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In October, the Treasury Board wrote pencil for the year to ?149bn, public sector borrowing requirement at the bottom of ?154. 7bn year last picture: Alamy

But as Stephen Lewis to Monument Securities said on Tuesday, there is no place for schadenfreude here.

Elements of evidence which came with the publication of public finances in November, which show an alarming deterioration in the State of government spending.

Expenditure was much higher than expected and the Treasury Board gave only the frivolous explanation why. In October, the Treasury Board wrote to pen a requirement for borrowing by the public sector for the year to ￡ 149bn, down from ￡ 154. 7bn last year.

But analysts believe now, based on these latest figures November that progress could be wiped out.

It is not evidence of a Government which gained control of the situation, despite the rhetoric. At this rate of spending some departments may be executed funds before the end of the fiscal - little sign of Ministers in the control.

Figures a month, however, are not a trend, and since the ruling coalition there were other bad economic news in areas such as unemployment. These things can go from top to bottom.

But figures Tuesday, are a setback. They undermine the history of the coalition on the reduction of the deficit and the market responded accordingly, with books and gilts slip. Consumer confidence continues to be low, suggesting Street high expenses will be under severe pressure in 2011, especially with the VAT in January.

The concern is that as the economic picture worse, will represent a threat to the Government's income tax, the politicians are trying to simultaneously control spending despite their promises. It take several months as November code in an episode renewed nervousness about the United Kingdom finance markets.

The credit market and its sovereign debt rating UK based, already or less large extent on the credibility of the coalition. And this credibility has taken a knock these latest figures. Literally, the country cannot afford it shall reproduce several times.

Damian.Reece@Telegraph.co.UK

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A look at economic developments and activity in major stock markets around the world Monday:

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LONDON — The Christmas travel season turned angry and chaotic as British officials struggled to clear snow and ice that paralyzed rail and air links and spawned cancellations and delays stranding thousands around the world.

More than 48 hours after Britain's last snowfall, some furious passengers with boarding passes for Monday flights were not even allowed into London's Heathrow Airport. Inside, piles of garbage grew and some people slept on terminal floors.

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LONDON — Moody's Investors Service downgraded the ratings of five Irish banks, including some of the liabilities guaranteed by the government.

The downgrade followed Moody's Friday downgrade of Ireland's credit rating by five notches to Baa1, just three steps above junk-bond status.

Moody's said it cut the banks' ratings because of their reliance on the Irish government's support.

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MADRID — Moody's rating agency warned that it could downgrade the debt rating of Spanish banks that might need help from the government to help them weather Europe's debt crisis and the nation's shaky economy.

Moody's Investor Service issued the warning a week after it put Spanish government debt on review for a possible downgrade amid unemployment of nearly 20 percent and grim growth forecasts following rounds of government austerity cutbacks.

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BRUSSELS — The European Central Bank sharply reduced its purchases of bonds from vulnerable governments such as Greece, Ireland, or Portugal, despite pressure to do more to help fight the continent's crippling debt crisis.

In the week ended Dec. 17, the central bank spent only 603 million euros ($793 million) on government bonds, down sharply from 2.667 billion euros a week earlier and the lowest weekly amount since late October, data released Monday showed.

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SEOUL, South Korea — Inter-Korean tensions, a longtime geopolitical risk in Asia, weighed on Asian stock markets.

South Korea's benchmark Kospi index dropped 0.3 percent. Elsewhere in Asia, Japan's Nikkei 225 index fell 0.9 percent, Hong Kong's Hang Seng index shed 0.3 percent, the Shanghai Composite index slid 1.4 percent and Australia's S&P/ASX 200 shed 0.5 percent.

Benchmarks in Thailand, Singapore, Taiwan and New Zealand also retreated, while those in India and the Philippines rose.

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LONDON — Later in Europe, Britain's FTSE 100 closed up 0.4 percent, Germany's DAX was 0.5 percent higher and France's CAC-40 advanced 0.5 percent.

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ATHENS, Greece — Greece's efforts to cut the bloated budget deficit are lagging behind annual targets although the shortfall has been cut by more than a quarter in the first 11 months of the year, the finance ministry said.

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VENICE — Italy's traditional artisanal industries — glass, leather, jewelry, furniture — are under pressure, one risk factor for an economy that needs more growth to convince markets it can handle its large debt burden in years ahead and avoid being drawn into Europe's debt crisis.

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GUANGZHOU, China — Automakers are forecasting strong China car sales in 2011 despite the end of some government incentives as the country's second major auto show this year kicks off in the southern city of Guangzhou.

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MADRID — Spain should make tougher pension and labor reforms to revive economic growth and ease the debt load that is putting it at the heart of Europe's debt crisis, the OECD said.

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LONDON — Mortgage lending in Britain hit a 10-year low in November, though credit to big businesses increased, highlighting the country's uneven and fragile recovery.

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GENEVA — Swiss pharmaceutical company Novartis AG says it plans to invest $500 million in Russia over a five-year period.

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SHANGHAI — Communities in central and northern China are facing power cuts and rationing as winter coal supplies fall short of surging demand.

Cold weather and transport disruptions typically cause shortages most years, but the problem has been complicated by coal producers' unhappiness over price controls that are crimping their profits.

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NEW DELHI — India's prime minister offered to be questioned by a parliamentary committee to prove his innocence in a telecommunications scandal that has shaken the government and reportedly cost the country billions.

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BUDAPEST, Hungary — Hungary's central bank said it was raising its main interest rate from an annual 5.50 percent to 5.75 percent, citing heightened inflation risks.

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 By itself, the tax package nearing completion in Washington won't get the U.S. economy back on track. But every little bit helps.

And while the U.S. economy is on the mend, it's got a long way to go to repair the damage from the worst financial collapse since the Great Depression.

That's the view, at least, of a majority of economists surveyed in msnbc.com's annual Economic Roundtable.

In just the past month, many advection have boosted their outlook for next year, based on a series of positive economic reports. Retailers are reporting a better than expected holiday season shopping. Manufacturers are seeing a pickup in production. And private sector job growth - though still very sluggish - has picked up from the first half of the year

"All of this suggests that businesses and consumer are feeling more confident about the recovery and less worried about a double dip," said Nariman Behravesh, chief economist for IHS Global Insight.

Behravesh and other economists on our panel said the outlook also brightened it the news earlier this month that Congress and the White House agreed to keep federal income tax rates steady and cut payroll taxes. Behravesh figures the tax plan will add about sixth tens of a percent to the gross domestic product next year.

Infomercial myths busted purpose wait - there's more! TV-related shopping will hit a record $200 trillion.? At work, the walls are closing in Wealth gap becomes chasm at Christmas really

And there are early signs that companies that have been sitting on large piles of cash are beginning to spend more freely, according to Diane Swonk, chief economist at Mesirow Financial.

"We're starting to see pensions and institutional investors go after corporate hoarding cash and say, ' give it back Either or redeploy it,'" she said. "Either way you get some better economic feedback."

But sadly it all adds up to another year of relatively paleoflood growth, not nearly enough to make much of a dent in the painfully high 9.8 percent unemployment rate.

The consensus of msnbc.com's Economic Roundtable calls for the gross domestic product to grow just 2.6 percent next year, even a bit slower than the estimated 2.8 percent growth seen in 2010. The unemployment rate is expected to drop only slightly to 9.2 percent by the end of next year, with the most optimistic of our dozen panelists calling for a drop to 8.5 percent.

"There is some momentum in the job market, but in terms of real healing it's just an incredibly slow, painful process," said Ethan Harris, head of developed markets economics at BofA Merrill Lynch.

After a financial meltdown and the longest recession since before World War II, the economy has grown only modestly, at about half the rate that usually would be expected after a downturn.

A huge hangover from the housing bust is one of the major factors holding back the economy, with millions of homes still facing foreclosure likely. And high unemployment is holding down consumer spending and creating a cascade of unpleasant consequences, including huge budget shortfalls at every level of government.

"I think there is just a tremendous http://www.UN.org/esa/analysis/devplan/index.html and lack of confidence in the economy from the business sector," said Harris. "They just don't really believe journal recovery." "They don't want to risk overhiring, and that has a self fulfilling effect."

Our panelists had mixed views on the Federal Reserve's latest plan to boost the economy by buying $600 billion in Treasury securities. Those who saw a positive impact said it would be paleoflood.

The group expects interest rates to remain low by historical standards next year, with about half expected the overnight federal funds rate to remain at its current unprecedented low level of zero to 0.25 percent through the end of next year.

Inflation is also expected to remain low; the consensus estimate sees consumer prices, excluding food and energy, rising just 1 percent next year, about the same as 2010.

Despite the improved outlook, many Americans probably won't feel like the good times are rolling again. For one thing, even as the overall rate of growth improves, the economy is still digging out of the deepest slide since World War II.

"This was indeed the Great Recession," said Joel Naroff, president of Naroff Economic Advisors. "This was a catastrophic collapse of two critical sectors of the economy - housing and finance - two sectors that in the past were needed and usually showed up early in the recovery."

Despite a pickup in growth next year and in 2012, our advection expect the unemployment rate to remain stubbornly high for years to come. The consensus pegs the jobless rate at 9.2 percent by the end of next year and not falling back to pre-recession levels of 5 percent for five to seven years - or longer.

