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LONDON – World stock markets were mixed Friday as investors worried that China's decision to tighten lending by banks and a possible interest rate hike in coming days will weigh on global growth.

Asian indexes closed down and gains in Europe were limited 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.

Asian indexes closed mostly lower, while European markets — where commodities stocks opened higher after strong Chinese import figures — were dampened. Britain's FTSE 100 was flat at 5,809.03 and Germany's DAX was up 0.7 percent at 7,009.46. France's CAC-40 was 0.3 percent higher at 3,867.75.

Wall Street was expected to edge up on the open — Dow futures were 0.2 percent higher at 11,314 and Standard & Poor's 500 futures were up 0.3 percent at 1,231.70.

The Chinese move on Friday was the third reserve increase in five weeks and came as Beijing tries to restore normal conditions following a flood of stimulus spending and bank lending that helped China rebound from the global crisis.

Analysts said the move nevertheless fell short of market expectations, which were for an increase in the key interest rate.

"A rate hike still cannot be ruled out this weekend," said analysts at Capital Economics.

Economic growth in China is expected to remain robust, around 9 percent over the next couple years, even with rate hikes.

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.

In Europe, the focus was on the debt crisis, which eased from last week's panic but remained a lingering threat. German and French leaders will meet today to discuss what the EU can do to contain the market turmoil that threatens to raise indebted countries' borrowing costs to unsustainable levels.

Germany and France both want to avoid increasing the size of the current $1 trillion bailout fund or creating European bonds that would unify debt markets across the region. They rather hope that the European Central Bank's purchases of eurozone government bonds and individual nations' austerity measures will be enough to regain market confidence.

The effects of the debt crisis continue, however. On Thursday, Fitch ratings agency dropped Ireland's credit-risk score three notches to BBB-plus, citing the country's massive bailout as an admission that its debt crisis was worse than advertised.

Looking ahead, traders waited to see whether a tax compromise brokered by the White House and Republicans will pass the Democratic-controlled House.

That also helped make investors cautious in Asia, where 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.

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.

In currencies, the dollar was down at 83.57 yen from 83.71 yen Thursday night in New York. The euro was up at $1.3259 from $1.3233.

Benchmark oil for January delivery was up 34 cents at $88.71 a barrel in electronic trading on the New York Mercantile Exchange. The contract added 9 cents to settle at $88.37 on Thursday.

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Alex Kennedy in Singapore contributed to this report.

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LONDON – Stock markets fell Friday after China took further steps to rein in lending and amid worries that a financial rescue package for Ireland is proving more difficult to agree than expected.

In Europe, the FTSE 100 index of leading British shares was down 58.54 points, or 1 percent, at 5,710.17 while Germany's DAX fell 21.68 points, or 0.3 percent, to 6,810.43. The CAC-40 in France was 21.39 points, or 0.6 percent, lower at 3,846.58.

U.S. stocks were also poised for a pullback at the open following sizable gains Thursday — Dow futures were down 39 points, or 0.4 percent, at 11,137 while the broader Standard & Poor's 500 futures fell 3.1 points, or 0.3 percent, to 1,194.60.

Weighing on sentiment was the news that China's monetary authorities have ordered its banks to hold back more money as reserves in a new move to curb lending and cool inflation.

That was the second reserve increase in two weeks and came as Beijing tries to restore normal financial conditions and curb inflation, which rose to a 25-month high of 4.4 percent last month.

The central bank ordered lenders to set aside an additional 0.5 percent of their deposits, with effect from November 29.

The worry in stock markets is that tighter Chinese monetary policy will dent growth prospects. That's important because China is now the world's second largest economy.

"As a result, yesterday's risk appetite is not carrying over," said Robert Kavcic, an analyst at BMO Capital Markets.

The decision was announced after Chinese stock markets had closed higher following a fairly torrid few days, which has seen the country's major indexes shed around 10 percent of their value, largely on concerns of tighter Chinese policy.

The benchmark Shanghai Composite Index rose 22.15 points, or 0.8 percent, to 2,887.60. The Shenzhen Composite Index for China's smaller, second exchange climbed 2.9 percent to 1,297.48.

U.S. Federal Reserve chairman Ben Bernanke took a swipe at China in his keynote speech at a banking conference in Frankfurt, Germany, arguing that the country's inflexible currency regime, which has the yuan effectively pegged at a low rate against the dollar, is preventing a much-needed rebalancing of growth in the global economy.

Bernanke has faced a barrage of criticism over the past couple of weeks, both in and out of the U.S., after the Fed decided to pump another $600 billion into the U.S. economy, in effect to get unemployment down.

