Philippine exports growth weaker in 2008 on US worries, high energy prices

MANILA (Thomson Financial) - Philippine merchandise exports growth this year is likely to be weaker on a further slowdown in the US economy, high energy prices and the continued strengthening of the peso, an industry leader said Tuesday.
"Exports contributed very little to national economic growth last year, and we are seeing very little growth, if any for 2008," Sergio Ortiz-Luis, president of the Philippine Exporters Confederation or Philexport said at an energy summit here.
In the first 11 months of last year, exports rose just 4.8 percent from a year before. The reduced target for the whole year is 8 percent.
Electronics exports, which accounted for 61.3 percent of total export earnings in November, fell to 2.42 billion dollars from 2.54 billion dollars a year earlier.
The Semiconductor and Electronics Industries in the Philippines or SEIPI said it is also bracing for a difficult year.
"We are anticipating demand to be weak in the first half of the year. We are just hoping that growth will, at best, be flat and won t get any worse or be negative," said SEIPI executive director Ernesto Santiago.
With exports last year weighed down by "a triple whammy of high electric rates, historic oil prices and a strong peso, nine percent of the country s exporters closed shop last year," said Luis of Philexport.
"While a recession in the US will be a drag on exports in the short-term, it is the high cost of power, triggered by a surge in crude oil prices, that has drastically eroded the viability of the exports sector," said Luis.
Electricity expenses make up about 15 percent of production costs of export manufacturing enterprises in the Philippines.
World oil prices were slightly higher Tuesday in Asian trade, hovering near 90 dollars in a market focused on the fate of the US economy.
Luis said the Philippines has one of the highest electricity rates in Asia, next only to Japan.
The country s two biggest group of exporters have been urging the Philippine government to take more concrete steps to make electricity prices more competitive.
"We hope that the government can seriously consider the exporter s plight. There is a need to address the issues of electric power quality and security, in addition to developing and tapping alternative or renewable energy sources," said Luis.
(1 US dollar = 40.69 pesos)
rocel.felix@thomson.com
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Euro zone Nov current account surplus 0.7 bln eur vs 3.1 bln in Oct UPDATE

(Updating with financial account details)
FRANKFURT (Thomson Financial) - The euro zone current account was 0.7 bln eur in surplus in November in seasonally adjusted terms, the European Central Bank said.
This follows a revised October surplus of 3.1 bln eur. The October surplus was revised up from a provisional estimate of 1.3 bln eur.
The November surplus was slightly above market expectations. Economists polled by Thomson Financial News were looking for a November surplus of 0.4 bln eur.
The current account has now been in surplus for six months in a row. Over the 12 months to November, the euro zone had a current account surplus of 25.6 bln eur, equivalent to around 0.3 pct of GDP, the ECB said.
The ECB said surpluses in goods and services trade and in the income account once again outweighed a large deficit on current transfers in November.
The goods surplus declined to 4.8 bln eur from 8.5 bln, but the services surplus widened to 3.2 bln eur from 2.7 bln.
The surplus in the income account fell to just 0.2 bln eur from 2.3 bln the month before. The income account covers investment income flows and wages paid to workers by employers based in a different economy.
Meanwhile, the deficit on current transfers eased to 7.5 bln eur from 10.4 bln. Current transfers cover transfers between governments and workers remittances.
In unadjusted terms the current account was 1.0 bln eur in surplus in November after an October surplus of 3.9 bln.
Meanwhile, in the financial account, there was a combined net inflow of 21.2 bln eur in direct and portfolio investment in November compared with a net outflow of 34.9 bln in October.
There was a marked turnaround in portfolio investment, with a net inflow of 10.2 bln eur in November following an outflow of 56.1 bln in October.
This was mainly the result of an inflow of 25.3 bln eur in debt instruments following an outflow of 49.1 bln the month before. Equity investment outflows increased to 15.1 bln eur from 7.0 bln.
Meanwhile, direct investment inflows declined to 11.0 bln eur from 21.3 bln.
Over the year to November, inflows in direct and portfolio investment totalled 145.3 bln eur. steve.whitehouse@thomson.com sw/vlb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

*EURO ZONE NOV CURRENT ACCOUNT SURPLUS 0.7 BLN EUR VS 3.1 BLN IN OCT

*EURO ZONE NOV CURRENT ACCOUNT SURPLUS 0.7 BLN EUR VS 3.1 BLN IN OCT
FRANKFURT (Thomson Financial) - steve.whitehouse@thomson.com sw/vlb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

Euro zone Nov current account surplus 0.7 bln eur vs 3.1 bln in Oct

FRANKFURT (Thomson Financial) - The euro zone current account was 0.7 bln eur in surplus in November in seasonally adjusted terms, the European Central Bank said.
This follows a revised October surplus of 3.1 bln eur. The October surplus was revised up from a provisional estimate of 1.3 bln eur.
The November surplus was slightly above market expectations. Economists polled by Thomson Financial News were looking for a November surplus of 0.4 bln eur.
The current account has now been in surplus for six months in a row. Over the 12 months to November, the euro zone had a current account surplus of 25.6 bln eur, equivalent to around 0.3 pct of GDP, the ECB said.
The ECB said surpluses in goods and services trade and in the income account once again outweighed a large deficit on current transfers in November.
The goods surplus declined to 4.8 bln eur from 8.5 bln, but the services surplus widened to 3.2 bln eur from 2.7 bln.
The surplus in the income account fell to just 0.2 bln eur from 2.3 bln the month before. The income account covers investment income flows and wages paid to workers by employers based in a different economy.
Meanwhile, the deficit on current transfers eased to 7.5 bln eur from 10.4 bln. Current transfers cover transfers between governments and workers remittances.
In unadjusted terms the current account was 1.0 bln eur in surplus in November after an October surplus of 3.9 bln. steve.whitehouse@thomson.com sw/vlb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