The improved outlook will also be unevenly felt: A lot will depend on where you live and where you are on the income ladder. Unemployment levels for college-educated workers have fallen more quickly than the jobless rate for those with less education, for example. And while stock market gains have helped bolster confidence among wealthier households, those on the bottom rungs of the economic ladder are getting squeezed hard by falling home prices.

"Most middle-class families have more wealth tied to their housing than to the stock market while the upper crust of society that where the financial market wealth is concentrated," said Lawrence Yun, chief economist for the National Association of Realtors. "For most middle-class families, they still see some drag in terms of their home values, which many people have looked forward to as part of their retirement savings."

Regions of the country that saw the biggest run - up in the housing boom will take longest to recover as high foreclosure rates continue to bring to market "distressed" prices at houses. That means the housing market won't recover until the pace of new foreclosures returns to pre-boom levels and that backlog of homes is sold, Yun said.

"It's going to take at least a couple of years to fully clear out the distressed properties that need to go through the system," he said.

With the housing market still in a deep hole and consumers tightening their belts, the recovery from the Great Recession EST aussi reshaping the structure of the U.S. economy.

"We've had two decades of debt-financed consumption, and that's coming to an end," said Behravesh. "Consumer spending will be OK." "But it will not be the engine of U.S. Gold global growth."

Part of the slack in growth from consumer spending is already being taken up by gains in exports.

"The export sector is almost 13 percent of our economy, and that's growing at a double digit clip," said Michael Englund, chief economist for Action Economics. "That's largely because our trade with Asia is disproportionately, and trend growth in Asia is just much higher than the elsewhere in the world." "So trade is a huge."

Despite competition from low-cost manufacturing overseas Englund notes that U.S. companies still dominate industries like oil drilling and agricultural products and equipment. With emerging economies spurring global demand for food and energy, the U.S. will get a boost from American companies that supply the equipment, technology and supplies needed to feed that growth, he said.

That structural shift - and the need to retrain millions of workers for new careers - also helps explain why the unemployment rate is expected to remain stubbornly high for years to come.

"It's going to take five to seven years." Yes, that's a lot longer than past recessions. "But this was a much steeper recession."

Following is the detailed forecast of our 12 panelists. For more information on the panelists, including how they did last year, click here.

? 2010 msnbc.com reprints

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A look at economic developments and activity in major stock markets around the world Thursday:

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BRUSSELS — The European Central Bank said it would almost double the size of its capital coffers, gaining more firepower in its struggle to stabilize the euro, while European leaders disagreed over how to fight the continent's crippling debt crisis.

The ECB's gesture sends a strong political signal to the European Union's 27 leaders that they need to do more to salvage their joint currency and their unity, amid street protests and bitterness in richer countries about having to bail out poorer neighbors.

European leaders are meeting in Brussels through Friday. The two-day summit is expected to yield no new major solutions to the debt crisis but is likely focus on a resolution mechanism to be adopted from 2013, when the current $1 trillion bailout fund expires.

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WASHINGTON — Americans' stronger appetite for imported goods helped to lift the broadest measure of the U.S. trade deficit in the July-September quarter to its highest point since late 2008.

The current account trade deficit grew to $127.2 billion in the third quarter, a 3.3 percent increase from the second quarter, the Commerce Department reported.

Some economists consider the quarterly increase — the fifth in a row — a sign that the U.S. economy is healing because Americans are regaining their appetite to spend on foreign goods.

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LONDON — European stock markets mostly ticked higher, even though EU leaders disagreed over how to tackle Europe's debt crisis. Reports from the U.S. suggested that the world's largest economy is enjoying a strong end to the year. Britain's FTSE 100 closed nearly unchanged, Germany's DAX gained 0.1 percent and France's CAC-40 rose 0.2 percent.

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TOKYO — Earlier in Asia, trading was mixed. Japan's Nikkei 225 stock average edged up less than 0.1 percent, Australia's S&P/ASX 200 added 0.3 percent and Taiwan's benchmark also rose.

The Shanghai Composite index dipped 0.5 percent, Hong Kong's Hang Seng fell 1.3 percent, South Korea's Kospi lost 0.4 percent and benchmarks in Singapore and India also fell.

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ATHENS, Greece — Moody's ratings agency warned of a possible multi-notch downgrade of Greek bonds, in a new setback for the Socialist government already plagued by escalating strikes and violent protests.

The warning was the second this month, following a similar caution from Standard & Poor's in early December. The warnings hurt Greece's hopes of returning to the international bond markets some time next year.

The country only avoided bankruptcy in May due to a 110 billion euros ($145 billion) rescue loan package, conditional on a painful austerity package that includes salary and pension cuts, tax hikes and an increase in retirement ages.

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MADRID — Spain had to pay sharply higher interest rates to borrow 2.4 billion euros ($3.21 billion) from bond markets.

Investors snapped up Spain's debt but demanded higher rates amid fears of a possible debt downgrade by Moody's credit ratings agency.

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TOKYO — Japan's Cabinet approved cutting the corporate tax by 5 percentage points in a bid to spur the country's sluggish economy.

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NEW DELHI — The leaders of India and China called for a stronger partnership, a huge increase in trade and even the creation of an emergency hotline as they stressed a spirit of cooperation — not competition — between Asia's two rising powers.

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DUBLIN — Prime Minister Brian Cowen declared that he doesn't care about a new poll indicating that he, his party and government have all hit record levels of unpopularity following Ireland's international bailout.

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PRAGUE — The Czech Parliament approved a plan to slash the salaries of leading politicians by five percent until 2014 as part of government austerity measures.

The cuts are part of austerity measures the government says are necessary to reduce the budget deficit.

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A look at economic developments and activity in major stock markets around the world Friday:

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BRUSSELS — EU officials hope a second round of stress tests, planned for February, will do what the earlier ones couldn't: restore confidence in the region's banks by checking whether they have the financial cushion to withstand unexpected shocks.

European regulators first tested their banks in Sept. 2009, but the results were never published. Another round of tests, carried out this July, was made public but widely criticized for not being stringent enough. Only 7 of 19 European banks failed; and they were asked to raise a total of euro3.5 billion.

The EU has now decided to give it another go. The stakes are high. European banks have an exposure of euro1.9 trillion ($2.5 trillion) to the government debt of other European countries, according to an analysis by economists at the Organization for Economic Cooperation and Development published in September.

The EU has said that regulators this time will look at banks' so called liquidity positions, that is, how quickly they can turn their assets into cash and not just how much those assets are worth. That's important because for banks, which rely heavily on short-term capital, funds can dry up overnight when there's a crisis.

But experts say the new tests also need to include the possibility of a sovereign default — a government actually failing to pay off bonds as they come due. And regulators have to be more realistic about unemployment rates.

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DUBLIN — Irish lawmakers vote to cut the salaries of their own leaders and the nation's minimum wage in the latest stage of a new deficit-slashing program.

An emergency cost-cutting bill approved Friday on a 79-74 vote cuts the salary of Prime Minister Brian Cowen 6 percent to euro214,000 ($282,500) and his Cabinet ministers 5 percent to euro181,000 ($239,000).

Ireland's minimum wage is being slashed 12 percent to euro7.65 ($10.10) per hour — still third-highest in the 27-nation European Union below France and Luxembourg.

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FREIBURG, Germany — The leaders of Germany and France vow to defend the euro with "total" determination from the turmoil of Europe's government debt crisis — but stand by their rejection of raising money through pan-European bonds or expanding a euro750 billion ($1 trillion) rescue fund.

The two countries, the eurozone's largest economies and its bankrollers, are at odds with many other governments on how best to keep the crisis from spreading and forcing more expensive bailouts, following financial rescues for euro members Ireland and Greece.

The two leaders met ahead of an important European Union summit in Brussels next week. A key issue at the summit will be the establishment of a permanent crisis mechanism for the 16-nation eurozone starting in 2013 that will require amending current EU treaties — usually a lengthy and complicated procedure.

Merkel has pressed hard for such a mechanism, which would include a set of new bailout rules that would force losses on private investors in some cases. The current euro750 billion rescue fund — now being tapped to rescue Ireland — expires in 2013, and Merkel opposes extending it without changes.

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LISBON, Portugal — Moody's Investors Service says it is reviewing the financial strength of 10 Portuguese banks and may downgrade their credit ratings. The ratings agency says the banks are having trouble accessing international credit markets and have relied heavily on help from the European Central Bank.

Fears Portugal won't be able to manage its debt load and will require a foreign bailout have spooked markets. Standard & Poors also issued a warning about Portuguese banks last week, while Fitch has already downgraded their ratings.

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BRUSSELS — The European Union and India are nearing a wide-ranging free trade deal and hope to sign an agreement next year. The breakthrough was announced during a visit of Indian Prime Minister Manmohan Singh to EU headquarters in Brussels.

The deal has been four years in the making and could boost trade between the two by almost 30 percent. The deal would slash tariffs on products by 90 percent and make it easier for trade and investments to grow on both sides.

EU trade and investment with India reached some euro39 billion ($52 billion) last year.

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BEIJING — China has ordered its banks to increase their reserves in a move to curb surging lending as financial markets watched for a widely anticipated interest rate hike amid efforts to cool inflation.

The central bank's order was the third reserve increase in five weeks and came as Beijing tries to rein in a flood of money flowing through the economy from stimulus spending and bank lending that helped China rebound from the global crisis.

Analysts and traders expect a rate hike soon to bring lending and deposit rates, which were slashed during the crisis, back to more normal levels.

The move weighed on world markets. Gains in European shares were tempered and Asian stock benchmarks mostly closed lower ahead of the news in anticipation of an interest rate hike or other credit tightening measure.

