Pub Guide also suggested that steak-in-ale pie was the most popular pub food.

Editor Fiona Stapley said that many pubs were diversifying, such as offering breakfasts and coffee mornings, to get through tough economic conditions.


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Where are the Occupy Wall Street protests heading?

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3 October 2011 Last updated at 22:58 GMT Laura Trevelyan By Laura Trevelyan BBC News, New York Corporate Zombies at Wall Street protests Commentators are wondering if this movement could become a "Tea Party" for the left As a man known as Mercury puts the finishing touches to his corporate zombie make up, he explains why he's joined the anti-capitalist protests here in the shadow of Wall Street.

"We are inspired by the Arab Spring. Americans have rights but they're too often apathetic."

Welcome to Zuccotti Park, where the leaderless protest is now entering its third week.

Sophie is here to protest about the execution of a Georgia man, Troy Davis.

Will Estrella believes this is his generation's revolution.

And Brian Phillips, a marine turned housing community official, wants to see the Federal Reserve abolished.

The protesters aren't unified in their motivations or their demands, but they're tapping into discontent about inequalities in an America still struggling after one recession and fearful about entering a second.

'We're the 99%'

Brian Phillips, who wears his marine dog tags round his neck, says he has been lied to all his life by officialdom and he's had enough.

Protester near Wall Street in New York. The protesters want a change in political and economic culture

That's what made him leave Washington state and his job at a low-income housing unit to come here.

Now Brian is efficiently dealing with media requests.

I tell him that I want to speak to one of the 700 arrested on Brooklyn Bridge on Sunday.

"Arrested Sunday!" calls Brian. Two young men step forward for me to interview.

That's how we communicate, Brian explains, with marine-like efficiency, as to his left a group start the day with yoga.

Police officers stand at the edges of the protesters' encampment, and today at least relations seem cordial enough.

But on Saturday the demonstrators say the police ushered them on to a roadway section of the Brooklyn Bridge rather than the pedestrianised walkway, fenced them in and then arrested them for disorderly conduct.

The NYPD says this isn't correct, and has released a video of the police telling the protesters not to go on the roadway section of the bridge.

Freelance photographer Will Estrella says the police clearly guided him and others on to the bit of the bridge they weren't meant to be on.

The NYPD's tactics for policing this protest have been called into question after a high ranking officer was seen on a YouTube video using pepper spray on demonstrators the weekend before last.

Will Estrella wants this to be a peaceful protest, a theme echoed across Zuccotti Park.

Most of the protesters I saw camping out at Zuccotti Park were young - in their mid-20s. Many have gone from job to job since graduating.

They have known difficult economic times in young adulthood, and they don't like a system which to them seems to reward what they call the "1%" of society.

"We're the 99%", they say.

Their manifesto supports the people of the world against corporate greed, and calls for people to assert their power and create a process to address the problems we face.

In the centre of Zuccotti park, amid the sleeping bags, is the communal food area.

Ange, a 24-year-old redhead who does freelance art work in Manhattan, is helping organise the food for the protesters.

"I like communal decision making, something that comes from the bottom up," she explains. Ange isn't sure how long she'll be here, but she's pleased to be part of a grassroots movement.

Where will this lead? No-one knows. But the protesters say their enthusiasm won't fade with the autumn sunshine.

The question is whether this ad hoc group of protesters - who feel they're getting the short end of the stick while corporate America hoards money - could morph into a political movement, a kind of left wing Tea Party.

The city's unions are now starting to back the protesters, something they didn't at first, suggesting they see the potential here.

Jesse Cooper Levy, a bearded 24-year-old, hopes this movement will influence politics.

His particular concern is what he sees as the corrupting influence of corporate lobbyists on Washington DC.

"What do you want?" I ask the protesters. "Change", comes the answer - a change in political and economic culture.


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2011年10月31日星期一

Typhoon Nesat heads for Vietnam

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29 September 2011 Last updated at 15:19 GMT A man struggles to ride a motorbike during heavy rain brought by Typhoon Nesat in Qionghai, Hainan province on 29 Sept Typhoon Nesat is heading for Vietnam after making landfall on the southern Chinese island of Hainan A typhoon that caused death and destruction in the Philippines and shut down Hong Kong is now heading towards the coast of Vietnam.

About 100,000 homes were evacuated on the southern Chinese island of Hainan as Typhoon Nesat threatened to cause landslides.