Taiwan Dec bad check ratio by value 0.70 pct vs 0.58 pct in Nov

TAIPEI (XFN-ASIA) - The bad check ratio by value came in at 0.70 pct in December, compared with 0.58 pct in the previous month, the central bank said.
In volume terms, the December bad check ratio was 0.44 pct, up from 0.41 pct a month earlier, it said.
For the full-year 2007, the bad check ratio by value remained unchanged at an average of 0.64 pct, while by volume it fell to 0.43 pct from 0.49 pct.
adela.lin@afxasia.com
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Taiwan-China Jan-Nov bilateral trade 92.68 bln usd, up 15.3 pct yr-on-yr

TAIPEI (XFN-ASIA) - Bilateral trade between Taiwan and mainland China in the 11 months to November 2007 rose 15.3 pct from a year earlier to 92.68 bln usd, the Board of Foreign Trade said.
The figure accounted for 22 pct of Taiwan s total external trade during the period, up 1.4 percentage points from a year earlier, the board said in a statement.
Taiwan registered a trade surplus with China of 41.89 bln usd, up 19.4 pct from a year earlier.
Exports to the mainland rose 16.5 pct year-on-year to 67.29 bln usd, while imports were up 12.1 pct at 25.39 bln usd.
Shipments to mainland China accounted for 30.1 pct of Taiwan s total exports during the 11-month period, up 1.9 percentage points from a year earlier.
Imports from China accounted for 12.8 pct of the island s total imports, up 0.6 percentage points from a year earlier.
adela.lin@afxasia.com
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EU Presidency s Bajuk says no economic signs of US recession UPDATE

(Updates with further quote)
BRUSSELS (Thomson Financial) - Slovenian finance minister Andre Bajuk says there are "no economic signs" that US recession is happening, but added that "we cannot exclude the risk".
"There are currently no economic signs that this is becoming a reality," he told his reporters on his way into an event here, when asked about the possibility of a recession in the US. frances.robinson@thomson.com fr/slm/fr/lam COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

EU Presidency s Bajuk says no economic signs of US recession

BRUSSELS (Thomson Financial) - Slovenian finance minister Andre Bajuk says there are "no economic signs" that US recession is happening.
"There are currently no economic signs that this is becoming a reality," he told his reporters on his way into an event here, when asked about the possibility of a recession in the US. frances.robinson@thomson.com fr/slm COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

*EU PRESIDENCY S BAJUK SAYS NO ECONOMIC SIGNS OF US RECESSION

*EU PRESIDENCY S BAJUK SAYS NO ECONOMIC SIGNS OF US RECESSION
BRUSSELS (Thomson Financial) - frances.robinson@thomson.com fr/hjp COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

French Jan consumer confidence indicator -34 vs -30 in Dec - Insee

PARIS (Thomson Financial) - A composite indicator of consumer confidence in France fell to -34 in January from -30 in December on a seasonally adjusted basis, according to a monthly survey carried out by statistics office Insee.
The indicator represents the balance in percentage points between consumers having experienced, or expecting, a rise in their living standard and those seeing a decline.
The indicator on consumers past personal financial situation was -25 in January compared with -23 a month earlier, while the outlook for personal finances was -13 versus -10.
Past French standard of living was -64 compared with -62 the month before, and the outlook for the French standard of living stood at -44 versus -32.
The Insee indicator showing the inclination to buy consumer goods was -24 on the month against -23 in December. helen.beresford@thomson.com hem/ejb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

Asia-Pacific sovereigns can cope with the likely impact of US slowdown - S&P

MUMBAI (Thomson Financial) - Standard & Poor s Ratings Services said most Asia-Pacific sovereigns will face some challenges from the first-round effects of a US recession, while the likely second-round impacts could prolong or exacerbate the pressure.
In a report that examines the likely implications for the economies and credit fundamentals of governments in the region, it said domestic demand and intra-regional trade are expected to substantially counter the direct effects of falling US import demand. S&P, however, added that the Asia-Pacific economies will also have to contend with the risks posed by elevated energy and food prices, tight global liquidity, and the increasingly discussed possibility of European economies succumbing to the slowing growth momentum.
The unfolding global economic and financial conditions leave limited scope, if any, for rating upgrades in the region in the year ahead, the ratings agency said. It added that most regional sovereigns should weather the storm without negative rating action due to fairly robust endogenous growth prospects for the region as a whole, fiscal or monetary policy capacity to mitigate the impact, and solid donor support for the least developed sovereigns.
It also said the greatest risk stems not from the recession itself but from possible policy missteps by government when faced with the fallout of a US or possibly a global slowdown. TFN.newsdesk@thomson.com aka/man COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

UK s Darling to launch consultation on tougher banking supervision - report

LONDON (Thomson Financial) - UK Chancellor of the Exchequer Alistair Darling will on Wednesday launch a three-month consultation on increasing banking supervision in an attempt to avoid another Northern Rock-style crisis, the Financial Times reported.
Darling wants to give the Financial Services Authority more powers to scrutinise the liquidity of financial institutions and to put the Bank of England s role in safeguarding financial stability "on a statutory footing", the paper said.
The FT cited Treasury officials, however, as saying that it is important not to overreact by attempting to legislate for every eventuality, echoing comments made by Darling last week. jessica.mortimer@thomson.com jkm/jlw COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