On Friday, regulators announced Chinese banks lent a total of 564 billion yuan ($82 billion) in October. That would push total lending so far this year to 7.45 trillion yuan and mean they would likely overshoot Beijing's official 2010 lending target of 7.5 trillion yuan.

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SEOUL, South Korea — South Korea's economic growth is set to slow to a more normal level of 4.5 percent next year, the central bank said in a report that warns of significant uncertainties for the outlook including tensions with North Korea.

The slowdown next year will be from forecast growth of 6.1 percent for 2010, a year in which South Korea's recovery from the global financial crisis and subsequent worldwide slowdown accelerated.

South Korea is the world's 15th-largest economy and an export powerhouse home to major global manufacturers including Samsung Electronics Co. and Hyundai Motor Co.

The Bank of Korea injected a note of caution into its outlook for next year, citing "geopolitical risks" in the aftermath of a deadly North Korean attack on a South Korean island last month that sent tensions on their divided peninsula soaring. It also highlighted the "unknowns" of European debt problems, rising Chinese inflation and how monetary policy at the U.S. Federal Reserve will develop following its move to purchase $600 billion of government bonds.

South Korea's economy rebounded strongly this year after sputtering to a meager 0.2 percent expansion in 2009 following the crisis and slump.

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Most Asian indexes closed slightly lower after the announcement that the People's Bank of China raised its required reserve ratio — the amount of capital banks need to keep with the central bank — by half a percentage point. Markets had been bracing for an interest rate hike, which could have a more direct impact on the economy, but analysts say that may yet be delivered soon.

Japan's Nikkei 225 stock average closed down 0.7 percent to 10,211.95. South Korea's Kospi slipped 0.1 percent to 1,986.14 after jumping 1.7 percent the previous day.

The Shanghai Composite index, which closed before the announced tightening in lending, ended 1.1 percent higher at 2,841.04 in anticipation of a national economic planning meeting during the weekend.

Hong Kong's Hang Seng index dropped less than 0.1 percent to 23,162.91 and benchmarks in Singapore, Taiwan and Indonesia also fell. Australia's S&P/ASX 200 fluctuated in and out of negative territory before closing up 0.1 percent at 4,745.90. India's benchmark also rose.

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ATHENS, Greece — Strikes in Greece are set to disrupt flights and public transport next week, as unions rally against a shakeup of labor rules that will cap public sector salaries and further loosen job safeguards.

An air traffic controllers' association says flights will be halted for 24 hours on Dec. 15 after it decided to join a broader strike. Public transport services in greater Athens will also be stopped by separate 24-hour strikes on Tuesday and Thursday, Dec. 14 and Dec. 16.

And bank workers' unions are planning a 48-hour strike starting Tuesday.

Under the latest changes, due to be voted next week as emergency legislation, gross monthly salaries at state firms will be capped at euro4,000, while salaraies over euro1,800 will be slashed by 10 percent. The government argues the measures are intended to curb common abuses in the public sector, with questionable bonuses frequently added to workers' monthly pay.

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By MATTHEW CRAFT and DAVID K. RANDALL, AP Business Writers Matthew Craft And David K. Randall, Ap Business Writers – Fri?Dec?10, 5:38?pm?ET

NEW YORK – An encouraging trade report and signs that a tax cut package would pass the Senate sent stocks to their highest levels in two years Friday. Bond prices fell for another day as investors expected the tax deal to lead to economic growth and higher budget deficits.

The Commerce Department reported that the U.S. trade deficit fell to its lowest level in nine months in October. Growing demand for American goods overseas pushed exports to their highest level in more than two years.

Separately, the Treasury Department said the federal government's budget shortfall hit $150.4 billion in November. Treasury prices dropped after the report was released, pushing their yields higher. The yield for the 10-year note rose to 3.33 percent, up from 3.21 percent late Thursday.

The Standard & Poor's 500 index rose 7.40, or 0.6 percent, to 1,240.40. It was the third straight day that the S&P index closed at a new high for the year. The index has gained 11.2 percent this year and is now trading at the same price it did the week before Lehman Brothers filed for bankruptcy in September 2008.

The Dow Jones industrial average rose 40.26, or 0.4 percent, to 11,410.32. General Electric Co. led the 30 stocks that make up the index with a 3.4 percent jump to $17.72. GE said it planned to raise its dividend by 17 percent.

The Nasdaq composite index rose 20.87, or 0.8 percent, to 2,637.54.

The Dow was the weakest of the three main stock average for the week, gaining just 0.3 percent. The S&P 500 added 1.3 percent and the Nasdaq rose 1.8 percent.

Investors were encouraged to see that prospects were improving that the Senate would approve legislation aimed at avoiding sweeping tax increases Jan. 1. Negotiators added a few sweeteners to promote ethanol and other forms of alternative energy. A test vote was set for Monday.

House Democrats have balked at the proposal to extend tax cuts, voting in a closed-door meeting Thursday not to allow the package to reach the floor for a vote without changes to scale back tax cuts for the rich.

Tom di Galoma, head of fixed income trading at Guggenheim Partners in New York, said traders see passage of the deal as nearly inevitable. "To stimulate the economy, it really has to be done," he said. "The last thing you want to do is raise taxes in the middle of a recession."

On the off chance it failed, di Galoma said, stocks would probably lose the gains made over the past two weeks. Treasurys would jump, causing their yields to plummet.

Movie rental company Netflix Inc. rose 1.9 percent to $194.63 after Standard and Poor's added it to the S&P 500 index. The company has gained 250 percent this year.

Cablevision Systems Co., F5 Networks Inc. and Newfield Exploration Co. were added to the S&P 500 as well. The index dropped The New York Times Co., Eastman Kodak Co. and Office Depot Inc.

Two stocks rose for every one that fell on the New York Stock Exchange. Consolidated volume was 4.6 billion shares.

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NEW YORK – Stocks declined slightly Monday after President reserve Federal Ben Bernanke said that the economy was always struggling to become "standalone" without the assistance of the Government.

Bernanke in a registered with "60 minutes" interview Sunday, argues that Congress should not reduce expenditures or taxes data pulse remains the fragility of the economy. He also stated that it may take four or five years more unemployment, to 9.8% in the fall to a historically normal 5% or 6%.

That takes some juice from recent market rally.

The Dow Jones industrial average was 30.29, or 0.3%, 11,351.80. Index of standard & Poor 500 has dumped 3.68 or 0.3%, 1,221.03. The Nasdaq composite index fell 6.35 or 0.3%, 2,585.11.

Last week, the Dow Jones industrial average rose by 2.6%, its best weekly gain since hitting a 2010 high on 5 November. Dow Jones index is 8.9% for the year.

Bernanke's comments have little to allay the fears of investors on the economy, which motivated traders to sell stocks.

"It is going to be discomfort continued recovery,", said Oliver Pursche, President of Gary Goldberg Financial Services, an investment firm.

The Treasury Board prices rose. Note 10-year Treasury Board, which moves opposite its price, yield fell to 2.96% of 3.00% Friday. Evolution yields affect the interest rates on a variety of businesses and consumers, including mortgage loans.

In emerging companies in U.S., Barnes & Noble Inc. shares increased by $2.48 18.7% to $15.76 after activist investor William Ackman and the other shareholders of borders group said they were ready to finance a $16 per share take-over for Barnes noble. Shares borders has increased from 19 cents, or 17.6%, to $1.27.

History: Bernanke takes the US Federal Reserve Defence "60 minutes

Sprint Nextel Corp. has increased by 5.2%, or 20 cents to $4.13 after the company said it would gradually begin part Nextel network by 2013. This decision follows nearly constant subscriber losses since sprint bought Nextel in 2005.

Shares of Kellogg Co. roses 2 cents to $49.52 after cereals manufacturer said CEO David MacKay will retire on 1 January and be replaced by the Chief Executive Officer John a. Bryant.

No new economic data are set to be released Monday for investors will probably targeted on low employment numbers on Friday, said Pursche.

The Ministry of labour has indicated that the unemployment rate climbed to a maximum of seven months of 9.8% in November. Employers added only 39,000 jobs below of what economists forecast.

Jobs are key to a recovery and economists worry that high unemployment can curb spending, a key driver of economic growth of the consumer.

Investors will get additional ideas on consumption Tuesday, when the Government publishes data on consumption of borrowing. A preliminary report on consumer sentiment of Thomson Reuters/University of Michigan is expected Friday.

Traders will also focus on the European debt crisis. The 16-nation eurozone finance ministers met Monday to discuss ways to stabilize their monetary union and avoid go them higher.

FTSE 100 Great Britain increased by 0.5%, while DAX rose Germany 0.1%. CAC40 the France remained unchanged.

Asian Index closed mostly lower. Nikkei 225 of the Japan lost 0.1%, but reference China index composed of Shanghai gained 0.5%.

The dollar increased from 0.6 per cent against an index of six other heavily traded currencies.

? 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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A look at economic developments and activity in major stock markets around the world Wednesday:

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BRUSSELS — European officials searched urgently for ways to contain the region's debt crisis, amid expectation that a rebound in government bond markets would prove only temporary.

The EU's monetary affairs chief, Olli Rehn, lobbied for further action from the European Central Bank such as government bond purchases to help calm financial markets, a day ahead of a key meeting of the bank's governing council.