Fishing boats in northern Vietnam have been ordered to return to port as the storm approaches.

The typhoon killed at least 39 people in the Philippines.

The Chinese authorities on Hainan island called boats back to port, suspended flights and ferry services, and closed schools.

Typhoon Nesat made landfall in Hainan's Wenchang city, packing winds of up to 150 km/h (93 mph).

The typhoon forced the Hong Kong Stock Exchange and most businesses and schools there to close on Thursday as it swept past the territory, bringing howling winds, torrential rain and rough seas.

All ferry and some bus services were cancelled, and trains operated at a reduced frequency.

There were few people on the streets, with 100km/h winds shredding umbrellas and making it hard to walk.

Local radio reported that two people, including a taxi driver, were injured when scaffolding collapsed onto a taxi.

And a large cargo barge crashed into the seafront after slipping its moorings, television footage showed. About 50 people had to be evacuated from a nearby block of flats.

Neighbouring Macau was also affected, with schools and businesses closed. But the city's glittering casinos remained open for the tourists who managed to get there.


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Greece to miss targets on deficit

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2 October 2011 Last updated at 20:27 GMT Protesters in Athens, 30 Sept The Greek austerity measures are hugely unpopular and have led to a wave of strikes and protests Greece has said its budget deficit will be cut in 2011 and 2012 but will still miss targets set by the EU and IMF.

The 2011 deficit is projected to be 8.5% of GDP, down from 10.5% in 2010 but short of the 7.6% target.

The government, which on Sunday adopted its 2012 draft budget, blamed the shortfall on deepening recession.

The figures come as inspectors from the IMF, EU and European Central Bank are in Athens to decide whether Greece should get a key bail-out instalment.

Greece needs the 8bn euros (£6.9bn; $10.9bn) instalment to avoid going bankrupt next month.

Bankruptcy would put severe pressure on the eurozone, damage European bank finances and possibly have a serious knock-on effect on the world economy.

'Unanimously approved'

The Greek finance ministry said on Sunday that its unpopular austerity measures would have to be adhered to even if the latest targets were to be met.

It said: "Three critical months remain to finish 2011, and the final estimate of 8.5% of GDP deficit can be achieved if the state mechanism and citizens respond accordingly."

It released figures for 2012's projected deficit, putting it at 6.8% of GDP, also short of the 6.5% target.

The figures came as the government met to approve Greece's draft budget for next year.

It blamed an economic contraction this year of 5.5% - rather than May's 3.8% estimate - for the failure to meet deficit targets.

The cabinet meeting also approved a measure to put 30,000 civil service staff on "labour reserve" by the end of the year.

This places them on partial pay with possible dismissal after a year.

"The labour reserve measure was approved unanimously," one deputy minister told Reuters.

This measure, along with other wage cuts and tax rises, have been part of a package intended to persuade the so called "troika" of the EU, IMF and ECB to continue with its bail-out.

The inspectors will report back to EU finance ministers soon but analysts believe they have little choice but to approve the latest tranche.

The Greek austerity measures are hugely unpopular at home and have led to a wave of strikes and protests.

Many Greeks believe the austerity measures are strangling any chance of growth.

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Trend in EU economic bucking of Estonia

October 6, 2011, last updated: 57 GMT by Charlotte Ashton, World View across Tallinn, Estonia to the Baltic Sea port Tallin Tallinn, Estonia-Skype, as well as other companies in emerging technologies now has the fastest economic growth in the European Union, so what does Estonia just when other countries are so many economic problems?

Ave Maria Ounapuu enjoys boom of Estonia.

Organic cosmetics company established JOIK four years ago to take its business to making candles.

She has received grants from the European Union for machinery and marketing help, but says the business agenda of the Government of Estonia helped too: "it was pretty easy.

"There was no problem with the regulations, even finding products to sell went smoothly enough.

"You can report your taxes online so you don't need to spend valuable time to forms and things. We don't have our growth to the Government, but they will not put any obstacles in our way. "

Currently, JOIK employs four people, was moved to a larger space. It has an annual turnover of 250,000 euros, on export to countries bordering the Baltic.

Eva-Maria Ounapuu, founder of JOIK cosmetics in Tallinn with her range of handmade organic productsAve Maria Ounapuu says the Government of Estonia has set up an independent business with ease

This is a similar story of Estonia as a whole, as the country has a long way since she joined the EU in 2004.