Suharto s legacy: Indonesians remember economic stability alongside brutality

JAKARTA (Thomson Financial) - The death of former president Suharto has left Indonesians with a mixed legacy.
For much of his 32-year rule, alongside horrifying brutality and corruption, many Indonesians remember a period of economic stability and growth -- a record many say his four successors have failed to match.
"Indonesia enjoyed growth of 6-8 percent and single-digit inflation during Suharto. That is his plus side," said Juniman, an economist at Bank Internasional Indonesia (BII).
Suharto had a clear economic plan, said Juniman and "that is what we have not seen again in his successors."
Stability was a key priority for many of Indonesian s more than 200 million citizens, and many didn t care what it cost, said Winang Budoyo, an economist at Bank Lippo.
"He was good at keeping sufficient supplies of basic needs and their prices were stable," he said.
Suharto is most remembered in the international community for his human rights record.
"Suharto has gotten away with murder -- another dictator who s lived out of his life in luxury and escaped justice," said Brad Adams, Asia director at Human Rights Watch.
"But many of Suharto s cronies are still around, so the Indonesian government should take the chance to put his many partners in human rights abuse on trial," he said.
Arbi Sanit, a political analyst from University of Indonesia, said Suharto s death will unfortunately make it difficult for any efforts to seek justice from him or his allies or to retrieve assets lost to corruption.
"You can take his cronies to court on separate cases but they will just point at him (Suharto) as the mastermind, one thing which is hard to prove," he said.
Efforts to bring Suharto to justice have so far floundered, largely due to the difficulty of collecting evidence that he directly gave orders.
The government is seeking 1.4 billion dollars worth of damages and returned assets, allegedly accrued through a charitable foundation that Suharto chaired while in power, in a civil lawsuit which is still outstanding.
Calling in IMF
Suharto died Sunday, aged 86, of multiple organ failure, after a three-week stint in hospital.
The former president rose to power in 1967 after he played a key role in destroying the Indonesian Communist Party.
But by 1998, he was forced out of power as Indonesia s second president after an economic crisis led to student riots and violence.
At the end of his term, Suharto had to invite the International Monetary Fund (IMF) to help rescue the economy.
Since then, Indonesia has had four presidents -- B.J. Habibie, Abdurrahman Wahid, Megawati Sukarnoputri and current President Susilo Bambang Yudhoyono.
As the country puts the Suharto era behind it, analysts question whether Indonesia can find a leader who can deliver prosperity to the people and attract foreign investment to develop the economy.
Indonesian gross domestic product (GDP) fell 13 percent in 1998, the year that Suharto stepped down.
The government is expecting the economy grew 6.3 percent in 2007, and is forecasting that will accelerate to 6.4-6.7 percent this year.
Song Seng Wun, an economist at CIMB-GK in Singapore, said one big difference between Suharto and his successors is that "his administration was able to provide certain predictability and consistency."
"In him, you got somebody who could put things together and the country s macro-economy plans had a more definite platform," he said.
Since Suharto s dictatorial reign, Indonesian s political environment has changed with the central government forced to cede more power to regional governments on many issues.
Analysts broadly agree there is little difference between the Suharto s economic team and that of his successors in policy terms.
"But the point is at the top. Suharto had more absolute power," said Song.
Bank Lippo s Budoyo said there are many other factors behind the slow growth in the post-Suharto age, including the regional financial crises back in 1997-1998.
Still, "as far as policy making is concerned, the very top level must be strong and decisive," he said.
Foreign investment accounted for more than 30 percent of Indonesian GDP under Suharto, but shrank to about 24 percent in the third quarter of last year.
The tradeoff for Indonesians is increased freedom for the media, more democracy, and a decentralization of power, which has allowed regional governments the power to manage their budgets, and in many cases issue licences for doing business.
Song said that shift in power has created some uncertainty, which hinders economic activity.
"The idea is right but the country is not ready. The country probably still needs a person with a strong rule," he said.
aloysius.bhui@thomson.com
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Renault sees Brazil car market growing 10 pct in 2008 vs 30 pct in 2007

PARIS (Thomson Financial) - Growth in Brazil s car market will slow to 10 pct this year from 30 pct in 2007, Renault s top manager for the country, Jerome Stoll, said in an interview with the daily Le Parisien.He said last year s growth was spurred in part by favourable economic conditions in Brazil, including a good trade balance, lower interest rates and more consumer loans.Stoll also said the car market in Argentina, which has been gaining strongly, may be less stable this year. tfn.paris@thomson.com mjs/hjp COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

China GDP growth seen slowing to 8.8 pct this yr - China GDP growth seen slowing to 8.8 pct this yr - Barclays Capital

HONG KONG (XFN-ASIA) - Barclays Capital said it expects China s gross domestic product (GDP) growth to decelerate significantly to 8.8 pct this year from 11.4 pct achieved in 2007.
The UK house said the slowdown will be driven by a combination of external and domestic factors, including a weakening of global demand and tightening monetary and credit environment.
Administrative measures taken by Chinese authorities to curb growth and moderate inflation would also contribute to the slowdown, it said.
"Policymakers will maintain their anti-inflation stance through mid-year, but in the second half, with inflationary pressures easing and the slowdown apparent, we expect authorities to switch to a pro-growth strategy," it said.
Barclays said it believes Beijing will lift recently implemented price controls, ease liquidity conditions and cut lending and deposit rates in two 27-basis point rate cuts.
it said it expects the yuan to appreciate by about 7 pct this year.
jun.concepcion@xfn.com
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OUTLOOK Highlights of US economic data to be released this week