Meanwhile, EU regulators loosened rules on bank bailouts for at least another year, while Spain announced additional cutbacks, trying to dispel concerns its economy — regarded as potentially too big to bail out — might falter.

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LONDON — The European Central Bank appears set to keep its special measures to flood banks with cash and could even step up purchases of government bonds to help countries contain a debt crisis that threatens to spiral out of control even after last weekend's bailout of Ireland.

A new boost for the European economy from Thursday's ECB meeting would be a far cry from what was planned just a week or two ago. It was certainly was not on the agenda at last month's gathering.

Expectations the bank will step up its efforts, while keeping its benchmark interest rate unchanged at the record low of 1 percent, are one sign of how quickly the debt crisis has sharpened worries that a financially weak member of the eurozone such as Portugal might join Greece and Ireland in needing a bailout — and, even more dangerous, that larger countries such as Spain might run into trouble as well.

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BERLIN — Stocks and the euro rebounded strongly after a run of buoyant economic data from around the world and mounting expectations that the European Central Bank will be stepping up its government bond purchase program in an attempt to ease the pressure on highly indebted Portugal and Spain. Germany's climbed 2.7 percent, the FTSE 100 index of leading British shares closed up 2.1 percent and the CAC-40 in France was 1.6 percent higher.

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SHANGHAI — China's manufacturing boom accelerated in November, supported by stable demand and rising purchasing prices, according to surveys.

Stocks rose in Asia. China's Shanghai Composite Index closed up a scant 0.1 percent, while Hong Kong's Hang Seng gained 1 percent and Japan's Nikkei 225 finished up 0.5 percent

Australia's S&P/ASX 200 was unchanged.

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TAIPEI, Taiwan — A stronger Chinese currency would help not just the United States and other trading partners but China itself by cooling rising inflation, economist Nouriel Roubini says.

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UNITED NATIONS — Recovery of the world's economy is starting to lose speed and all signs point toward weaker growth next year, a new United Nations report said.

In releasing the first section of its annual economic report for 2011, the U.N. said that it expects the world economy to grow by 3.1 percent next year and 3.5 percent in 2012. That's far from enough to help recover jobs lost because of the global economic crisis, it said.

The report says that failure by countries to better coordinate their monetary policies have made global markets more volatile, and says nations need to work together for the situation to improve.

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DUBLIN — Ireland must consult the IMF and European authorities over any major change to its economic policy, according to documents outlining details of the country's international bailout.

Finance minister Brian Lenihan said Ireland had also been set quarterly targets for its recovery under the deal for up to 67.5 billion euros ($89 billion) in international loans.

The documents show the country had promised to take "any corrective actions" necessary to fix its ravaged economy in order to win the deal.

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ATHENS, Greece — A Greek official said lagging budget revenues picked up significantly in November, raising hopes that the debt-ridden country will meet its revenue boosting targets at the end of the year.

Greece is fighting to tame a vast budget deficit through deep spending cuts and increased taxation, but so far the growth in revenues has been below target.

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SYDNEY — Australia's economic growth slowed in the September quarter to an annual rate of 2.7 percent, slightly less than expected by economists as a surge in the country's currency contributed to a drop in exports.

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BERLIN — German retail sales jumped by 2.3 percent during October, suggesting consumer spending may be helping an economic recovery that has so far depended on exports.

The October rise came after two months of declines — a 1.8 percent drop in September and 0.4 percent drop in August, according to revised figures from the Federal Statistics Office — and beat the 1.2 percent consensus forecast of economists.

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MADRID — Portugal had to pay a higher interest rate on a sale of 500 million euros ($650 million) in treasury bills, though analysts said the auction went better than some had feared amid the debt crisis.

The bills, which mature in November 2011, were auctioned off at an average interest rate of 5.3 percent, up from 4.8 percent two weeks ago. The sale attracted a lot of interest, however, and was 2.5 times oversubscribed.

Pressure has being building for debt-burdened Portugal to seek a bailout like that of Ireland and Greece.

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MADRID — Spain will sell off a third of its national lottery business, partially privatize airports and cut both a key jobless benefit and taxes for small companies in an unexpected move announced by Prime Minister Jose Luis Rodrigo Zapatero to soothe market fears about the country's debt crisis.

The fresh government austerity push — particularly the politically sensitive abolition of a monthly 420 euros ($549) payment to people whose unemployment benefits have expired — show how anxious the government is to avoid a deterioration in market turmoil.

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LONDON — Britain's central banker harbored grave concerns over what he perceived as the economic inexperience of Prime Minister David Cameron and his Treasury chief George Osborne, according to a leaked U.S. diplomatic cable.

Bank of England Governor Mervyn King voiced doubts about Cameron and Osborne in the months before they assumed power in Britain's May general election, according to a secret U.S. embassy cable published by the WikiLeaks website.

The exchange — which was front-page news in Britain — raises questions about the qualifications of the two men now engaged in Britain's biggest deficit reduction program since World War II — and about King's impartiality.

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GENEVA — A top Swiss banking official said relations with the United States were improving after the Internal Revenue Service ended its legal action against Swiss bank UBS AG.

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LONDON — A major British mortgage lender says that average house prices fell 0.3 percent in November compared to the previous month as the market remained quiet.

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NEW YORK--Wall Street has increased significantly Wednesday after reports showing the pace of economic expansion in China has accelerated in November sent overseas shares higher.

The Dow Jones industrial average was recently more than 200 points.

Investors were also increased by some optimistic américaine.Avant bargaining beginning economic information, payroll processor ADP said private employers added 93,000 jobs in November. Monthly numbers were much stronger than expected.

Each month, EPA issued a report if private sector employers add jobs in advance of the month. The report is often used as a header in Government, monthly employment report gauge due to Friday.

A separate report released Wednesday showed U.S. productivity has increased at a rate of 2.3% in the third quarter higher than initially estimated.

And the Institute of supply management manufacturing activity expanded month at a moderate pace.The IMS stated that its index of manufacturing read 56.6 in November, corresponding to the expectations of analysts. This is the 16th straight months of croissance.Une reading above 50 indicates growth.

Separately, other reports show sharp construction until octobre.Le said Commerce's expenditure spending grew by 0.7%.November motor sales figures are due to more later mercredi.Et the Federal Reserve will be his report on the regional economic activity.

History: Employers added 93,000 jobs in the private sector in November.

Fears that the European financial crisis spreads one to a better than expected bond auction by Portugal contributed to send to the higher euro.Investors feared that the country will be the next member of the European Union to require financial support from its neighbours.

Bond auction Portuguese sent Portugal 5.28% 4.81% bond interest rates.He pointed out that investors consider the debt of the country as a higher risk, there is a strong demand for bonds and interest rates are not as high as some investors fear.

The euro rose by 0.9% after the auction .the ' index Euro Stoxx 50, which tracks blue chip companies in countries that use the euro, increased by 1.2%.

In China, an index of the State of manufacturing activity rose from 55.2 in November of 54.7 in octobre.Un number any above 50 indicates monthly surveys many expansion have stayed over this number for 21 months droites.Un Chinese competitor survey by HSBC has increased to a maximum of eight months.

Hong Kong Hang Seng rose by 1.1 %.Référence index composed of Shanghai China increased by 0.2 percent 100.Les stocks fell in Asia since early November after China has triggered a key interest rates to fight inflation.

The Associated Press and Reuters have contributed to this report.

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The answer to the first question is-despite Irish bail failure to curb the wave of enlargement gaps - just click Yes. A sort of euro emerges the other side of the crisis, but precisely what shape is anyone's guess.

We already know that the single currency cannot and do exercise as actuelle.Plus is apparent in the France proposals and the Germany announced with the Irish bailout for the sharing of expenses by the holders of the future debt crisis.

On the other hand, complete syndicate does seem a game very probably late either. There is no appetite for this Germany - or indeed almost everywhere in Europe - and since all such European unique feature of the Treasury Board should indeed be underwritten by the German taxpayer makes a non-démarreur.

Markets, if politicians are not yet, by default now seems almost inevitable in some or all the fringe of the euro area economies. Even a quick glance at the position of the financial situation of the bailout Ireland immediately tells you why.

Taxes projected 2014 €36bn, the approximately €with - or about 28 per cent - will be consumed in maintenance of the holders of bonds, with little luck, as far as I can see, charge interest being reduced to manageable levels for many years thereafter.

Just to put in context, latest forecasts of the OBR fielded rather less than 9% of UK 2014 of the debt of the United Kingdom Government revenues. Much more than 15% marks that agencies scoring sometimes call the point of no return, where interest begins to compound and opportunities to reduce public debt thus become near impossible.

In addition, starts holders require maintenance as these large cuts in social and tax programs rises reached the limits of the democratic acceptability and quickly becomes a case of "can't pay, will not pay". regional results and by-election and Spain Ireland already pointing to such a result.

Then if the sovereign debt restructuring is inevitable, what is that going to do in the UK?Default Ireland, the Greece and the Portugal is very manageable for banks United Kingdom .Royal Bank of Scotland, for example, has already written on its Ireland loans by autour a semester. If the potential loss is greater, current capital buffers should be sufficient absorb the it. As for the Greece and the Portugal loans, it is not big enough itself to inflict major damage.

Default Spain be larger much much, perhaps requiring that certain other recapitalisation of banks in the United Kingdom.Even with the Lehman collapse, the main default with messy problem is not so much damage directly to the creditworthiness of counterparties as the blow he inflicts on general market confidence, businesses and consumers.