The initial flow of credit to the construction boom that led to high House, but the bubble burst in 2008, when the country found itself the economic doldrums, it had to smarten up their act.

Labour laws were liberalised, increased retirement age and public spending cut. But the tax remained low to encourage business; Entrepreneurs were fashionable.

Estonia GDP grew at 8.5% in the first quarter of this year, the fastest growth of all the EU economy. One of the biggest growth areas in it technology.

Candle making at JOIK cosmeticsEstonia exports mainly to the EU, but exports of its main markets, Finland, Sweden are distorted

Skype Online software used by people 200 m each month to make free or cheap video phone calls over the Internet, has its development, on the outskirts of Tallinn.

The software was invented in Tallinn of Dane, Swede and Estonians.

Stan Tankivi, head of Skype Estonia, says: "you can show the country of Estonia itself as a witness. It regained independence 20 years ago, the company generally or culture here has very little hierarchy.

"It is very small and nimble, that sort of environment is very positive for entrepreneurship".

In January, Estonia joined the euro. Stability of the currency result, along with those low corporate taxes (zero profits reinvested), this tiny nation of 1.3 m investment very attractive. Exports are soaring, up 53% last year. This summer came the euro 1bn for the first time.

But 70 percent of exports go to EU countries, growth is deteriorating steadily and its two main export markets, Finland and Sweden.

How is the economy of Estonia so fragile?

It is still a net recipient of EU money but its contribution to financial stability facility means that European companies is decreasingly profitable. Contribution of Euro 2bn represents one third of the annual budget.

"We were invited to a wedding but turned out to be a funeral," says Anders Arrak, Estonian who has entrepreneurial University apply.

Read on Andrus Ansip the Central story
of course we understand what the meaning of the credit crisis, but in Estonia is not a hot topic for us "
end quote Andrus Ansip Estonian Prime ??????"??? us a lot of money from the EU.

"We have already renovated churches and roads. But now we are being asked to pay money to improve the errors made in the past, Greece and the countries of the eurozone.

"It makes sense. We have to invest in the future of Estonia. "

But the Prime Minister of Estonia Andrus Ansip stay safer will continue its growth: "of course we all need to be concerned but our banking sector is doing well, our commercial banks are well capitalised and correspond to the reserves.

"The State the money are the best of all the European Union because we have still 12% GDP reserves.

"Yes, of course, we understand what the meaning of the credit crisis, but in Estonia is not a hot topic for us."

Mr Ansip thank him an erection activities explaining why Estonia, a poor cousin Mizrahi, fresh out of troubled times himself, bail out its richer southern cousins.

Museum Lounge, TallinDrinkers in the lounge of their obligation to contribute to the Museum say bailouts EU

But support for the European Union young Estonians soothes the unwavering with a glass of wine in one of the new trendy bars, lounge Tallinn Museum.

Memories of Soviet occupation, which ended just 20 years ago, are still fresh among the younger generation.

Ali is a teacher at the school who says it fully supports Estonia's contribution to the bailout.

"I don't even understand what the discussion. We already received money from the EU now is a good thing because ultimately we are in a position to help someone else. I think it's only fair. "

The Museum lounge Manager, ARGO, agrees. "An overview of Estonia in the West now, only the West," he says.

And Estonia are ready to pay the price.

The world tonight is broadcast weekdays on BBC Radio 4: 00 p.m. BST.


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Trading in Dexia shares suspended

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AppId is over the quota
6 October 2011 Last updated at 17:01 GMT Dexia logo on office building Dexia is reported to be selling its Luxembourg business to Qatar for 900m euros Trading of shares in Dexia has been halted by the Euronext stock exchange.

The stop was requested by the Belgian regulator until the troubled Franco-Belgian bank could provide details of a planned sale of its Luxembourg unit.

Its shares had fallen 17.3% during the day up until trading was suspended.

Meanwhile, the French and Belgian governments are negotiating a break-up of the bank - and how to share the cost of rescuing it between them - with a decision expected before the weekend.

Qataris

Dexia has confirmed it is in "exclusive negotiations" with a group of international investors to dispose of Dexia Banque Internationale a Luxembourg (BIL).

The subsidiary employs about 5,500 staff worldwide, 3,700 of whom are based in Luxembourg.