WASHINGTON (Thomson Financial) - The following is a synopsis of US economic indicators to be released this week, with forecasts provided by Thomson s IFR Markets. The upcoming week is heavy with data, including a number of high profile indicators such as GDP and employment. Economists will be watching these closely, particularly in light of growing fears about a recession and recent actions taken by the Federal Reserve, White House and Congress to protect the economy. MONDAY JANUARY 28 The week will begin with the release of December new home sales, which are expected to total 645,000, slightly below the number of homes sold in November.
"Given the current environment of falling home prices, tight credit conditions and growing recession fears, buyers will likely remain apprehensive about purchasing," said economists from Lehman Brothers.
In the evening, President Bush will make his State of the Union address, which is likely to include talk of his recent compromise with Congress on a fiscal stimulus plan. TUESDAY JANUARY 29 Tuesday will begin with the release of durable good orders, which are expected to have increased by 1.6 pct in December following a 0.1 pct increase in the previous month. Durable good orders excluding transportation are expected to have been unchanged in the month of December following a 0.7 pct decline in November. "Outside of aircraft and a bounce in defense orders, December was probably a very weak month, with broad-based declines," said Patrick Newport of Global Insight. Also on Tuesday is the release of the Conference Board s January estimate of consumer confidence, which is expected to decrease to a level of 87.5 from 88.6 in December.
"I think it will be affected by the sharp drop in equity markets we saw in the first half of the month," said Sal Guatieri of BMO Capital Markets. WEDNESDAY JANUARY 30 US GDP for the fourth quarter is expected to have grown at an annual rate of 1.2 pct following a healthy 4.9 pct growth rate in the previous month. GDP core PCE price index for the quarter is expected to have been 2.6 pct, compared to 2.0 in the previous month.
"We anticipate that after a very strong first two months of consumption during the quarter, that the weak holiday sales took the wind out of the sails of what was looking like an above trend three months of output," said Joseph Brusuelas from IDEAglobal.
Economists from Northern Trust said "positive contributions from consumer spending, non-residential fixed investment, and exports are expected to be partly offset by a large drop in residential investment expenditures." Jay Bryson of Wachovia said that while GDP is "kind of backward looking" it still provides some sense of whether the economy is gaining momentum.
Also on Wednesday, the FOMC will announce any rate decision that they ve made during their two day meeting. Many economists are predicting a 0.50 percentage point cut to the federal funds rate, even after Tuesday s unexpected 0.75 pct point cut.
"The Fed is trying to shore up confidence right now," Bryson said. Harm Bandholz from Unicredit said, "so far the Fed hasn t disappointed the market and we don t think it will do it this time." Bandholz noted that there is a "slight probability" of the Fed making a 0.75 pct point cut, but such a large cut "would be the wrong signal in light of the looming fiscal stimulus bill." THURSDAY JANUARY 31 The number of individuals filing first time claims for unemployment in the week ending January 26 is expected to increase to 318,000 from 301,000 in the previous week. The number of people who continue to receive unemployment insurance in the week ending January 19 is expected to increase to 2.675 mln from 2.672 mln in the previous week.
Jobless claims have recently been on a downward trend, "sending signals that are contrary to the message from all other labor market reports," according to economists from Northern Trust. Personal income is expected to increase 0.4 pct in December, the same rate of increase as in the previous month. Personal consumption for the month is expected to have increased 0.1 pct following a 1.1 pct increase in November.
"The slowdown in consumer confidence is starting to hit the consumer," Guatieri said about the expected dip in personal consumption. The core PCE price index is expected to have contracted by 2.2 pct between December 2006 and December 2007, the same year over year contraction as in November.
Guatieri said the PCE growth rate will still be a "little bit above the Fed s presumed comfort zone," which in normal circumstances "might get the Fed s inflation antennae up." However, in the current situation, the Fed is "much more worried about" downward risks to growth, Gautieri said. FRIDAY FEBRUARY 1 Non-farm payrolls for January are expected to increase 58,000 after a meager 18,000 increase in December. Meanwhile, unemployment for January is expected to dip down to 4.9 pct following a surprising 5.0 pct in December.
Bandholz said that payroll and unemployment will improve slightly in January because December s report pointed to a "too gloomy picture of the market," noting in particular the Fed s positive tone on the labor market in its most recent Beige Book.
However, Sal Gautieri of BMO Capital Markets said he still expects "a very modest rebound," one that "would indicate that the trend in labor markets is weakening."
The ISM manufacturing survey is expected to drop yet again in January to 47.0 from 47.7 in December. Last month was the first time since January 2007 that the ISM fell below the 50 threshold, which generally suggests contraction in the economy.
Economists from Credit Suisse say further deterioration "is suggested by declines in regional surveys from the Philadelphia, New York, and Richmond Federal Reserve Banks."
Bandholz said the "pretty gloomy outlook" for ISM is largely due to problems in the housing sector as well as in the automobile industry. The University of Michigan consumer sentiment survey is expected to drop to 79.0 in January from 80.5 in the previous month. tessa.moran@thomson.com tlm/wash/jlw COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

OUTLOOK Economic indicators to be released in the coming week

WASHINGTON (Thomson Financial) - Here are the major US economic indicators to be released in the coming week with revised forecasts provided by Thomson IFR Markets.
Forecast Previous MONDAY JANUARY 28 US New home sales, Dec annual rate (thousands) 645 647 TUESDAY JANUARY 29 US Durable goods orders, Dec monthly change (pct) 1.6 0.1 US Durable goods orders, ex-transportation, Dec monthly change (pct) 0.0 -0.7 Consumer confidence, Jan monthly level (index) 87.5 88.6 WEDNESDAY JANUARY 30 US GDP, Q4 advance annual rate (pct) 1.2 4.9 US GDP core PCE price index, Q4 advance annual rate (pct) 2.6 2.0 US Federal Reserve rate announcement THURSDAY JANUARY 31 US Employment cost index, Q4 quarterly change (pct) 0.8 0.8 US Initial unemployment claims, 1/26 weekly level (thousands) 318 301 US Continuing unemployment claims, 1/19 weekly level (mln) 2.675 2.672 US Personal income, Dec monthly change (pct) 0.4 0.4 US Personal consumption, Dec monthly change (pct) 0.1 1.1 US Core PCE price index, Dec year/year change (pct) 2.2 2.2 NAPM Chicago survey, Jan monthly level (index) 52.0 56.6 FRIDAY FEBRUARY 1 US Nonfarm payrolls, Jan monthly change (thousands) 58 18 US Unemployment rate, Jan monthly level (pct) 4.9 5.0 US Average hourly earnings, Jan monthly change (pct) 0.3 0.4 US Construction spending, Dec monthly change (pct) -0.5 0.1 ISM manufacturing survey, Jan monthly level (index) 47.0 47.7 U. of Michigan consumer sentiment, Jan final monthly level (index) 79.0 80.5 tessa.moran@thomson.com tlm/wash/jlw COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

