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