It runs a 40-branch retail network in the country, as well as offering private banking and asset management services.

Continue reading the main story The key buyer is reported to be the Qatari Investment Authority, the country's sovereign wealth fund.

Reports say it may pay 900m euros ($1.2bn, £785m) for control of the Dexia unit.

It follows an announcement in August that the Qataris were to become a major shareholder in the merger of two Greek lenders, Alpha Bank and EFG Eurobank.

The government of Luxembourg is also in talks to buy a minority stake. The country's finance minister, Luc Frieden, said he expects discussions to be completed by the end of the month.

Break-up

Dexia is facing its second rescue in three years because of the eurozone debt crisis.

The firm has 3.4bn euros ($4.5bn, £2.9bn) of exposure to Greek government bonds, and about four times that amount to Italian sovereign debt.

Ratings agency Moody's put the lender on review for a credit score downgrade on Monday. It said the bank was finding it harder to borrow from the markets.

The news led to a sell-off of Dexia's shares, prompting France and Belgium to announce they would prevent its collapse.

The governments are expected to pool its most risky assets into a "bad bank" and force it to sell off units that provide vital services, including a French division that specialises in lending to local authorities.

Belgium's Prime Minister said the burden must be divided fairly.

Yves Leterme told RTL radio: "This is a very sensitive and crucial part of the negotiations, an equitable split of the costs."

The two countries are expected to finalise the plan before the weekend.

Dexia's board says it intends to meet in Paris on Saturday to vote on the break-up.


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US nears South Korea free trade

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6 October 2011 Last updated at 03:19 GMT US President Barack Obama and South Korean President Lee Myung-bak The trade deal is expected to dominate President Lee Myung-bak's visit to the US later this month The free trade agreement between the US and South Korea has cleared the first hurdle four years after the deal was first agreed.

The House Ways and Means Committee has voted to advance US free-trade agreements with South Korea, Colombia and Panama to the full House.

The push for a swift approval of the deals comes amid a slowdown in the US economy and high rates of unemployment.

Backers of the deals said they will boost US exports and create jobs.

"With zero jobs created last month and the unemployment rate hovering around nine percent, we must look at all opportunities to create American jobs," said David Camp, chairman of the House Ways and Means Committee.

Tariff concerns

The deal with South Korea is the largest US trade pact since it signed the North American Free Trade Agreement in 1994.

According to some estimates, it is expected to increase US exports to the Asian economy by as much as $10bn (£6.5bn).

Though the deal was agreed in 2007, there had been concerns in the US over tariffs imposed by South Korea on the US carmakers.

The two sides finally managed to reach an agreement on the issue last year. South Korea said it would halve its tariff on US cars to 4% and lift it completely in four years.

At the same time, US said it would also lift its 2.5% tariff on Korean cars during that period.

South Korea had also agreed to allow the US to export up to 25,000 cars a year that do not meet its more stringent safety requirements.


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Olympic deals the company ' unsold '

October 6, 2011, last updated at 08: 37 GMT by Michael Hirst BBC 2012 almost two-thirds of the packages website for London 2012 can still sell companiesWith 300 days to go before London 2012, only a third of the tickets were sold on the site hosting the games.

But despite the financial downturn, the company with exclusive rights within Olympic venues hosting company remains bullish about the sales.

Ticketing prestige won a public tender by computerized Olympic Locog some 90,000 tickets-about one percent of the total allocation.

The British public must buy most tickets 6.6 m available by ballot.

However, more than 60% of the company's operations are still on offer.

The company did not disclose how much it paid for the tickets, nor the expected profit, citing commercially sensitive information.

And, like the London 2012 Olympics will be the first site hosting company, you can't compare the figures with previous games.

Sir Steve Redgrave in front of graphic image of Prestige Pavilion at the Olympic Park, pic courtesy of Prestige Ticketing LtdRedgrave Steve Sir said hosting VIP Olympics figaro behind other sporting events

But involved in the industry told the BBC that they would expect much more dimensional ratio of the packages were sold after almost 7 months of sales.

In a public ballot tickets acted outside his powers or more earlier this year, top-tier in any Olympic ceremonies tickets cost £ 2,012, with the best seats going for £ 750 Athletics events.

The cheapest cards cost £ 495 's luxury deals, while the most expensive suites £ 4,500 seats sold in batches of 10 or more secure ceremonies and athletics and cycling finals.

