24/10/2011 World Business Report

second turn in office by a wide margin.

Now it is time for World Business These are the headlines: Of

tackling the eurozone debt crisis - EU leaders say they have made

progress, but details have to be hammered out.

Discounting expectations, downplaying the forecast of a stock

market debut. Japan's exports expend in the mud

of September as the main ephedrine sector returns debris earthquake

EU leaders say they have made progress in their battle to solve

the eurozone crisis. In a meeting in Brussels Oval the weekend, they

have made some headway in making progress. Details still have to be

hammered out and there has got to be done between now and Wednesday,

when another summit is being held. Today, Italy's is expected to hold

a cabinet meeting on growth, after coming under intense pressure to

reform its economy. We go live to Brussels now. Let's start by saying

the seriousness of the situation seems to be overshadowed between

the row between David Cameron and Nicolas Sarkozy. Is that just a

sideshow? No, I think it is just a sideshow. We see they have tried to

work hard on this big master plan, but they have not succeeded in it.

There are still a couple of controversial issues that need to

assault. One is how to get the second bail-out package will Greece.

The second is how to boost the rescue fund, without putting more

money on the table. That is the key thing with the boosting of the

bail-out fund, where does the money come from? Is a back by the

European Central Bank or do we asked the German taxpayers to foot

the bill? I think there is so much resistance from the German

government. It apparently, the ECB option is of the table. It means

you are back at some complicated insurance mechanism, which I have

my doubts about. You and I have talked a lot over the last few

months and said, they have to sort this out, but they really have got

to sort this out. Of course they have to. To give them some credit,

it is a complex issue. All the different levels are intimate that

it is not easy to come up with on a Sunday afternoon. Now, expectations

are so high that they need to deliver on Wednesday. Do you think

by having all 27 countries involved when state, it will make it easier?

-- on Wednesday. The more countries you have on the table, the more

complicated it gets to make a conclusion. We need the 27

countries to look forward and talk about possible changes and had to

make the monetary union a more political union. Dissolve the

eurozone crisis, we need to talk to the 17 eurozone countries. -- to

solve. The markets will be looking at what

happens on Wednesday to see how they will react. This is how the

European markets ended. They seem to be an indication that perhaps

there will be a solution. Away from that though, in Asia, there is some

key data have from China, which has gone over there 50 mark for the

first time since July, which is good. It shows that past fears of a

slowdown in China had been allayed. There is evidence that growth is

returning to Japan after the earthquake and tsunami in March. We

have got some positive news, haven't we, on exports?

Finally, some good news coming out of Japan. A trade surplus of nearly

$4 billion showing a recovery is indeed under way. There are its end

but if this can be sustained. - make its and buts. Manufacturers

are still facing a strong yen and worries about the health of the

global economy. As we mentioned earlier, Europe is struggling to

solve its debt crisis. The US unemployment numbers remain very

high. If you break down the numbers, exports to China, Japan's biggest

overseas market, rose by 2.7%. There is still a lot of ruck to do

for the Japanese economy and for the export sector.

In interesting story that has come out of churning about some people

who had been jailed for leaking financial information? -- China.

The Chinese government is currently cracking down on the leakage of

this important economic reports. There are two officials now behind

bars. They revealed key economic data to stock brokerage companies

before they were released. This is insider information. The officials

work in the National Bureau of Statistics and the People's Bank of

China and was sentenced to five and six years respectively in jail. The

national administration for protection of state secrets, which

made the arrests, did not reveal specific details about the

information of the impact of the leaks. They said, the Fisher shed

classified data numerous times. Apart from the two officials jailed,

four other people in the securities industries are also being

investigated. The government is basically seeking to reduce leaks

of economic data, such as inflation The US discount sale group on watch

as a road show this week to persuade investors to buy into its

stock market debut. It says it plans to raise more than $620

million from investors. They all played between $16.18 dollars per

share. It values the company at $11 billion. A far cry from the $30

billion valuation was being talked about.

For shoppers hunting online bargains, it has become the place

to go. Founded in 2008, it offers one of discounts for everything

from haircuts to restaurant meals, even laser eye surgery. With a

rapid growth and revenues of $430 million last quarter, the company

now wants to attract shareholders. I think it is in an awkward

teenager phase. They had an explosive growth in the first

couple of years. Now they are transition into profitability. As

they do that, the group is going to slow and will be a concern to a lot

of people. Eventually, they would get through this period and there

will be a large, profitable business. The discount has had to

spend nearly half of its revenues on marketing itself. US regulators

had been concerned by its accounting practices. Even some of

its small business partners had been unhappy. Partners like this

woman, who runs a staff. Let's say someone is buying a botox treatment

from us and we have discovered it radically to the point where we are

upside-down, but we fear it is good advertising for us. -- feel. A bit

later, a botox deal comes out for the same pace or lawyer from

another practice. This is the experience we have had. It does not

necessarily translate into regular clients tell. Although some

retailers complain that he is not leading up to its end of the

bargain, he does have a growing army of followers, 143 million

users. They are increasingly picking up on those deals. In the

last three months, customers have bought 30 million deals. The

company is clearly confident. They turn down a $6 billion offer from

Google in December. It believes its bargain business model is something