His argument, which has many backers in the international community, is that the U.S. needs to export more and consume less, while China needs to do the opposite.

Investors are also keeping a close watch on developments in Dublin to see if a bailout package for Ireland emerges following discussions between the Irish government and representatives from the European Union, the International Monetary Fund and the European Central Bank.

Speculation that a financial bailout package that could run up to euro100 billion will be agreed had increased Thursday after leading Irish officials, including the country's leading central bank and the finance minister, hinted that a rescue deal was in the offing.

However, investors are concerned that a standoff is developing between Ireland and its partners in the eurozone, notably Germany and France over Ireland's exceptionally low level of corporate tax.

The worry in the markets is that the Irish government's apparent refusal to consider changes its 12.5 percent tax rate will prevent a deal from being agreed soon.

"Traders seem exceptionally wary of the path ahead and with various spats looming, such as questions over the country's incredibly low corporation tax rates, the debate could drag on for some time yet," said Anthony Grech, head of research at IG Index.

Elsewhere in Asia, Japan's benchmark Nikkei 225 stock average gained 0.1 percent to close at 10,022.39 and South Korea's Kospi added 0.7 percent to 1,940.96. Australia's S&P/ASX 200 was 0.2 percent lower at 4,629.2, and Hong Kong's Hang Seng fell 0.1 percent at 23,605.71.

In the currency markets, the euro continued its recent recovery, trading 0.3 percent higher on the day at $1.3686 while the dollar fell 0.1 percent to 83.41 yen.

Benchmark oil for December delivery was up 11 cents to $81.96 a barrel in electronic trading on the New York Mercantile Exchange.

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Associated Press writer Pamela Sampson in Bangkok contributed to this report.

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Glee Club founder Mark Tughan: "when I started, I wanted to run a comedy club." Now I am a music promoter, publican and restaurant as well. ?

During his unfortunate acquisition of stand-up comedy jugglers chain clubs a decade previously, Mark Tughan, Regent Inns founding his Glee Club brand rival look with a combination of fascination and horror.

Club of Birmingham, he created in 1994 was strong and was just opening a second site in Cardiff, but planned Regent former merchant banker put any expansion on the ice.

"I wanted to margin and watching this thing to develop," he explains. "This is simply because I wanted to watch and learn - I also had peur.Auberges Regent were a FTSE 250 company."When they opened in Cardiff, they could have done me. I decided that I would have rather two clubs firing on all cylinders as four or five, who put me on the edge of financial wire. ?

Its long doubts about the relevance of the comedy rapid roll-outs provided trademarks reassure: he interviewed success applications approach could be. "Jugglers were designated as McDonald, the world of comedy." This is not a compliment, "he said." """I would rather have my clubs half full of good people than bad people and complaining of poor service", he added is distancing himself drinks and ticket as well as with the crowd of deer and the hen jugglers association promotions.

"We want to see us as a centre commercial arts.à short term, it means I maximize my revenue or my benefit but I promise long term it is a profit maximizing." It retains the goodwill acts and artists.?

Since 2001, music has been added to mix drinks, food and the Glee comedy and now contributes 25pc sales. " When I started, I wanted to run a comedy club.Now I am a music promoter, publican and restaurant as well. ?

A cautious but diversified approach its clubs in Birmingham and Cardiff provided a steady growth and BD began to suspect that there may be some mileage in the Glee model. "I knew that deep into the disappearance of jugglers was quite imminent, rents would become more affordable and it was an opportunity to start the expansion", explains the 42 years.

When Regent Inns collapsed Administration last year, he has inspired a submission failed for a private funder and seven sites of jugglers of BD. Instead of this, Glee Club has embarked on a joint venture with Cavendish bars at Oxford - Glee livres d'artistes, promotes events, pay actions and provides a handler for the show - and self-funded purchase ￡ 900,000 and refurbishing of an ancient site of jugglers in Nottingham.

The combination of the disappearance of a rival and investment opportunities offered by a recession were too nice move, said BD, but remains far from a large converted to the concept of a large chain of comedy sites. "Number one dilemma is the rate of expansion," he explains."It is not fair jugglers - look what Luminar attempted to do with Jaks jumping .Est - what could be up to speed and lack of attention to detail." Part of me is desperate resist being labeled as a string, but another party does not explain all the strings are anonymous and bland. ?

Revenue of ￡ 2 joy. 75 m are expected to increase to approximately ￡ 4. 5 m by 2012, Oxford and Nottingham sites once are beds in.The company can afford to add more sites up to two without resorting to external investments, but the management of the sudden growth phase provides BD some "White Nights". "I have proven to be a good manager and a pattern that I am a micro business but I'm a little out of my area of comfort with a company that is knocking on the door of the turnover of 5 million from ￡." We have now achieved 75 employees on the payroll, I found my work morphing, "how I manage people, processes and financial situations."There is less to do with the details of how I want things to be done.One day I will have to start delegating more. Enjoyment is not what it used to be. ?