Events sell out

Corporate guests are the guests on the site can view:

"The best seats in the House of champagne lunch" Olympic events receptionFour-course canapé with as many "best of British" food and wines, Travelcards London transport, although hundreds of parking spaces will also be available

Olympic Park, the ticket is £ 7 luxury building. Pavilion three-story 5 m catering 3,000 guests at a time, only 70 metres (77 metres) from the main stadium.

Read on Graphic image of Prestige Olympic Park restaurant, pic courtesy of Prestige Ticketing Ltd the Central story of 70 m (75 feet) from the Olympic Stadium cost £ 7. 5 m three-storey Pavilion with a massive glass atrium six restaurants catering for dinersIn 3,000 only 29 days before being placed in any well demolishedHospitality halls and Greenwich Park, North Greenwich arena, horses, dornei Eaton Wimbledon.

The economic depression to traditional customers in economics, he joined advertising by companies in areas like construction, energy resources, the company said.

While the company packages baoki women's final was the first to sell out, was also a demand for land in Wimbledon, rowing at Eton dornei coltori events in Greenwich, the company said.

Marketing Manager Tony Bernard Ticketing said he was sure that luxury to sell other packages like companies settled their budgets next year.

"We see significant growth in sales," he told the BBC. "Ballots tickets end so that people can know that if they want to go, there is only one way left to go."

Olympic opportunity

Prof Simon Chadwick, Director of Business Center for international sport at the University of Coventry, said that while the economic crisis hit the company's hosting industry in recent years, the exceptional nature of the London 2012 will allow him "above the prevailing economic conditions."

In a study commissioned by the luxury card, Prof Chadwick predicted companies buying hosting packages-with an estimated £ 45bn. 1-will return more than 12% on their investment.

But he warned this figure was based on factors such as language produced by the goodwill visit to strengthen business relationships.

Winner of gold medal Olympic champion Steve Redgrave, five-time Lord said London 2012 Olympic Games hosting a unique opportunity to put on a par with that of other international events.

"I've been invited to guest with other sponsors of the Olympic Games [the previous] after I retired, you looked after very well, but not quite as well as some other large sporting events," he said.

Prestige is one of three official providers for hosting packages, but has exclusive rights to the Olympics place for guests.

Thomas Cook paid by Locog over £ 20 m 200,000 tickets sold as part of the exclusive travel and accommodation packages, while sport Jet was bought 100,000 tickets offered as part of a five star deals for clients abroad.

Locog says revenue tickets will be hosting to give free tickets through a set of cards for the troops, the initiative to get set for school.


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2011年10月30日星期日

Nokia to cut another 3,500 jobs

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AppId is over the quota
29 September 2011 Last updated at 12:21 GMT Shopper walking past Nokia advert Nokia has been slower than rivals to take advantage of the lucrative market for smartphones Mobile phone giant Nokia is to cut 3,500 jobs and close a plant in Romania as part of its restructuring plan.

The cuts are in addition to thousands of job losses already announced by Nokia, which in April unveiled a 1bn-euro cost-cutting programme.

Nokia said it would shut its plant in Cluj, Romania, and cut jobs in its location division, whose products include maps for mobile phones.

It is also reviewing the future of plants in Finland, Hungary and Mexico.

"We must take painful, yet necessary, steps to align our workforce and operations with our path forward," said chief executive Stephen Elop.

Nokia shares have almost halved this year and opened down 1.7% on Thursday, but staged a recovery and were 1% up by midday.

"Nokia plans to close its manufacturing facilities in Cluj, Romania, by the end of 2011... and plans to close its (locations and commerce development) operations in Bonn, Germany and Malvern, US," by the end of next year, the company statement said.

Geoff Blaber, analyst at CCS Insight, said: "The scaling back of its manufacturing presence was sadly inevitable but it's clear that Elop is not afraid of taking the tough decisions to ensure Nokia's long-term survival."

Nokia's statement said the company would look to "focus its feature phone manufacturing on those locations with optimal proximity to suppliers and key markets".

Some analysts interpreted this as a signal that Nokia could shift manufacturing to Asia.

"If you think about where the markets are, the growth markets are in Asia, and it makes sense to manufacture a product close to the customer," said Pohjola Bank analyst Hannu Rauhala.

In July, the company plunged into the red as sales fell and margins were squeezed in the second quarter.

