19/09/2011 World Business Report

Those are the latest headlines from BBC World tears.

Here are the headlines: $11 billion is at stake for crease today. How

to persuade international creditors it deserves another chunk of bail-

out cash. Austerity on the agenda for President Obama as he presents

his deficit-cutting plan. A new home data in China reveals

prices continue to rise around the country despite high interest rates.

Today is a crucial one for Greece. It has to persuade its two most

important landers to hand over the next slice of bail-out money. The

country will run out of money otherwise. The Greek Finance

Minister will hold a conference for inspectors from the International

Monetary Fund and the European Union. At stake, $11 billion. It is

needed to keep the Greek state going. It needs to satisfy the IMF.

But those lenders want crease to speed up those austerity measures

and an increase on the plan. The lenders want 100,000 jobs in the

public sector to be cut by 20 fair game. That would be 20,000 more

than the previous demand. I am joined by the London correspondent

from a Greek newspaper. We have been in this position for some time.

Corrupt and a hard place Fort George Papandreou. How does he

deliver? I think it is becoming very unclear how they can make this

work. We have had many policy options. The government has proven

to not be very good at raising revenue. All this tax evading we

have been talking about over the past year and a half have not been

they could. They have been taxing the same people more and more. On

the expenditure side, they have not delivered on the cuts that they

have been asked. Now the lenders are saying it, listen, we have

stakeholders to convince that this is a good idea. You have to step up

your game. A new say the attacks in the same people, is that the

ordinary man and woman in the street in Greece? The property tax,

which is fairly new, has to be pushed through. How does that work?

Yes. It is the lower levels of the middle class. With regards to the

property tax, which was announced ten days ago, D finance minister in

a press conference yesterday actually passed out over how this

would be implemented. He was in a meeting with the European finance

ministers. They told them it might be a good idea. But they were not

convinced. Because this taxing fatigued. There is another pressure

on him to come up with ideas. us through the deadlines. Greece is

saying that if they do not get this $11 billion by the end of the month.

A craze has said that they have money definitely until the end of

the month. They never clarify this. They said they have money. There

has been high speculation running today. They may have to pay coupons

on some contracts. That was thought to be at 769 million euros. There

is no indication they have the money to pay for that. They need to

get this money by the end of the month. Thank you. The latest in the

ongoing accrete saga. -- Greek saga. A drug supplier has said they had

stopped supplying some Greek hospitals because they have not pay

their bills in three to four years. President Obama will present a new

plan today to curb the nation's deficit. Half the savings will come

from higher taxes on the wealthy and pick companies. It promises to

become a mother Baker political battle. -- another bitter political

battle. The result is playing out on the

National stage. I asked the people on this district to send a message

to the people of Washington. Republicans and Democrats battle in

Washington to get the country's economy back on track, an area of a

New York city switched sides from the Democrats. This has

traditionally been a Democrat stronghold. But in a recent local

election, a Republican won the race. Republican party bosses say that

that is a indictment on a President Obama and his policies. People are

angry. Not everyone agrees. I still support of Obama. It is a tough

time for President. He needs support for his $450 billion a jobs

package. If it puts people back to work and put more money in the

pockets of working Americans. approval ratings at the lowest

levels of his presidency. He needs to stand up for the people who

supported him in the past. He needs to scan that of working and middle

class people. In these two per fill the promises he made when he was a

candidate. For voters and the President, voting turnaround cannot

become quickly enough. The Chinese government has been

trying to call off the nation's property market. Figures to date

suggest this is not working. What is happening? According to the

latest data, in the month of August home prices moved higher and almost

all of the country's 70 cities. In Beijing, prices rose by about 2%.

Shanghai saw higher gains of about 3%. Asset prices in some cities are

still rising rapidly. Governments are very reluctant to impose more

strict properties -- policies on the property market. Looking on a

month-by-month basis, there are some points. 60 cities saw prices

fall in the month of July. These are signs that the Government's

policies are starting to have an impact. One property development --

developer predicted that China's property prices may have a steeper

fall as banks tighten dole out to developments.

An interesting story. We will look at the numbers later. Let us look

at some other stories. UBS is saying that it lost more than

originally thought in the broker trading case. It revealed last week

that it calculated its losses at $2.3 billion.

A re-release off of the Lion King of dominated the North American box

office over the weekend. It took more than $29 million. That is much

less than Disney executives were expecting. It was the second-

highest grossing film in 1994. Alexander Lebedev punched a

property developer during a television panel show over the

weekend. The billionaires were discussing the financial crisis.

But he was sent flying after the debate turned nasty. Alexander said

that his opponent had been behaving abusively.