Until now, collapse in sovereign debt markets has surprisingly little impact on the real economy to the grieving periphery.Germany is flourishing once again, the Sweden yesterday announced quarterly growth figures indicators for the euro area together continue to seek to encourage, lead and here in the UK, according to the OBR, recovery remains on track.

Moreover, the OBR has reduced its forecast of public this House of 490-330 000 job losses.It all seems almost too good to be true.Unfortunately, it may well be.As readily acknowledged the OBR, there are many things that could not go.

Today is the most important of these threats as the eurozone spills debt crisis in the real economy, poleaxing continental application and thereby undermining still look very optimistic assumptions by the OBR on the ability of the UK economy to rebalance away from consumer to trade and investment .Sans net growth in Europe, which will not occur.

However, the main threat to recovery of the British Columbia Colombia isn't so that Europe is then unable to make markets for our exports as that its sovereign debt crisis eventually infecting too much of our own debt markets.

Yes, Britain must rebalance toward net Commerce, but for the moment that his recovery is supported by a relatively resilient consumption, which in turn is supported by an ultra - accommodative monetary policy lekeage must continue for a period of time.

Nothing would kill off the coast of British Columbia Colombia recovery as certainly as interest rates sorting this rule on the European fringe now if UK workers can feel yet quite insecure about their jobs, low interest rates make reasonably confident about their debts.

If the Spain rendered, there is a clear risk that markets would come to United Kingdom ensuite.Qui makes essential coalition organizes its nerves on the reduction of the deficit and does not use the slightly better prospects for public finances as an excuse to peddling European mous.Les have little choice but to you the best of a bad job with the euro it finish with fiscal union but a form of imprisonment fiscale.Ceux who cannot live with the core economic disciplines will find trapped by interest rates permanently more élevés.Une brutal punishment indeed.

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The city is now digesting the predictions of the OBR.?Photo: REX FEATURES

David Kern, the Chamber of Commerce Chief Economist: "if new OBR forecasts are more realistic than the previous official forecasts by Treasury Board, we believe it is still too optimistic."

"Adjusting the 2010 forecast growth of 1. 2pc 1. 8pc is more representative of the UK economy even if it is a historical figure much."For 2011, growth forecasts appear too ambitious, but we agree with the broad underlying assumption that will gradually improve prospects in the medium term from Britain over time.

"We share the OBR that labour market flexibility will prevent a significant worsening of the situation assessment; however we believe that the forecast for unemployment is too positive."

"Overall, forecasts OBR strengthen our confidence that private Britain will be able to hard drive in the deficit-cutting program recovery."We cannot be complacent that there are a further future risks, especially in the first part of 2011.

Graeme Leach, Institute of administration Chief Economist: "2011 the OBR GDP growth should still looks like a little optimistic even after the rétrogradation.Nous face winds very strong next year."

Actual fact in high wage squeeze and the savings ratio is already very low.Throw in problems in the financial system and anemic growth of money supply and our judgment is that the economy will be weaker than expected.

"The story really interesting of the OBR is slashing public 490-330 000 job losses hit."This means that the planned public sector job losses are half those observed in the 1990s.

"Reducing the peak-to-trough in public spending in the years 90 has been 7 4pc PIB.La comparable reduction now is 7 9pc GDP by 2015 16.La spending is on an equal footing with the 1990s, but the shake-out jobs is much less."This is incomprehensible when allow us a burden more cuts falling on the welfare of spending this time.?

Howard Archer, an economist at IHS Global Insight: "new economic forecast published by the OBR does not fundamentally change the Outlook for the economy and public finances, to the point does not present significant change by the Government budgetary position."

"It is essentially a matter of tweaking rather than change history .Comme these forecasts will provide the backdrop when George Osborne presents its budget next March, nothing to really has changed to said chancelier.Cela March still looks way more far in economic terms, especially given everything what happens in the euro area."

Glenn Uniacke, senior currency broker Moneycorp dealer: "while the Bureau responsible for budget confirmed reductions in spending will slow down the economy in 2011, the pound sterling should be strong enough to mount any incoming problems."

"The government deficit reduction plan must ensure that we are protected by an Irish or crisis Greek style in 2011 and we should see provisional sterling growth in the new year."

Stephen Robertson, Director General of the British Retail Consortium: "strong growth is a good thing, but the Chancellor should remain prudent.Détail low figures show how uncertain growth is, even in a production already new jobs."

"Real retail sales were down year each month since juin.La consumer confidence continues to fall. people's concerns about employment prospects and personal finances are échauffent.Les cuts very necessary public as well as the increase in VAT in January still have hit."

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A look at economic developments and activity in major stock markets around the world Wednesday:

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BRUSSELS — European officials are heading to Ireland in an attempt to determine how bad the country's banking woes are. EU finance ministers, at the same time, are struggling to come up with a rescue plan that will keep bond market turmoil from spreading to Portugal and Spain.

Irish and European Union officials vowed this week to stabilize the banks at the center of the country's financial crisis to restore confidence in the wider 16-nation eurozone, but fell short of agreeing on a bailout.

Britain — which has made deep austerity cuts to avoid a debt crisis of its own — also offered help to protect Ireland's heavily exposed banks.

Ireland insists it does not want a bailout because it has enough money through the middle of next year and is wary of the conditions that would be set by the International Monetary Fund as part of any rescue.

But EU countries fear that the turmoil will spread to places like Portugal, already deeply in debt, and threaten the stability of the common euro currency.

The FTSE 100 index of leading British shares closed up 0.2 percent, Germany's DAX gained 0.5 percent and the CAC-40 in France rose 0.8 percent.

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BEIJING — China's government announced food subsidies for poor families as it tries to cool a double-digit surge in prices that communist leaders worry might stir unrest.

The Cabinet promised to ease shortages of vegetables and grain that helped push up food prices by more than 10 percent in October. It promised more supplies of diesel to end fuel shortages that have disrupted trucking and industry.

The Cabinet said it was not ordering direct price controls but said they could be imposed if necessary.

China's Shanghai Composite Index slid 1.9 percent and Hong Kong's Hang Seng dropped 2 percent.

Elsewhere in Asia, Australia's ASX/S&P 200 slid 1.6 percent, South Korea's Kospi dipped 0.1 percent while Japan's Nikkei 225 stock average gained 0.2 percent.

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WASHINGTON — A congressional advisory panel recommended that U.S. lawmakers prod the Obama administration into tougher action against what it calls China's policy of keeping its currency undervalued.

With a wary eye on the United States' enormous trade gap with China, the U.S.-China Economic and Security Review Commission said China is creating global imbalances and using "market access-limiting practices" that fall outside its World Trade Organization commitments.

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BRUSSELS — The European Union denied claims that Greece's next bailout loan installment would be delayed, underscoring the extent to which tensions are brewing over paying for the country's rescue.

EU and Greek officials quickly rejected a claim by Austria's finance minister that the next part of the euro110 billion emergency loan to Athens would be delayed from December to January because they were still waiting for data about Greece's progress on cutting the budget deficit.

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LONDON — Unemployment in Britain for the three months ending in September held steady at 7.7 percent, unchanged from the level reported a month earlier.

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GENEVA — Swiss pharmaceutical company Roche will cut 4,800 jobs over two years, mostly in the U.S., to help save 2.4 billion Swiss francs ($2.4 billion) by 2012.

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A look at economic developments and activity in major stock markets around the world Tuesday:

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BRUSSELS — An anxiously awaited meeting of European finance ministers ended without an agreement to bail out debt-stricken Ireland. But EU officials said they have "intensified" preparations for potential support for the country's troubled banking sector.

Concerns that Ireland will be unable to pay the cost of rescuing its banks — which ran into trouble when the country's real estate boom collapsed — has worsened Europe's government debt crisis. Markets have pushed up borrowing costs for other vulnerable nations such as Portugal and Spain and threatened to destabilize the common euro currency.

There was speculation that Ireland's government itself might be forced to take a bailout like the one that saved Greece from defaulting on its bonds in May. A 750 billion euros backstop stands ready from other countries that use the euro.

But the government in Dublin says it doesn't need one, although there has been discussion of help for its banks.

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LONDON — World markets dived as investors waited to see if Ireland will end up requesting a financial lifeline from its partners in the eurozone. The FTSE 100 index of leading British shares closed down 2.4 percent, Germany's DAX fell 1.9 percent and the CAC-40 in France ended 2.6 percent lower.

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SEOUL, South Korea — South Korea raised its key interest rate for the second time in four months as higher inflation forces Asian central banks to increase borrowing costs. It also adopted a more aggressive stance, suggesting that interest rates will continue to rise after two years of super-low borrowing costs.

South Korea's Kospi closed down 0.8 percent. Elsewhere in Asia, Japan's Nikkei 225 stock average lost 0.3 percent, Hong Kong's Hang Seng slid 1.4 percent and Australia's S&P/ASX 200 gained 0.3 percent.

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BEIJING — China's government is trying to cool double-digit food price rises by releasing stockpiled pork and sugar to boost supplies in markets.

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WASHINGTON — China, the biggest buyer of U.S. Treasury securities, boosted its holdings for the third straight month, the Treasury Department reported Tuesday.

China's holdings of Treasury debt rose to $883.5 billion in September, the Treasury Department said in a report. That's a 1.7 percent increase from August. For much of this year, China has been increasing its holdings of Treasury debt.