The firm made a net loss of 368m euros ($521m; £323m) in the three months to the end of June, compared with a profit of 227m euros a year earlier. Net sales fell by 7% to 9.3bn euros.

Nokia has lost ground to competitors such as Apple's iPhone and phones using Google's Android operating system.

Earlier this year, Nokia announced 7,000 job cuts worldwide - with 3,000 of the posts being transferred to consultancy group Accenture - as part of strategy to focus on smartphones.


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Obama lays down gauntlet on jobs

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6 October 2011 Last updated at 17:50 GMT Obama: "People really need help right now, the economy really needs a jolt right now. This is not a game."

US President Barack Obama has said his jobs act would insure the American economy against another downturn, even while the situation in Europe worsens.

He told reporters at the White House that lawmakers should think "long and hard about what's at stake" before the bill goes to the Senate next week.

Mr Obama has been touring the US in recent weeks to promote his $447bn (£290bn) American Jobs Act.

Republicans reject a proposed tax rise on wealthier people to pay for it.

Mr Obama told Thursday's news conference he would support a new approach by Senate Democrats to pay for the act with a tax on millionaires, rather than his plan to raise taxes on couples making more than $250,000.

'Not a game'

A tough-talking Mr Obama warned that if Congress failed to act, "the American people will run them out of town".

Continue reading the main story
If the goal is to create jobs, then why are we even talking about tax hikes?”

End Quote Mitch McConnell Republican Senate leader "This is not a game," he warned lawmakers.

Mr Obama cited independent experts as having told him that the act could spur 2% in economic growth and create up to 1.9m jobs.

"Any senator out there who's thinking about voting against this jobs bill when it comes up for a vote needs to explain exactly why they would oppose something we know would improve our economic situation at such an urgent time," he said.

Touting the bill as an "insurance policy" against a new recession, the president said Europe's debt crisis was the biggest threat to the US economy, which he said "really needs a jolt right now".

Mr Obama challenged Republicans on their opposition to a plan that he said would create jobs and rebuild US highways, bridges and schools.

But such new stimulus spending is one reason why Republicans have rejected much of the jobs initiative, together with the proposals for tax increases on wealthier people and small businesses.

Job seekers line up outside a job fair in Washington state Long queues at jobs fairs, like this one in Washington state, have become a common sight

Republicans in the House of Representatives have passed a number of bills as part of their own job-creation agenda.

Their legislation has included proposals to loosen pollution regulations and make it easier to drill for oil and gas. But none of the measures has been taken up for a vote by the Democratic-controlled Senate.

On Thursday, Mr Obama defended his decision to criticise Republicans, sometimes by name.

"I think it's fair to say that I have gone out of my way in every instance - sometimes at my own political peril and to the frustration of Democrats - to work with Republicans to find common ground to move this country forward," he said.

He added: "Each time, what we've seen is games-playing, a preference to try to score political points rather than actually get something done on the part of the other side."

But the president's speech on Thursday did little to impress Capitol Hill Republicans.

"If the goal is to create jobs, then why are we even talking about tax hikes?" Republican Senate Minority leader Mitch McConnell said on Thursday.

House Speaker John Boehner, meanwhile, said Mr Obama had "given up on the country" to focus on his re-election.

US unemployment remains jammed at 9.1%, and analysts expect data on Friday to show only modest job growth.


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VIDEO: Germany passes eurozone vote test

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29 September 2011 Last updated at 13:55 GMT Help

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Citic securities dips on HK debut

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6 October 2011 Last updated at 04:55 GMT Hong Kong stock exchange The Hong Kong stock exchange has seen many proposed listings being cancelled or postponed Shares of Citic Securities have fallen on their debut at the Hong Kong stock exchange as market volatility continues to dent investor sentiment.

Its shares fell by as much as 10% in early trade to HK$11.90 from an offer price of HK$13.30.

Citic securities, China's largest listed brokerage had sold 995.3m shares raising HK$13.2bn ($1.7bn, £1.1bn).

Many Chinese firms have recently cancelled or postponed their proposed listing on the exchange.

"It is a very difficult time for any initial public offering (IPO) because market sentiment is so weak right now," said Patrick Yiu of CASH Asset Management.

No appetite?

Hong Kong stock exchange has witnessed sharp falls in recent days, with the Hang Seng index hitting a two-and-a-half year low on Tuesday.

