01/09/2011 World Business Report


01/09/2011

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the largest city. Now it is time for World Business Report. The

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headlines: rebuilding Libya. A multinational conference aims to

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get the country's economy back on its feet. In Singapore: China's

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manufacturing index stayed near the border line between expansion and

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contraction and needs slowing overseas demand.

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Is the world's biggest trading bloc being driven into another

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recession? Delegates from 60 countries meet in

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Paris later today to discuss the rebuilding of Libya. The leader and

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deputy leader of the National Transitional Council will also be

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there. It is the biggest meeting yet of the so-called friends of

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Libya and will include representatives from China and

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Russia. It is seen as vital for the lifting of sanctions on Libya and

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making funds held abroad available. Our correspondent reports. Right

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now Libya has feud and fuel, but only the most basic aid supplies

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are shipped in because the EU still has sanctions on their ports.

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Sorrel and assets needed to pay for health relief remain frozen. The

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National Transitional Council is powerless to rebuild the economy

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while it lacks legal standing. The flat of the opposition forces has

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flown over this embassy for the last month. The problem is that

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many states in the world, like China, still do not recognise it.

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Today's conference should be important in giving the council

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worldwide acceptance and that in turn should trigger the dismantling

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of sanctions and the freeing up of assets. The European Union has said

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that after did a's conference it will lift sanctions on six ports

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and four oil companies. The TNC mac may not be the elected

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representatives, but you need to have someone to deal with. -- the

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National Transitional Council. This recognition is an essential

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component of progressing in Libya and restoring it to stability.

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China and Russia criticised NATO's air strikes supporting the rebels

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and shunned previous meetings with them. But now they are keen to make

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contact. Now you have to try to jockey for future influence. They

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realise that the rebel council will be the new leadership. They have to

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get Prime positioning in the new order. Libya has sovereign assets

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worth $140 billion which the National Transitional Council ones

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for post-war reconstruction. Easter Day's conference freeze them up,

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the repair work could soon be in. New figures will be released today

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which could give an insight into the health of some of the world's

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most important economies. The PMI data shows how each country's

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manufacturing sector has performed in August. The Purchasing Manager

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Index is a survey of the people who make decisions on the buying of

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goods and services for a company. They are seen as being at the sharp

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end and having inside. They are questioned on the current

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conditions of their industry and their answers are Ltd to: Better,

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the same, or worse. An index of 50 means no change. Higher suggests

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conditions are made improving and low-Earth suggests the

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deterioration. Lots of data is due out soon from Europe, but we turn

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to the data from Asia. We have data from China. What does it show?

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It still shows that manufacturing is still struggling. It reveals

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that the activity is still ordering between expansion and contraction

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duties flowing overseas demand, particularly from the US and Europe.

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They are China's largest markets. The data was slightly better than

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the previous month, which was at a 29-month low. The index is based on

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a survey of purchasing managers in 820 companies on the mainland in 20

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industries. Despite the above average numbers, tight monetary

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policy and slowing overseas demand there is a chance for a sustained

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recovery. The Chinese Premier Wen Jiabao has emphasised that rising

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prices are stabilised. He does not plan to alter the direction of its

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economic policies and said the slowdown is reasonable.

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Within government expectations. How have the markets reacted?

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Because the number was above 50, which means an expansion, the Asian

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stock markets were buoyed by this today. The Federal Reserve was also

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way major catalyst for stocks today. If you look at the Games, they are

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quite limited ahead of the US - to this week which includes jobless

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numbers. -- US data. The Bank of Japan will intervene to depreciate

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the currency. It is now trading well above 77 yen against the US

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dollar. Attention will be turning to Europe

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over the next few hours as the PMI days or Israelis for Germany,

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France, Spain, Italy and the eurozone as a whole. Consumer

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confidence had fallen to its lowest level since 2009. What would the UV

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light from the factory gate. With me is David Jones, a strategist. We

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know that consumers are struggling with high unemployment and there is

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a lethargic recovery. What about from the manufacturer's point of

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view? We are know it expecting good news from them either. A reading of

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below 50 shares it is still string King and that is the expectation

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today. A reading of 49. A lethargic, stumbling recovery. What are the

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main issues causing the lack of confidence? In the last month we

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have seen how fragile investor sentiment is and that is a

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reflection of what is going on in the economy. There are still major

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concerns about the Roseanne. In the UK we have problems, but we are

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seen as fairly positive. -- concerns about the eurozone. It is

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ironic because some of the companies who have produced results

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over the last couple of months have been very positive and yet you

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still have this feeling that the recovery is very lethargic. Yes.

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Six months ago things did not look fantastic their rosy but we were

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still fairly positive. Just this morning the UK chambers of commerce

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have revised down once again their estimation for how much the economy

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will increase the sea. In the last six months we have seen that

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pessimism come back. -- will increase this year. What can the

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UN? We have seen two different approaches. In the US we have seen

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spending to stimulate the economy. Over here we have seen austerity

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cuts putting plays. Neither has been a positive outcome. We will

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have to be patient. It will be a tough time for the next six months.

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You are always such a ray of sunshine.

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Greece will increase its VAT and restaurants, cafes and bars from

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today. It goes from 13% to 23%. It has angered business owners who say

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they are already struggling things to Greece's economic problems.

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Spain will put a new five-year bond on the market today. Spain's

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Treasury is hoping to sell 3 billion euros to 4 billion euros of

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debt. After meeting with Spain's King and Prime Minister yesterday

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the Portuguese Prime Minister is due to hold talks with Germany's

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leader Angela Merkel today. They will discuss foreign policy and

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European policy issues. Portugal is one of the euro's most indebted

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countries. It accepted a bail-out from the EU and the IMF of 78

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billion euros earlier this year. Rico was talking about the Asian

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markets. August, which is traditionally a quiet month, saw

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the highest trading turnover in almost three years. Of course it

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has not been a good month. 7% was wiped off the FTSE. More than $750

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billion wiped off the stock markets around the world in August.

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Obviously we will be hoping that September continues as well as it

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has started. The end of the traditional light of

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May as a step closer today as production of the 60 what role is

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stopped. -- 60 watt light glowed. No more can be manufactured in

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order to encourage people to buy more energy-efficient lighting. Our

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correspondent reports. Rent first 100 watt light light Globes this

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appeared from Sale, prompting some customers to bulk buy. They are

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buying 120 per box. The government believes that moving too efficient

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lighting will reduce carbon dioxide emissions. Is efficient light wells

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are initially more expensive but it energy-saving experts say they use

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up to 80% less electricity than traditional box and they last ten

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times as long. Those who sell the replacement bulbs say they have

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their drawbacks. The light quality is not the same colour. You cannot

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make them dimmer and it is more complicated to dispose of them.

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They contain mercury. Retailers are assuring customers that they will

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have the old bolts for months to come. But we will see prices rise

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before the light goes out on the 60 watt bulb. Coming up at 6am,

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Breakfast. They will be looking at what is happening in Venice where

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George Clooney and Madonna are summer the actors showing the

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latest films that have -- they have directed.

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This is BBC News. The headlines: It is claimed that two of Colonel

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Gaddafi's sons have broadcast very different messages to the people of

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Libya. Saadi Gaddafi has called for negotiations, but Saif Al-Islam

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remains defiant, saying that his father's supporters will fight to

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the death. Later today leaders of Libya's emerging interim government

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will set out their plans for the country's future as an

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international conference in Paris. The conference aims to bolster

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