OUTLOOK Euro zone data spotlight on sentiment, inflation in week to come

LONDON (Thomson Financial) - A series of sentiment readings will take the spotlight in the euro zone this week, with markets alert to any signs of profound weakness that could shift the European Central Bank away from its unstintingly hawkish monetary stance.
A series of European Commission confidence surveys, as well as PMI activity readings on the manufacturing sector, will give some indication of how well the euro zone s economy is holding up against the headwinds of a strong euro, flagging US growth, and financial market turmoil.
However, pricing data are likely to illustrate the ECB s dilemma, with the headline rate of euro zone inflation expected to stay well above the central bank s target rate. Figures on euro zone money supply growth should give a further indication of inflationary pressures the ECB is trying to stamp out.
MONDAY, JAN 28
- The M3 measure of euro zone money supply growth is expected to remain steady in December. Economists say growth will be fuelled by market turbulence, because money market instruments become more attractive in times of uncertainty.
December s growth is seen at 12.2 pct, just off November s 12.3 pct increase. Money growth in the three months to December is seen at 12.2 pct in annual terms, up from 11.9 pct in the three months to November.
"Overall M3 is likely to have been buoyed by turbulence in financial markets in December, keeping the annual growth rate well into double digits," said Credit Suisse analysts.
"That strength may keep the European Central Bank s tone from moderating much in its February meeting," they added. The ECB, which considers money supply growth to be a potential inflation risk, is understood to be too concerned about inflation to cut interest rates any time soon.
- Private sector loans in the euro zone are expected to grow 11.0 pct in December, the same rate as in November.
TUESDAY, JAN 29
- France s consumer confidence index is expected to stay weak in January, with economists penciling in a reading of -30 compared with -29 in December.
"We expect households to remain relatively glum in the first month of the new year as they worry over President Sarkozy s commitment to his job and the reform process," said analysts at Moody s Economy.com.
- The Italian business confidence index is expected to moderate a touch to 91.0 in January, from 91.8 in December.
- The euro zone s current account surplus in November is seen narrowing to a seasonally-adjusted 0.4 bln eur, from 1.3 bln in October.

THURSDAY, JAN 31
- French producer price inflation is expected to edge down to 0.1 pct month-on-month in December, from 0.8 pct in November, while the annual rate is predicted to remain strong at 4.4 pct, up on the previous month s 4.2 pct.
BNP Paribas analysts say the recent rise in PPI "is entirely attributable to food and energy prices". They predict the annual rate will rise to 4.5 pct in December, "the highest since November 2000, though probably not yet the high point in the cycle".
- German labour data for January is expected to show unemployment still falling, although analysts warn that a deterioration is in the works as activity slows.
"While surveys of activity have continued to weaken, those covering employment intentions have yet to show much sign of deterioration ... while we do not view this as sustainable, the lags from surveys through to hard data imply that employment growth should hold up in the coming months," said BNP Paribas analysts.
"In the very near term, unemployment is likely to continue falling at a similar pace to that seen recently," they added.
The consensus view is for a drop in jobless numbers of 45,000, a smaller decline than December s -78,000 reading.
The employment rate is seen steady at 8.3 pct, a touch down on December s 8.4 pct, while the alternative ILO reading is seen at 7.8 pct, from 7.9 pct the previous month.
- Italian hourly wages in December are seen rising 0.3 pct from November s 0.2 pct, pushing the annual rise to 2.4 pct from 2.0 pct.
- The euro zone s flash estimate of HICP inflation is expected to come in at 3.1 pct, in line with December s reading and staying well above the ECB s target rate of around 2.0 pct.
"There are a number of factors that should affect inflation in January," said Credit Suisse analysts.
"The most significant downdraft should be from core inflation, which should drop on base effects from last year s rise in German VAT ... however, that should be more than offset by higher energy inflation - oil prices fell sharply last January - and a continued rise in processed food inflation," they said.
- The euro zone s unemployment rate is expected to moderate a touch to 7.1 pct in December from 7.2 pct in November.
- The European Commission s January confidence surveys are expected to show sentiment continuing to sour.
"Falling euro area sentiment suggests that the slowdown may be more broad based than we were expecting initially, with activity in the manufacturing and services sectors, as well as consumer spending, slowing," said Credit Suisse analysts.
"We expect the European Commission surveys to reflect such developments," they said, predicting particular weakness in the services reading.
The overall economic confidence reading is seen declining to 104.2 from 104.7 in December, reflecting declines in each of the components (industrial, services and consumer confidence).
Italian producer prices are expected to moderate slightly in December, with monthly growth of 0.2 pct from November s 0.9 pct rise, and the annual rate unchanged at 4.6 pct.
FRIDAY, FEB 1
PMI readings of activity in the manufacturing sector in January are expected to show further moderation, but should still be marginally expansionary.
Germany s reading is seen dipping to 53.1 from 53.6 in December, while France s reading is expected to moderate to 53.6 from 53.8. Italy is seen at 50.2, from 50.7.
The final euro zone PMI manufacturing reading is not expected to change from the first estimate of 52.6.
"Although exports to emerging markets remain strong, demand from the US and the UK is waning, whilst domestic demand is steady but not expanding," said economists at Moody s Economy.com.