Analysts said that given the uncertainty surrounding the global economy and the volatility in the stock markets, investors were being cautious.

"Investors want to look for stocks now with a track record, with very low valuations," said Mr Liu. "They don't have the appetite for new stocks."

The lack of investor confidence has seen listings worth some $4.5bn being cancelled or postponed.

Sany Heavy Industry Co has delayed the launch of the retail portion of its $3.3bn offering and also pushed back its listing date.

XCMG Construction Machinery Co, China's biggest crane maker also cancelled its proposed $1.1bn listing after some of the underwriters pulled out.


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Malaysia plans to raise retirement age

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4 October 2011 Last updated at 16:13 GMT By Jennifer Pak BBC News, Kuala Lumpur 61-year-old Sivananthan Mariappan drives a taxi after retiring Sivananthan Mariappan, 61, drives a taxi to make ends meet Sivananthan Mariappan had accumulated over $30,000 (£20,000) in savings by the time he reached retirement at age 55.

But after he paid off a housing loan and credit card debt, he was left with nothing.

So for six years, he has been driving a taxi in order to make ends meet in the bustling capital of Kuala Lumpur.

"I can hardly save more [given] what I'm earning at the moment," he says.

Mr Sivananthan is one of many Malaysians who cannot afford to retire.

The government has a mandatory retirement savings scheme for all Malaysians working in the private sector.

However, officials say most people drain their funds within the first five years of retirement.

This problem is compounded by the fact that the cost of living is rising.

Malaysia's central bank expects the inflation rate to hover between 3% and 3.5% this year.

A draft that would make this law is expected to be tabled in parliament by the end of the year.

While this is not nearly as high as in neighbouring countries, wages have not kept up with inflation.

The government has also recently cut back on its subsidies programme for staples such as cooking oil, flour, sugar and petrol.

This makes it hard for Malaysians to sustain their lifestyles in retirement.

Retaining workers Continue reading the main story
Fifty-five is not the correct retirement age. The experience comes with that age”

End Quote Ramachenran Krishnan 56-year-old worker Unions have been pushing for the retirement age to be raised from 55 to 60 in the private sector.

Officials hope this would allow Malaysians more time to save up for their retirement.

The move is also expected to retain 500,000 people in the work force over a five-year period.

These are skilled workers that companies desperately need.

Naza group, which imports luxury cars, says they will benefit from the move as they have a tough time retaining young talent.

"The industry is very competitive," says the firm's joint group executive chairman, Nasarudin Nasimuddin.

y will jump around within the industry."

The company already retains its retired staff on a contract basis so that they can help train new members.

Ramachenran Krishnan, 56, is one of the retirees who was recruited into the Naza group.

"So whoever offers the best package or benefits, the

After leaving another automotive company, he now works a full eight-hour day as the manager of the parts division at a dealership that is the sole importer and distributor of Peugeot vehicles.

Mr Ramachenran says he has no intention of stopping.

"It is a pity that my previous company did not actually extend me when I could have contributed more," he says.

Tee May Yan, 19-year-old design student Tee May Yan, 19, is worried if the higher retirement age affects her job prospects

"Fifty-five is not the correct retirement age. The experience comes with that age."

But in this tough economic climate, efforts to raise the retirement age has worried some potential graduates, such as Tee May Yan.

"If people can work longer, it will affect our job prospects," the 19-year-old design student says.

"It may prevent us from moving up in the company."

Others are not so pessimistic.

"Employers may want experience, but they still need fresh new ideas from young people," says Nur Liyana Mohamunny, 20.

Increased life expectancy

Raising the retirement age would also put Malaysia on par with its regional neighbours, where the average retirement age is 60 and above.

However, the move may not do much to boost savings.

Malaysians are living longer, with an average life expectancy of 74.

Even with the extra time to prepare, many people may still not be able to save up enough to last them for an extra 15 to 20 years.

It is a dilemma that Mr Sivananthan faces.

At 61, he has spent decades working in the hotel and property sectors.

It is looked down upon to drive a taxi, he says, but without any savings he has little choice.

Mr Sivananthan may be healthy enough to work 14-hour days now, but he dreads the day when he is forced to stop.

The BBC's Jennifer Pak reports from Kuala Lumpur on why so many Malaysians find it hard to make ends meet after they've stopped working.


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