Indecision of BD on the place where take his next company is embodied in a batch 2 m opportunity ￡, that it is updated to the Birmingham, who would see moved club lighthouse of the leasehold interest in that it currently operates. "It is supremely tempting. We get not beholden to the whims of the owner, "he said."

He also knows the decision could be a turning point: in terms of cash, purchase of tenure meant sacrificing any additional expansion for the immediate future."Maybe for me, which is interesting, but is that will be good for the company in the long term?" he wondered. "For the price of tenure, I could probably open two or three other clubs in the same period."He even identified potential sites of Leeds and Southampton.

After 16 years at the head of Glee, BD also has an eye on the output and knows that he must carefully consider how its next move turn buyers. "Might there be buyers who prefer less expensive lease place to take on the management of a propriété.Dois I just abandon the idea??

With BD feeling stretched to manage growth on its own, but determined to build value, a round of equity funding begins to seem tempting. "I am more open I was 10 years talking to people of partnerships and the eventual sale of equity, but I would not sell equity to someone who will simply sit."The need for mentoring and advice may make a more suitable as an institutional investor rich Angel."It would help if the person was a passion for comedy that could walk that fine line between keeping the wheels on the truck and the performer as a business seriously.?

Any form takes a potential investor, BD is aware that they may have concerns about two commercial properties – Salisbury and Wolverhampton – part of society, but who are not related to the core business: "Should I get rid of properties because it is a distraction and it pollutes the balance for the financiers and potential donors?"

Substitution of the BD suspicion is that the time has come to invest more rather less, which could require fundamental changes to the position of the company founder. "This is the first time I thought that the undertaking was greater moi.Comédie has been very good for me more than 16 years, as an opportunity to advance the business.

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WASHINGTON--Two new members have been installed on the Federal Reserve, which has enormous power over the portfolio of the United States.

Janet Yellen becomes President, ranking second Federal Reserve and Sarah Bloom Raskin is now a Governor.On Monday, both were sworn in their emploi.Ils were intercepted by President Barack Obama to fill vacancies in the seven members of the Federal Reserve Board in Washington.

Before joining the US Federal Reserve, Yellen was President of the Federal Reserve Bank of San Francisco since 2004.Raskin was Maryland, Commissioner of the financial regulation. They will help to decide how much extra help the Fed must provide to energize the economy.

Next meeting of the Federal Reserve is about 2-3 November, and many economists believe the Fed will announce at the time a program to purchase more debt publique.Ce doing, is aimed at lowering the interest rates on mortgage loans, business loans and other debts. The goal: get Americans to increase their spending, which would strengthen the economy and make them more likely to increase the hiring companies.

Yellen and Raskin additions are considered as strengthening support for the positions of principle staked by the President of the Federal Reserve, Ben Bernanke.

Bernanke reported next likely to help the economy Fed buys more debt.One of the questions that the US Federal Reserve officials are struggle with is combien.Une idea WINS favour is the Fed started with a modest amount - maybe $ 100 billion or less - then decide on a basis of meeting meeting how, if necessary, additional debt should be purchased.

Brian Sack, Executive Vice President of the Federal Reserve Bank of New York, in a speech Monday suggested that such an approach would allow the Fed to better adjust policy depending on how the economy is performing.

In the recession, reserve US Federal eventually buy a total of approximately 1.7 trillion of mortgage-backed securities and debt, as well as the obligations of the Government.The US Federal Reserve announced a huge initial commitment to purchase securities.Who came to be called the approach "shock and awe".

Even with two new members, the Council of the Federal Reserve in Washington is not full.It still has a vacant seat.

Tapping Obama Peter Diamond, an economist at the Massachusetts Institute of Technology, for this niche.However, the Senate has not approved his appointment before legislators to campaign for the elections of Congressional midterm .Que left the appointment of Diamond leaves when the Senate returns after the election of Republican novembre.Sénat have objected to what they consider as limited diamond dissecting the workings of the economy nationale.Diamant experience is an authority on social security, pensions, and taxation.

Members of the Federal Reserve Board, Yellen and Raskin are voting members of the main political group of the Fed, called the Federal Committee permanent.Le group, which meets eight times a year, makes interest rate decisions that affect the portfolio of the United States, but also big business investment decisions and petites.Décisions Federal Reserve interest rate affect the growth of the economy, inflation and employment.

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

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