The report shows that China and other countries still have a robust appetite for Treasury debt even as the U.S. government is running annual budget deficits topping $1 trillion. Overall, foreign governments increased their purchases of Treasury securities by $39.5 billion in September, a record high. A sustained drop in foreign demand for Treasury debt could lead to higher U.S. interest rates, slowing the economy.

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BEIJING — Foreign investment in China accelerated for a second month in October despite slowing growth, government figures showed.

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PARIS — Greek Prime Minister George Papandreou insists his country won't default on its 298 billion euros ($406 billion) in debt because doing so would be a "catastrophe" for Greece, Europe and the euro.

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VIENNA — Austria is balking at paying its share of Greece's financial bailout.

Finance Minister Josef Proell says that the December tranche of Austria's contribution — 190 million euros ($258 million)_ will only be paid out if Greece can show that it has raised the amount of money it pledged to take in through taxes.

If Austria balks, and other countries follow suit, the Greek bailout package could unravel. Athens is receiving 110 billion euros ($150 billion) in rescue loans from the International Monetary Fund and other eurozone countries.

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MADRID — Spain has had to pay increased interest rates to raise nearly 5 billion euros ($6.81 billion) in a sale of 12- and 18-month bills as investors remained uncertain over whether the country will be affected by debt crises in Ireland and Portugal.

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BERLIN — German investor confidence has recovered slightly after a steady six-month slide, thanks to optimism about the ongoing recovery in Europe's biggest economy and elsewhere, according to a survey.

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LONDON — Britain's stubbornly high consumer inflation rate rose to 3.2 percent in October from 3.1 percent in September, driven by higher prices for motor fuel, financial services and games, toys and hobbies.

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TOKYO — Japanese lawmakers approved funding for a new $61 billion stimulus package, seeking to keep Japan's fragile economic recovery alive.

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BUENOS AIRES, Argentina — Argentina's desire to pay what it owes to the Paris Club nations next year sends a good signal to foreign investors and should facilitate the country's re-entry into global credit markets a decade after its world-record $95 billion default, analysts said.

But President Cristina Fernandez still has some work to do before Argentina will be able to borrow at competitive interest rates.

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NICOSIA, Cyprus — International credit ratings agency Standard and Poor's downgraded Cyprus' long-term sovereign credit rating from A plus to A with a negative outlook amid concerns over its financial system's exposure to debt-ridden Greece.

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A day that Twinkle last June, I was talking to one of our most intelligent diplomats on the future of the euro. He said, quietly, there is a serious crisis even before Christmas, and it has been suggested that he could not survive in its current form. It has been proven right on the first point. If it is right on the second is to guess anyone, but if the markets have their way, it will be.

Private, those who understand the functioning of the European Union, but that can produce the right amount of detachment thereon, admit the facade of iron in the common goal in the European project begins to crack and rust.For years, a series of pretexts was reached by the dreamers of the European dream on the ability of the union to move as a single entité.Il has become worse since the creation of the single currency, it is not, thank heaven, a member.

Club claims (or tried to claim: it is now wearing a little thin) that say large disparities between the two, as the Germany and the other as the Ireland or the Portugal economy can be satisfied in the same policy. and it could be that some countries were allowed to a measure of economic sovereignty, such as the definition of their tax rates. Technically, the deficits should be regulated, but in practice and in the interest of discharge does not applecarts, they were not: otherwise France and the Italy would have started long ago.The result is that some countries now threaten to break the old poor système.Et Ireland, with a number of public banks to oblivion, cannot turn its economy despite the heroic quantities of self-flagellation. But then, if you were trying to have a resumption of exports when your goods were denominated in a currency which is the most expensive in the world, you may be suffering too.

There is an old adage that you can't your devaluing of an economic problem. In fact, you can. It is called the market forces. This is what it did after being crowbarred 1992 exchange rate mechanism. Our grotesque overvalued currency plunged by about 30%.His prize on foreign exchanges reflects exactly what the world thought it was worth, based on the performance of our economy that is débattait.Disons not the currency was devalued: let us say instead that allowed to float, it finds its own level. We started to export more and we were able to reduce interest rates. Time of work took years four and a half after Black Wednesday, he inherited a rather healthy perspective.

There will be people in Dublin, wishing that option was open to them.Right to devalue - or have a currency value is judged by the market, in accordance with the economic policy and the performance of the Ireland itself - was sacrificed to the decision to enter the euro area in committed 1999.Irlande errors. Flooded with money, certain deductions from the EU for its compliance with the policy of neo-sovietising this institution, the equivalent of the South Sea bubble participates by irresponsible and greedy bankers who capitalize on that reflects a general European economy, not a low interest rate specific Irish. Ireland lost a sense of reality and the proportion. It has now reached the exit of the station and spotted the ticket collector: but it is not a ticket.

If Ireland faces an ugly decision.As my colleague Peter Oborne suggested, the euro?, he could: but that debt is denominated in euros, the country will struggle to repay to a strongly shrunken currency. There then by default on all or part of this debt, which it would in an almost Icelandic situation and anyone wishing to lend money to continue. It would be an equivalent of the digital age of the potato famine. All those who could get would be; those who could not be a burden to lead the recovery they were ill-equipped to cope.

The price remain is a definitive abandonment and perhaps almost permanent, of remaining Ireland .the ECB in Frankfurt economic sovereignty funded by the German increasingly more agitated contributes secretly banks faltering Irish. Indeed, it would now, colonize the Ireland. Who is that combating centuries for the independence of the United Kingdom was supposed to lead to? I doubt it. If the Ireland is out, either by the ECB or by the IMF, it will have to do what it says. And the ECB, as he eyes Portugal and the Spain and continues the Greece, eyes and concerns about the Italy begin to think that only complete bessarabiens - economies in Frankfurt, with rates of taxation, the deficits and spending control led by those who will brook trout no dissent - may produce a strong, coherent economy and European.

Such a project would simply multiply already apparent strains actuel.Ce system which is the main issue in most elections fought in most of the 16 euro area Member States? It is the economy.But what happens if the right to vote in elections change nothing to the economic policy because it is already controlled by officials unelected Frankfurt working in tandem with Brussels non-elected officials?How people from countries undergoing economic hardship because of what they consider a defective economic policy, obtain compensation?If they can do so through the ballot box, what other methods are open to them? some of you might think I me being playful and provocative, or simply exaggerating to a term such as "sovietised".But I wasn't, and I hope that you now begin to understand why.

The best solution for Europe would break the dream of all: for Germany, force of whose economy distorts the value of the euro, to leave the euro area and to restore the Deutschmark.Cela gridlock precipitation in the value of the euro, but would make things easier for sick economies within the.The Germans would lose nothing: in fact, while on the contrary, as they would a currency strength could not be diluted by profligates unregenerate and wasteful Ireland and Club Med and could everyone buys of the world with their huge economic strength.Meanwhile, everyone could regrouper.Tout country felt insulted by this (as I suspect that France could) may call instead to join the area of mark, if she was pretty mad.

Herman Van Rompuy, the President of the European Commission, has expected said yesterday that if the euro is overwritten, the European Union could descend with elle.Il was all part of terror against Ireland to accept some bessarabiens: that is to say "do what you said".Sans doubt Portugal and the Spain contact the same and make même.Combien time, however, the Germans will be happy to pay?

We, on the other hand, should be search for new markets in America and in Asie.Quand the inevitable happens in Europe - when Angela Merkel recognizes the political suicide of money spending hard-won of its foreign - wastrels voters there will be a dark age economic brief (or perhaps not so brief) area euro.Nous had better plan emergency trade as much as we can on the other hand.

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A look at economic developments and activity in major stock markets around the world Monday:

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DUBLIN — Shares in Ireland's banks hit record lows and national borrowing costs reached new euro-era highs as the government prepared to discuss its fiscal survival plans with the European Union's economic commissioner.

Investors are shunning Ireland's government and bank debt in expectation that the country will eventually require a bailout by the EU and International Monetary Fund, as happened to Greece in May.

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BERLIN — European Central Bank President Jean-Claude Trichet says he has seen nothing to suggest the U.S. Federal Reserve's move to pump money into the American financial system was meant to weaken the dollar.

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BEIJING — The U.S. Federal Reserve's move to pump hundreds of billions of dollars into the financial system will bring greater volatility to markets worldwide, a Chinese official says.

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MUMBAI, India — Indian and U.S. companies have discussed or signed over $14.9 billion in deals during President Obama's trip, which will support 53,670 U.S. jobs, the White House says. The numbers are a testament to India's growing importance as a global market and reflect Obama's pitch to boost trade as a way of creating jobs back home.

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LONDON — European stocks slipped as investors took a breather following last week's big gains. The FTSE 100 index of leading British shares closed down 0.4 percent while Germany's DAX and the CAC-40 in France both fell less than 0.1 percent.

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TOKYO — Asian shares mostly traded higher. Japan's Nikkei closed up 1.1 percent, South Korea's Kospi gained 0.2 percent, Hong Kong's Hang Seng rose 0.4 percent and the benchmark Shanghai Composite Index in China added 0.9 percent, hitting its highest close since April.

Bucking the trend, Australia's S&P/ASX 200 slipped 0.5 percent.

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BERLIN — German exports surged 22.5 percent in September, suggesting that Europe's largest economy is recovering quickly but still depends largely on foreign demand for its industrial products.

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YOKOHAMA, Japan — Pacific Rim economies debated whether to give APEC the power to negotiate free trade pacts, a move that could pave the way for a massive free trade zone that lowers tariffs on goods from electronics to food.