ALSO DUE DURING THE WEEK
- German CPI inflation in January is expected to be negative on the month due to base effects after a tax increase last year.
"Having risen sharply at the end of 2007, German inflation should drop back in January as base effects from last years rise in VAT push down core inflation," said Credit Suisse analysts.
The monthly change is seen at -0.4 pct, reversing December s 0.5 pct rise, while the annual rate is seen at 2.5 pct, down from 2.8 pct.
Meanwhile, the German harmonised HICP inflation rate -- used for comparisons with the rest of the euro zone -- should also be -0.4 pct on the month, partly reversing December s 0.7 pct rise.
The annual German HICP measure is seen at 2.9 pct in January, down from 3.1 pct in December -- still well above the ECB s target for the euro zone of around 2.0 pct.
- German retail sales are expected to rebound in January, with monthly growth of 2.0 pct following December s -1.9 pct reading. The annual deterioration, though, is expected to worsen to -4.1 pct from -3.9 pct.
alex.brittain@thomson.com abr/kf1 COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

Malaysia s interest rate at appropriate level - central bank

KUALA LUMPUR (Thomson Financial) - Malaysia s interest rate is still at the appropriate level and supportive of growth despite rising inflation, central bank governor Zeti Akhtar Aziz said Monday.
The issue of rising prices will "perhaps not be addressed through the central bank s interest rate policy but through other measures, said Zeti.
"The Malaysian interest rate is still at the appropriate level. We brought our interest rate to this level to take into account that inflation was likely to increase. At the same time, we wanted to have the interest rate still supportive of the economy, said Zeti.
Bank Negara, the Malaysian central bank, has kept its overnight policy rate (OPR) at 3.5 percent since April 2006. The central bank will hold its first monetary policy meeting for 2008 tomorrow. It is widely expected to leave the OPR unchanged.
Malaysia s inflation rate has gradually crept up over the past few months as the global commodities boom has sent prices of food and energy soaring.
The inflation rate accelerated to 2.4 percent in December from 2.3 percent in November. The higher inflation rate was partly induced by disruptions in food supplies after severe flooding hit several states last month.
(1 US dollar = 3.24 ringgit)
johnkb.tan@thomson.com
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Japan s Mitsubishi Motors December global output up 7.9 percent vs year earlier

TOKYO (Thomson Financial) - Japanese automaker Mitsubishi Motors Corp said Monday it produced 7.9 percent more vehicles in December against the previous year due to brisk demand outside Japan.
The December figure marks the tenth consecutive month that Mitsubishi s output has increased.
The company gave the following figures for December, with year-on-year percentage changes:
Domestic vehicle output - up 10.3 percent at 79,279 units
Domestic car output - up 13.2 percent at 72,117 units
Domestic vehicle sales - down 1.3 percent at 16,210 units
Domestic car sales - up 47.9 percent at 7,088 units
Exports - up 47.7 percent at 57,022 units
Overseas output - up 3.4 percent at 39,369 units
Global production - up 7.9 percent at 118,648 units
Below is Mitsubishi Motors calendar 2007 output figures:
Domestic vehicle output - up 11.6 percent at 846,083 units
Domestic vehicle sales - down 13.9 percent at 226,915 units
Exports - up 40.9 percent at 572,312 units
Overseas output - up 2.0 percent at 565,892 units
Global production - up 7.5 percent at 1.412 million units
(1 US dollar = 106.27 yen)
yumiko.nishitani@thomson.com
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OUTLOOK Euro zone economic data forecasts for the week ahead

LONDON (Thomson Financial) - The following are consensus forecasts for euro zone economic indicators due in the week ahead.
The TFN consensus is the median of a range of forecasts gathered by Thomson Financial News from a broad sample of private sector economists.
Figures are for percentage change unless stated.
TFN CONSENSUS PREVIOUS PERIOD
MON JAN 28
Euro zone Dec M3 money supply
year-on-year +12.2 +12.3
3 mths year-on-year +12.2 +11.9
Euro zone Dec private sector loans +11.0 +11.0

TUES JAN 29
France Jan consumer confidence (index) -30 -29
Italy Jan business confidence (index) 91.0 91.8
Euro zone Nov current account 0.4 1.3
(sa, bln eur)
THURS JAN 31
France Dec PPI
month-on-month +0.1 +0.8
year-on-year +4.4 +4.2
Germany Jan unemployment
Rate +8.3 +8.4
ILO rate +7.8 +7.9
Change (000 s) -45 -78
Italy Dec hourly wages
month-on-month +0.3 +0.2
year-on-year +2.4 +2.0
Euro zone Jan flash HICP
year-on-year +3.1 +3.1
Euro zone Dec unemployment rate +7.1 +7.2
European Commission Jan survey (index)
Economic confidence 104.2 104.7
Industry confidence 1 2
Consumer confidence -10 -9
Services confidence 12 14
Euro zone Jan business climate (index) 0.88 0.92
Italy Dec PPI
month-on-month +0.2 +0.9
year-on-year +4.6 +4.6

FRI FEB 1
Germany Jan manufacturing PMI 53.1 53.6
France Jan manufacturing PMI 53.6 53.8
Italy Jan manufacturing PMI 50.2 50.7
Euro zone Jan final manufacturing PMI 52.6 52.6*

