:00:16. > :00:21.the largest city. Now it is time for World Business Report. The
:00:21. > :00:28.headlines: rebuilding Libya. A multinational conference aims to
:00:28. > :00:34.get the country's economy back on its feet. In Singapore: China's
:00:34. > :00:38.manufacturing index stayed near the border line between expansion and
:00:38. > :00:42.contraction and needs slowing overseas demand.
:00:42. > :00:52.Is the world's biggest trading bloc being driven into another
:00:52. > :00:53.
:00:53. > :00:59.recession? Delegates from 60 countries meet in
:00:59. > :01:01.Paris later today to discuss the rebuilding of Libya. The leader and
:01:01. > :01:06.deputy leader of the National Transitional Council will also be
:01:06. > :01:09.there. It is the biggest meeting yet of the so-called friends of
:01:09. > :01:18.Libya and will include representatives from China and
:01:18. > :01:23.Russia. It is seen as vital for the lifting of sanctions on Libya and
:01:23. > :01:28.making funds held abroad available. Our correspondent reports. Right
:01:29. > :01:33.now Libya has feud and fuel, but only the most basic aid supplies
:01:33. > :01:40.are shipped in because the EU still has sanctions on their ports.
:01:40. > :01:43.Sorrel and assets needed to pay for health relief remain frozen. The
:01:43. > :01:51.National Transitional Council is powerless to rebuild the economy
:01:51. > :01:59.while it lacks legal standing. The flat of the opposition forces has
:01:59. > :02:05.flown over this embassy for the last month. The problem is that
:02:05. > :02:10.many states in the world, like China, still do not recognise it.
:02:10. > :02:15.Today's conference should be important in giving the council
:02:15. > :02:21.worldwide acceptance and that in turn should trigger the dismantling
:02:21. > :02:26.of sanctions and the freeing up of assets. The European Union has said
:02:26. > :02:32.that after did a's conference it will lift sanctions on six ports
:02:32. > :02:37.and four oil companies. The TNC mac may not be the elected
:02:37. > :02:41.representatives, but you need to have someone to deal with. -- the
:02:41. > :02:46.National Transitional Council. This recognition is an essential
:02:46. > :02:51.component of progressing in Libya and restoring it to stability.
:02:51. > :02:56.China and Russia criticised NATO's air strikes supporting the rebels
:02:56. > :03:05.and shunned previous meetings with them. But now they are keen to make
:03:05. > :03:10.contact. Now you have to try to jockey for future influence. They
:03:10. > :03:17.realise that the rebel council will be the new leadership. They have to
:03:17. > :03:20.get Prime positioning in the new order. Libya has sovereign assets
:03:20. > :03:26.worth $140 billion which the National Transitional Council ones
:03:26. > :03:30.for post-war reconstruction. Easter Day's conference freeze them up,
:03:30. > :03:35.the repair work could soon be in. New figures will be released today
:03:35. > :03:41.which could give an insight into the health of some of the world's
:03:41. > :03:46.most important economies. The PMI data shows how each country's
:03:46. > :03:50.manufacturing sector has performed in August. The Purchasing Manager
:03:50. > :03:55.Index is a survey of the people who make decisions on the buying of
:03:55. > :04:00.goods and services for a company. They are seen as being at the sharp
:04:00. > :04:06.end and having inside. They are questioned on the current
:04:06. > :04:16.conditions of their industry and their answers are Ltd to: Better,
:04:16. > :04:19.the same, or worse. An index of 50 means no change. Higher suggests
:04:19. > :04:25.conditions are made improving and low-Earth suggests the
:04:25. > :04:33.deterioration. Lots of data is due out soon from Europe, but we turn
:04:33. > :04:39.to the data from Asia. We have data from China. What does it show?
:04:39. > :04:44.It still shows that manufacturing is still struggling. It reveals
:04:44. > :04:49.that the activity is still ordering between expansion and contraction
:04:49. > :04:53.duties flowing overseas demand, particularly from the US and Europe.
:04:53. > :05:03.They are China's largest markets. The data was slightly better than
:05:03. > :05:09.the previous month, which was at a 29-month low. The index is based on
:05:09. > :05:13.a survey of purchasing managers in 820 companies on the mainland in 20
:05:13. > :05:21.industries. Despite the above average numbers, tight monetary
:05:21. > :05:29.policy and slowing overseas demand there is a chance for a sustained
:05:29. > :05:34.recovery. The Chinese Premier Wen Jiabao has emphasised that rising
:05:34. > :05:38.prices are stabilised. He does not plan to alter the direction of its
:05:38. > :05:44.economic policies and said the slowdown is reasonable.
:05:44. > :05:53.Within government expectations. How have the markets reacted?
:05:53. > :06:03.Because the number was above 50, which means an expansion, the Asian
:06:03. > :06:11.stock markets were buoyed by this today. The Federal Reserve was also
:06:11. > :06:16.way major catalyst for stocks today. If you look at the Games, they are
:06:16. > :06:24.quite limited ahead of the US - to this week which includes jobless
:06:24. > :06:30.numbers. -- US data. The Bank of Japan will intervene to depreciate
:06:30. > :06:40.the currency. It is now trading well above 77 yen against the US
:06:40. > :06:41.