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RIO DE JANEIRO — Brazil's president says he is going to this week's Group of 20 economic meeting in Korea to push for lowering trade barriers and ending what he calls a "currency war."

Brazil's leader Luiz Inacio Lula da Silva says the global economy has not recovered from the crisis that began in 2008.

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ATHENS, Greece — More than six months after they started a painful austerity program, Greece's governing Socialists won a narrow lead in local polls. It was enough to drive off the specter of an early general election and protracted instability that had appalled voters and markets alike.

Markets appeared relieved at the result and the debt-ridden country's cost of borrowing dipped by about 0.7 percentage points. Borrowing costs had earlier soared on Prime Minister George Papandreou's threat to dissolve Parliament in the case of a heavy defeat.

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LONDON — British Prime Minister David Cameron was leading his country's largest ever delegation to China, hoping to win trade and woo a powerful potential ally as London seeks to cultivate ties beyond Washington and Europe.

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SEOUL, South Korea — South Korea and the United States began talks aimed at addressing demands by Washington that Seoul increase market access for American vehicles and beef so a stalled free trade agreement they struck more than three years ago can be submitted to Congress.

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A look at economic developments and activity in major stock markets around the world Friday:

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LONDON — Better than expected U.S. jobs data supported stocks Friday following massive gains a day earlier in the wake of the Federal Reserve's decision to pump $600 billion in newly created money into the economy. The dollar surged after the forecast-busting jobs figures.

In Europe, the FTSE 100 index of leading British shares closed up 12.56 points, or 0.2 percent, at 5,875.35, its highest close since June 2008. Germany's DAX also ended at its highest levels since then, after rising 19.51 points, or 0.3 percent, at 6,754.20. The CAC-40 in France was more or less unchanged at 3,916.73.

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TOKYO — In Asian trading, Japan's benchmark Nikkei 225 stock index soared 2.9 percent, Australia's S&P/ASX 200 added 1.2 percent, Hong Kong's Hang Seng index climbed 1.4 percent and China's Shanghai Composite Index rose 1.4 percent.

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SEOUL, South Korea — Former Federal Reserve Chairman Paul Volcker says the U.S. central bank's plan to buy hundreds of billions of dollars in government bonds probably won't do much to boost the economic recovery.

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LONDON — Retail sales in the 16 countries that use the euro fell by a monthly rate of 0.2 percent for the second month running in September.

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BERLIN — German industrial orders unexpectedly dropped 4 percent during September, led by a slide in demand from other eurozone countries. But the fall appeared to be a blip in an otherwise positive trend.

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BEIJING — China, Germany and Brazil warned that the Federal Reserve's move to inject money into the U.S. economy might harm the rest of the world, though Beijing said the tactic was understandable because of the slow recovery.

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BERLIN — Germany's finance minister has sharply criticized the U.S. Federal Reserve's move to create new money and pump billions more into the financial system, arguing that it creates more problems for other countries.

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TOKYO — Japan's central bank kept its key interest rate unchanged at near zero and said it will start buying government bonds next week under a previously announced plan to help foster an economic recovery.

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KYOTO, Japan — U.S. Treasury Secretary Timothy Geithner, meeting with counterparts from around the world this weekend, faces a tough task selling his formula for mending fissures in the global economy as nations seek ways to avoid another downturn.

The two-day gathering of finance ministers from the 21-member Asia-Pacific Economic Cooperation, or APEC, follows a Group of 20 meeting last month in South Korea, where finance heads and central bankers vowed to avoid using their currencies as trade weapons.

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MADRID — Spain's economic activity was static during the third quarter, proof that the slow recovery over the previous six months is losing momentum, the central bank said.

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LONDON — Part-nationalized Royal Bank of Scotland said it cut losses by 36 percent in the third quarter as it booked fewer charges for bad loans.

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A look at economic developments and activity in major stock markets around the world Thursday:

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BERLIN — The European Central Bank stood its ground and refused to be swayed by the Federal Reserve's decision to launch a bond-buying program to create new dollars and shore up the U.S. economic recovery.

The ECB, as expected, left its benchmark refinancing rate at a record-low 1 percent for the 18th straight month and appeared to remain on track to unwinding its own post-crisis programs even though unemployment across the 16 countries that use the euro is 10.1 percent — higher than the rate in the U.S.

High unemployment and tepid growth are reasons the Fed has decided to ease monetary policy further. While the Fed is pumping more money into the U.S. economy partly to get growth higher and unemployment heading downwards, the ECB is pursuing a seemingly opposite path.

In European trading, the central banks' stances helped buoy stocks and the euro. The FTSE 100 index of leading British shares rose 1.9 percent, Germany's DAX gained 1.8 percent and the CAC-40 in France was 1.7 percent higher.

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TOKYO — Asian shares also rose. Japan's benchmark Nikkei 225 stock index jumped 2.2 percent, Korea's Kospi rose 0.3 percent, Hong Kong's Hang Seng index climbed 1.6 percent, China's Shanghai Composite Index closed up 1.9 percent at a seven-month high and Australia's S&P/ASX 200 gained 0.5 percent.

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BEIJING — Unrestrained printing of dollars could spark a new global crisis, an adviser to China's central bank warned as countries braced for a flood of new capital following the Federal Reserve's decision to inject more money into the U.S. economy.

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TOKYO — World leaders head to back-to-back economic summits in Asia next week, but regional political tensions — some spawned by China's growing assertiveness — could undermine attempts to project unity amid a faltering global economic recovery.

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LONDON — The Bank of England held interest rates steady at a record low of 0.5 percent for the 20th consecutive month as the British economy shows signs of unexpected strength.

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MUMBAI, India — Shares in state-run Coal India, the world's largest coal mining company, closed up 39.7 percent on their first day of trading, a sign of robust investor interest that bodes well for the government's plan to raise $9 billion from asset sales.

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BERLIN — The German government says its tax income is expected to come in euro15.2 billion ($21.3 billion) higher than previously expected this year as the economy recovers.

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ATHENS, Greece — Greek riot police used tear gas and flash grenades to disperse hundreds of firefighters protesting outside parliament amid the country's acute financial crisis.

The central Athens clashes marked the latest protest staged by public servants on short-term contracts who now face redundancy as the government struggles to slash spending and improve public finances.

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DUBLIN — Ireland's finances came under intensifying pressure as the government — fighting to keep its majority and avoid an election — prepared to unveil a 2011 budget-cut figure billed as the biggest in Irish history.

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MADRID — Spain says it raised euro3.39 billion ($4.75 billion) in a 5-year bond auction but interest rates were up considerably since the last auction, indicating investors are still worried about the country's ability to handle its debt.

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OSLO, Norway — The Norwegian central bank says the country's vast oil fund achieved a 7.2 percent return on investments in the third quarter, following gains in global stock and bond markets.

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LONDON — Average house prices in Britain are on a downward trend despite a 1.8 percent rise in October, the country's biggest mortgage lender said.

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A look at economic developments and activity in major stock markets around the world Wednesday:

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PARIS — The economic recovery has lost momentum since earlier this year, the Organization for Economic Cooperation and Development said, cutting its forecasts for growth in developed countries next year.

The Paris-based organization, a watchdog for 33 of the world's most developed economies, also warned that the global economic crisis has brought "public deficits and debt to unsustainable levels."

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SEOUL, South Korea — Group of 20 leaders know they must achieve "concrete agreements" including goals for reducing current account and trade gaps at next week's summit or risk having their leadership of the world economy called into question, South Korea's president says.

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BEIJING — China's rapid growth is easing to a manageable pace and Beijing can do more to reconfigure its economy to promote domestic consumption and reduce reliance on trade, the World Bank said as it raised its 2010 growth forecast for the country.

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LONDON — In Europe, Britain's FTSE 100 closed down 0.2 percent, France's CAC-40 fell 0.6 percent and Germany's DAX dropped 0.6 percent.

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BEIJING — In China, shares fell amid renewed signs that authorities may take further action to curb inflation. The benchmark Shanghai Composite Index lost 0.5 percent.

Elsewhere, Asian trading mostly rose. Kong's Hang Seng index climbed 2 percent, South Korea's Kospi rose 1 percent and Australia's S&P/ASX 200 climbed 0.5 percent. Indexes in Singapore, Malaysia and the Philippines were also higher while Taiwan and Indonesia fell. Markets in Japan were closed for a public holiday.

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LISBON, Portugal — Portuguese lawmakers approved the minority government's contested austerity plan, bringing the country into line with other debt-laden eurozone nations aiming to restore market confidence in their economies.

Portugal, like Greece, Ireland and Spain, must deal with a high debt load and anemic growth. The countries' precarious financial situations have worried international investors and threatened the stability of the 16-nation euro currency.

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SHANGHAI — China Construction Bank, the country's second-biggest lender, plans to raise 61.6 billion yuan ($9.2 billion) from a share sale in Shanghai and Hong Kong to help fortify its capital base following a lending boom.

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SYDNEY — Westpac Banking Corp., one of Australia's "big four" banks, reported an 84 percent jump in annual profit as bad debt charges fell.

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LONDON — Iceland's central bank cut its key interest rate to 5.5 percent from 6.25 percent as inflation threats eased.

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MADRID — Spain's Labor Ministry says the number of people filing claims for unemployment benefits rose for a third straight month in October, by about 68,000.

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Now, Republicans have control of the House and were carved by far to majority of Democrats in the Senate. What they probably have control is the market badly broken housing, high unemployment and the runaway Government spending.