ALSO DUE DURING THE WEEK
Germany Jan CPI
month-on-month -0.4 +0.5
year-on-year +2.5 +2.8
Germany Jan HICP
month-on-month -0.4 +0.7
year-on-year +2.9 +3.1
Germany Dec retail sales
month-on-month +2.0 -1.9
year-on-year -4.1 -3.9
(* refers to provisional estimate) alex.brittain@thomson.com abr/slj COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

OUTLOOK UK economic data scheduled this week

LONDON (Thomson Financial) - The following are consensus forecasts for UK economic indicators due in the coming week.
The TFN consensus is the median of a range of forecasts gathered by Thomson Financial News from a broad sample of private sector economists.
Figures are percentage changes unless otherwise stated.
FORECAST PREVIOUS TUESDAY, JANUARY 29 CBI January distributive trades survey reported sales balance (pct) 0 +8 WEDNESDAY, JANUARY 30 Dec mortgage lending (bln stg) +7.6 +7.8 Dec mortgage approvals 80,000 83,000 Dec consumer credit (bln stg) +1.1 +1.1 THURSDAY, JANUARY 31 Nationwide Jan house prices month-on-month (pct) -0.3 -0.5 year-on-year (pct) +4.1 +4.8 GfK Jan consumer confidence index -15 -14 FRIDAY, FEBRUARY 1 Jan CIPS manufacturing PMI index 52.5 52.9
jessica.mortimer@thomson.com jkm/jlc COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

Japan s Nissan December global vehicle output up 15.5 percent

TOKYO (Thomson Financial) - Carmaker Nissan Motor Co said Monday its global output rose 15.5 percent to 274,661 vehicles in December from a year earlier, supported by higher production in Asia and the UK.
The rise in December marks the company s fifth straight monthly production increase.
The company gave the following figures for December, with year-on-year percentage changes:
Domestic vehicle output - up 18.1 percent at 114,428 units
Domestic car output - up 23.8 percent at 96,568 units
Domestic vehicle sales - up 0.7 percent at 43,771 units
Domestic car sales - down 2.2 percent at 29,345 units
Exports - up 33.0 percent at 83,821 units
Overseas output - up 13.7 percent at 160,233 units
Global production - up 15.5 percent at 274,661 units
The following figures are for full-year 2007:
Domestic vehicle output - down 4.5 percent at 1.179 million units
Domestic vehicle sales - down 6.0 percent at 720,973 units
Exports - unchanged at 646,140 units
Overseas output - up 12.9 percent at 2.252 million units
Global production - up 6.2 percent at 3.431 million units
(1 US dollar = 106.29 yen)
yumiko.nishitani@thomson.com
ys/nt
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OUTLOOK UK data to reveal further weakening in housing market, consumer spending

LONDON (Thomson Financial) - UK data this week are expected to show a further deterioration in both the housing market and consumer spending, boosting the case for another quarter point interest rate from the Bank of England in February.
The week kicks off with the Confederation of British Industry s monthly survey on retail sales, followed by Bank of England lending data on Wednesday. Thursday will see the release of the closely-watched Nationwide house price survey and GfK s consumer confidence survey.
Finally, January s PMI index on manufacturing activity will be released on Friday.
TUESDAY, JANUARY 29
-The Confederation of British Industry s latest distributive sales survey is expected to give further evidence of waning consumer spending as consumers count the costs of spiraling petrol and food prices and rising utility bills.
The balance of retailers reporting a rise in sales is expected to drop to zero pct in January from +8 pct in December.
"It s possible that aggressive discounting means volumes sales wont be quite as weak, but this survey should continue to paint a picture of weakening spending," analysts at CSFB said.
WEDNESDAY, JANUARY 30
-Figures from the Bank of England data are expected to show a further deterioration in mortgage activity as the credit crunch takes its toll. Mortgage lending growth is forecast to drop to 7.6 bln stg in December from 7.8 bln in November, while mortgage approvals -- a key gauge of future demand -- fall to 80,000 from 83,000.
"We expect Bank of England mortgage approvals and lending data to provide yet further evidence that housing market activity is now being substantially undermined by both stretched affordability and tightening lending practices," said Howard Archer at Global Insight.
Unsecured lending, for example on credit cards, loans and overdrafts, is also set to stay subdued at 1.1 bln stg.
THURSDAY, JANUARY 31
-A key survey from the Nationwide is expected to show UK house prices fell for the third consecutive month in January.
House prices are forecast to have fallen by 0.3 pct after a 0.5 pct drop in December. This would take annual house price growth down to 4.1 pct from 4.8.
-The GfK s latest survey is set to show consumer confidence waning as the headline index drops to -15 in January from -14 in December.
"The index has fallen very sharply in recent months and while there are some grounds for expecting a bounce (December s interest rate cut, solid employment growth), the momentum is in the other direction and we doubt we have yet reached the low-point," analysts at RBS said.
FRIDAY, FEBRUARY 1
-The purchasing managers survey for manufacturing is expected to reveal a further slowdown in activity in the sector, with the headline index forecast to fall to 52.5 in January from 52.9 in December.
This, however, will still leave it above the 50 level which marks expansion.
"The December rate cut may have helped to alleviate some strains in the credit markets and sterling s ongoing slide will have boosted competitiveness, but the softening in global demand and the general deterioration in sentiment are likely to prove more powerful forces at this juncture," RBS analysts said. jessica.mortimer@thomson.com jkm/lam COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