:06:41. > :06:44.dollar. Attention will be turning to Europe
:06:44. > :06:52.over the next few hours as the PMI days or Israelis for Germany,
:06:52. > :06:58.France, Spain, Italy and the eurozone as a whole. Consumer
:06:58. > :07:05.confidence had fallen to its lowest level since 2009. What would the UV
:07:05. > :07:10.light from the factory gate. With me is David Jones, a strategist. We
:07:10. > :07:14.know that consumers are struggling with high unemployment and there is
:07:14. > :07:22.a lethargic recovery. What about from the manufacturer's point of
:07:22. > :07:27.view? We are know it expecting good news from them either. A reading of
:07:27. > :07:34.below 50 shares it is still string King and that is the expectation
:07:34. > :07:43.today. A reading of 49. A lethargic, stumbling recovery. What are the
:07:43. > :07:47.main issues causing the lack of confidence? In the last month we
:07:47. > :07:53.have seen how fragile investor sentiment is and that is a
:07:53. > :07:57.reflection of what is going on in the economy. There are still major
:07:58. > :08:06.concerns about the Roseanne. In the UK we have problems, but we are
:08:06. > :08:10.seen as fairly positive. -- concerns about the eurozone. It is
:08:10. > :08:14.ironic because some of the companies who have produced results
:08:14. > :08:19.over the last couple of months have been very positive and yet you
:08:19. > :08:23.still have this feeling that the recovery is very lethargic. Yes.
:08:23. > :08:29.Six months ago things did not look fantastic their rosy but we were
:08:29. > :08:33.still fairly positive. Just this morning the UK chambers of commerce
:08:33. > :08:37.have revised down once again their estimation for how much the economy
:08:37. > :08:44.will increase the sea. In the last six months we have seen that
:08:44. > :08:52.pessimism come back. -- will increase this year. What can the
:08:52. > :09:00.UN? We have seen two different approaches. In the US we have seen
:09:00. > :09:03.spending to stimulate the economy. Over here we have seen austerity
:09:03. > :09:10.cuts putting plays. Neither has been a positive outcome. We will
:09:10. > :09:16.have to be patient. It will be a tough time for the next six months.
:09:16. > :09:20.You are always such a ray of sunshine.
:09:20. > :09:28.Greece will increase its VAT and restaurants, cafes and bars from
:09:28. > :09:33.today. It goes from 13% to 23%. It has angered business owners who say
:09:33. > :09:41.they are already struggling things to Greece's economic problems.
:09:41. > :09:44.Spain will put a new five-year bond on the market today. Spain's
:09:44. > :09:53.Treasury is hoping to sell 3 billion euros to 4 billion euros of
:09:53. > :09:57.debt. After meeting with Spain's King and Prime Minister yesterday
:09:57. > :10:01.the Portuguese Prime Minister is due to hold talks with Germany's
:10:01. > :10:07.leader Angela Merkel today. They will discuss foreign policy and
:10:07. > :10:13.European policy issues. Portugal is one of the euro's most indebted
:10:13. > :10:18.countries. It accepted a bail-out from the EU and the IMF of 78
:10:18. > :10:25.billion euros earlier this year. Rico was talking about the Asian
:10:25. > :10:30.markets. August, which is traditionally a quiet month, saw
:10:30. > :10:40.the highest trading turnover in almost three years. Of course it
:10:40. > :10:40.
:10:40. > :10:45.has not been a good month. 7% was wiped off the FTSE. More than $750
:10:45. > :10:49.billion wiped off the stock markets around the world in August.
:10:49. > :10:59.Obviously we will be hoping that September continues as well as it
:10:59. > :11:07.
:11:07. > :11:11.has started. The end of the traditional light of
:11:11. > :11:21.May as a step closer today as production of the 60 what role is
:11:21. > :11:24.stopped. -- 60 watt light glowed. No more can be manufactured in
:11:24. > :11:34.order to encourage people to buy more energy-efficient lighting. Our
:11:34. > :11:35.
:11:35. > :11:41.correspondent reports. Rent first 100 watt light light Globes this
:11:41. > :11:49.appeared from Sale, prompting some customers to bulk buy. They are
:11:49. > :11:56.buying 120 per box. The government believes that moving too efficient
:11:56. > :12:01.lighting will reduce carbon dioxide emissions. Is efficient light wells
:12:01. > :12:05.are initially more expensive but it energy-saving experts say they use
:12:06. > :12:11.up to 80% less electricity than traditional box and they last ten
:12:11. > :12:17.times as long. Those who sell the replacement bulbs say they have
:12:18. > :12:27.their drawbacks. The light quality is not the same colour. You cannot
:12:27. > :12:33.make them dimmer and it is more complicated to dispose of them.
:12:33. > :12:38.They contain mercury. Retailers are assuring customers that they will
:12:38. > :12:46.have the old bolts for months to come. But we will see prices rise
:12:47. > :12:55.before the light goes out on the 60 watt bulb. Coming up at 6am,
:12:55. > :13:00.Breakfast. They will be looking at what is happening in Venice where
:13:00. > :13:08.George Clooney and Madonna are summer the actors showing the
:13:08. > :13:14.latest films that have -- they have directed.
:13:14. > :13:17.This is BBC News. The headlines: It is claimed that two of Colonel
:13:17. > :13:23.Gaddafi's sons have broadcast very different messages to the people of
:13:23. > :13:27.Libya. Saadi Gaddafi has called for negotiations, but Saif Al-Islam
:13:27. > :13:33.remains defiant, saying that his father's supporters will fight to
:13:33. > :13:37.the death. Later today leaders of Libya's emerging interim government
:13:37. > :13:41.will set out their plans for the country's future as an
:13:41. > :13:45.international conference in Paris. The conference aims to bolster