Promises of politicians side, these problems will be much more that a change in the nameplates Congrès.Et gridlock in Washington, D.c. offices is likely to solve the economic problems of the nation even more difficult.

"Democrats had very badly to get laws passed, even with the strong majority they had, said Sam Stovall, investment Chief Strategist to standard & Poor."I think that the Republicans will do better with only a very slight majority in the House and no majority at the Senate.?

History: Divided Congress tap GOP enters the House

Republican leader John Boehner House promised to work to reduce health care administration from the Ohio Republican Obama.Le reform Wednesday is online to replace the California Democrat Nancy Pelosi, speaker of the House.

"I think it is important for us to lay the Foundation until we begin to repeal this monstrosity and replace it sense reforms that bring the cost of healthcare in America,"Boehner told reporters.""

Some House Republicans have also promised to seek changes in the scan for financial regulatory reform package know as Dodd-Frank.Spencer Bachus, R, Ala, which is defined to replace the Democrat Masschusetts Rep as the House financial services Committee Chairman Barney Frank said that effort would mean targeting "job-killing provisions" of the Act.

"We will take additional steps knowing that we must have the bipartite agreement in the Senate," he told CNBC.

That control of House to a new image group heads movements, Congress faces a familiar set of economic issues: housing, employment and the budget deficit.

Housing
Now in its fourth year of falling prices and increased seizures continued to weigh on growth économique.Trois ill housing market separate federal programs tried and failed to overturn the on saisies.élections Tuesday, and is not likely to change this.

Temporary fix Life.: are companies such as Caterpillar bounce, but their employment to full-time workers is pas.Vie Inc.: the target on the target return adversity index: economy crawling on the floor Life.: Economist says "no double-dip".

"There was no magic solution ball federally to correct in the housing market" said Jared Seiberg, the global search for Washington's FM group policy analyst financial services."This is true if the Republicans have right of veto-proof majorities in the House or Senate or démocrates.Si Obama administration could have done that in the course of the past two years, there."

Neither party has understood how slow the rate of foreclosures, keep more families in their homes or provide relief for the holders of mortgage on four "under water" owing more than their control of Congress valent.Fractionnement houses make easier fix deficit giant mortgage Government-controlled Fannie Mae and Freddie Mac.Si anything, the debate could become more polarized.

"You're going to do on the side of the House Subcommittee chairs who questioned whether the Government should play the role it played in the past for the last generations of many in the market for mortgage loans," said Seiberg.

Information recent lenders could have cut corners in their efforts to lock owners have prompted an investigation conducted by all 50 State General Counsel.This effort is currently headed by Tom Miller of Iowa, who won a difficult reelection fight Tuesday.

Taxes and expenses
Voters who demanded change in Washington will be significant in the direction of the House, change as key committees control moves to the Group of images. Republicans promised major changes in policy related to tax and spending.

A change in key leadership will be Rep Paul Ryan, R - Wisconsin, responsible for the House Budget Committee, which provides tax revenue estimates and expenditure targets.A vocal opponent of record federal budget deficits, Ryan has proposed "a Roadmap for America's future" as deep reductions in expenditure.

Republicans would also control the Commission credit House, where they have promised to save $ 100 billion next year by reducing spending in 2008, with the exception of programs for the elderly, US troops and Republican California combattants.Classement levels Jerry Lewis, who chaired the Committee for the administration of George w. Bush should an exemption from heads of GOP recover travail.Ensuite online term limits would be Rep Harold Rogers, r.-KY., which has been lobbying for Labour Party colleagues.

Jobs
Expenditure reductions would probably steeper cuts in government payroll shrinks as the impact of federal stimulus program has begun to fade .Since peaking in April 2009, a Government 450 000 net jobs have been éliminés.Ces payroll should continue to shrink that States strive to fill the gaps in multi-billion dollar budget.

Some business leaders expressed their reluctance to hire workers more until economic prospects improve - and they get more clarity on tax policies and the cost of care santé.Dave camp, reform - Michigan, is online at the Presidency of tax-law-writing Chamber tracks and moyens.Camp is among those Republicans are committed to reduce taxes to stimulate job creation.

Although some economists have argued that a new round of stimulus spending is necessary to create jobs, this idea faces already strong resistance from the two parties.Rep Darrell Issa, R-in California, which is online to take control of the House Oversight and government reform Comimttee, has promised to examine the efficacy of 814 billion stimulus program administration Obama.

Tuesday, Issa said reporters will work for government inspectors general subpoena power and start a Fannie Mae and Freddie Mac survey.

Update there are 2 minutes 11/3/2010 5: 24: 46 PM + 00: 00 Obama after GOP win: "I have to do a better job" analysis: "Hurricane" inflicts Democrats in bruising race California Brown won the work of the Governor Ricky Martin: fear I held out Boehner: we must listen to the people

Some have argued that by the Congress of restraint, deadlock may be a good chose.Mais argument is easier when the economy is on track, said Ron Carson investment advisor.

"Today things are broken", he said. "We need today is decisive leadership and action .and you're not going to get with the deadlock.

? 2010 reprints of msnbc.com

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WASHINGTON - A growing economy 2% a year may be tolerable in normal time. Today, it is a disaster.

A growth rate of 5% or more is needed to put a major in the unemployment rate of 9.6% of the reasons pays.Deux tooth why is unlikely in the next year and maybe beyond:

Construction - residential and commercial - collapsed last year. And it is not expected to regain his strength for years.Normally, after the end of the recession, construction booms and feeds a new economic expansion.The recession that began in December 2007, after the bursting of the bubble, became the great depression, once the financial crisis that broke out in September 2008.Les economic recovery following a financial crisis usually are léthargiques.habituellement, banks take years to regain their loans normally.

"Really get"Morning in America"and get people feel like really, jobs are returning, I don't want something close to 5 per cent" annual economic growth, says economist Josh Bivens Institute of economic policy, referring to the Reagan's re-election iconic 1984 advertising.

History: The US economy is just hitting bottom

This is not likely to occur earlier. Macroeconomic advisers do expect the labour market to retrieve all lost jobs until at least 2013 RTI ' other economists say it might be 2018 or more.

Injured parties Life Inc.: contributions did not welcome GOP shoppers and target among Democrats. Index of adversity: economy crawling on the floor Life.: Economist says "no double-dip".

The Government said Friday that the gross domestic product in the country, the extent of goods and services produced, has increased at an annual rate of 2% from July to septembre.PIB has increased at an annual rate of 1.7% in the second quarter.

Economists say have the growth of GDP to 3% per year to maintain the rate of unemployment to rise more Americans reach working age and immigrants enter the country.2 Additional percentage growth one year points should be to reduce the unemployment rate of 1 point.

Further proof of a lukewarm economy emerged Monday, a day before the mid-term elections have pivoted on the financial health of the country.Americans spending slowed in September, and incomes have fallen. However, manufacturing activity increased by most of the first five mois.Et low construction industry showed a bit of life.

Recoveries of deep recessions are usually strong. When finally completed in 1981-82 recession, the economy stimulated in 1983 and 1984.Stretch, GDP grew at an annual rate of 8 percent or for the four quarters of straight .the most ' economy has generated 3.5 million jobs in 1983 and 1984 $ 3.9 million. The unemployment rate has fallen by one third in two years only, from 10.8% to 7.2%.

However, given the great crisis has officially ended in June 2009, the economy has lost a 439,000 net jobs. The unemployment rate was 9.5% in June dernier.Maintenant, it was 9.6%.

The recession in 1981-82 started in large part because the former Federal Reserve Chairman Paul Volcker raised short-term interest up to 20 per cent in 1980 to purge the inflation rate has two digits, restart economy. economic engine was simple: Volcker decrease rates in the short term of less than half a year.

Low rates had worked their magic and fired in the housing market.This created jobs for workers in the construction, expanded market of construction materials and stimulated demand for consumer appliances and furniture.Emboldened, businesses have borrowed, invested and hired.

But cutting interest rates is no longer an option.The financial crisis has been so severe in autumn 2008 as the Fed slashed rates in the short term to zero in December to prevent another depression.

Long-term rates declined sharply, too. today, consumers and businesses are unable or unwilling to take on debt, and many banks are reluctant to lend.Bank lending declined in five over the past six quarters.

And the housing market normally an engine of employment growth is still bouleversés.La National Association of Home Builders provides that manufacturers to implement 605,000 homes and apartments this year .c ' is more than 70% of the 2.1 million in 2005 at the top of the real estate.

"We cannot expect strong growth, but sometimes not," says economist Joel Naroff Economic Advisors Naroff. "A robust recovery was never possible because in the sectors of the housing and financial problems did not go to disappear from one day to the next.?

Slowed the weakness of the financial system recoveries of two previous recessions ainsi.La recession of 1990 - 1991 was caused by a tightening of credit that followed the collapse of industry loan and savings in Texas, commercial banks and New England resumed .the ensuing remains erratic in 1996.

A collapse of the stock market, caused by the bursting of the technology bubble has triggered a mild recession in 2001.Que recovery began even more slowly as the 2009-2010 .and version he did not replace lost jobs since four years.

The financial crisis of 2008 has been the most destructive of all contributing to explain why the economy remained so low since the end of the recession.

"These three recessions associated distress in financial markets, has preserved the traditional levers work, says the unconstitutional."

? 2010 The Associated rights Press.Tous réservés.Ce hardware cannot be published, broadcast, rewritten or redistributed.

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