Toyota Dec parent global vehicle output up 2.2 pct, group output up 2.2 pct

TOKYO (Thomson Financial) - Japanese automaker Toyota Motor Corp said Monday its parent global output in December rose 2.2 percent to 637,678 vehicles from a year earlier, helped by brisk demand outside Japan.
The December increase in output marks the 38th straight monthly rise for the parent company.
For the Toyota group including all its subsidiaries, worldwide output was also up 2.2 percent at 715,763 units in December.
The group figure includes output from Daihatsu Motor Co, a maker of small vehicles, and truck maker Hino Motors.
Toyota holds 51 percent of each of the companies.
The following figures for December are for parent Toyota Motor Corp only:
Domestic vehicle output - down 3.7 percent at 325,673 units
Domestic car output - down 4.2 percent at 297,219 units
Domestic vehicle sales - down 14.7 percent at 93,888 units
Domestic car sales - down 12.7 percent at 84,138 units
Exports - up 3.8 percent at 234,552 units
Overseas output - up 9.1 percent at 312,005 units
Global production - up 2.2 percent at 637,678 units
The following figures for December are for the entire Toyota group:
Domestic vehicle output - down 3.2 percent at 396,365 units
Domestic car output - down 4.7 percent at 347,289 units
Domestic vehicle sales - down 14.6 percent at 137,632 units
Domestic car sales - down 13.3 percent at 116,172 units
Exports - up 6.3 percent at 257,307 units
Overseas output - up 9.7 percent at 319,398 units
Global production - up 2.2 percent at 715,763 units
The following figures are for full-year 2007, for parent Toyota Motor Corp only:
Domestic vehicle output - up 0.8 percent at 4.226 million units
Domestic vehicle sales - down 6.2 percent at 1.587 million units
Exports - up 5.4 percent at 2.666 million units
Overseas output - up 10.5 percent at 4.309 million units
Global production - up 5.5 percent at 8.535 million units
The following figures are for full-year 2007, for the entire Toyota group:
Domestic vehicle output - up 0.7 percent at 5.120 million units
Domestic vehicle sales - down 4.5 percent at 2.262 million units
Exports - up 6.1 percent at 2.879 million units
Overseas output - up 11.3 percent at 4.378 million units
Global production - up 5.3 percent at 9.498 million units
(1 US dollar = 106.25 yen)
yumiko.nishitani@thomson.com
ys/nt
MMMM

Japan s Honda December global output up 5.5 percent at 298,824 vehicles

TOKYO (Thomson Financial) - Japan s second-largest auto maker, Honda Motor Co Ltd, said Monday its global vehicle output in December rose 5.5 percent to 298,824 vehicles from a year earlier, led by brisk overseas output.
The increase in December was Honda s 29th straight monthly output rise.
Overseas output grew 13.3 percent to 189,091 units.
Output in Asia expanded 23.8 percent to 66,043 vehicles, while production in the North America firmed 0.9 percent to 94,977 and that in Europe surged 35.2 percent to 16,445.
The company gave the following figures for December, with year-on-year percentage changes:
Domestic vehicle output - down 5.7 percent at 109,733 units
Domestic vehicle sales - down 11.1 percent at 56,156 units
Exports - up 3.5 percent at 62,921 units
Overseas output - up 13.3 percent at 189,091 units
Global production - up 5.5 percent at 298,824 units
Following are results for full-year 2007:
Domestic vehicle output - down 0.1 percent at 1.332 million units
Domestic vehicle sales - down 11.4 percent at 621,884 units
Exports - up 12.6 percent at 707,049 units
Overseas output - up 12.1 percent at 2.580 million units
Global production - up 7.7 percent at 3.912 million units
(1 US dollar = 106.66 yen)
yumiko.nishitani@thomson.com
ys/nt
MMMM

Indonesia December trade surplus expected to widen as import growth slows

JAKARTA (Thomson Financial) - Indonesia s trade surplus is expected to widen in December from November as exports bounce back while imports slow down, according to economists polled by Thomson Financial.
The Central Bureau of Statistics will release the trade data next Friday.
Five out of six economists polled by Thomson Financial expect the trade surplus to widen, with just one expecting it to narrow.
The economists expect Indonesian exports to come in at between 9.3 billion and 10.7 billion US dollars, with three economists expecting exports to be higher than in the previous month.
Two economists expect exports to shrink and one economist expects them to be unchanged.
Economists expect imports to come in a range of 6.1-7.85 billion dollars.
In November, Indonesian exports fell 4.3 percent month-on-month to 9.81 billion dollars, after hitting an all-time high of 10.25 billion dollars in October. Imports rose 20.5 percent to 7.54 billion dollars, resulting in a trade surplus of 2.27 billion dollars, compared to 3.99 billion dollars in October.
Citigroup economist Anton Gunawan said he expect exports to rise above 10 billion dollars, while imports fall slightly, causing the trade surplus to widen from its November level.
Gunawan said exports and imports of oil and gas would probably not change much, but exports of non-oil and gas were likely higher.
"We do not expect the Indonesian garment and footwear exports to main trading partners, especially to the US, to come down due to the rising risk of recession in the US," Gunawan said.
"Prices of several key primary commodities still show an increasing trend, but the increase is not as big as before," Gunawan said. Prices of rubber rose by 8.2 percent in December from November and prices of vegetable (palm) oil rose 6.23 percent. Prices of Indonesian oil rose a modest 0.8 percent.
"Exports were holding up pretty well. It was just a continuation from recent trends," said David Cohen, economist at Singapore-based Action Economics.
"Exports to the US from a lot of countries eased somewhat, including exports from Indonesia, but not in a dramatic fashion," Cohen said.
Cohen expects Indonesian exports rose to 10.5 billion US dollars in December, while imports remained little changed at 7.5 billion dollars, resulting in a trade surplus of 3.0 billion US dollars.
Mega Capital economist Felix Sindhunata, however, expects the trade surplus to narrow to 1.96 billion in December from 2.27 billion dollars in November. Sindhunata is forecasting that imports rose to 7.85 billion dollars, while exports remained unchanged from the previous month at 9.81 billion dollars.
Bank Internasional Indonesia (BII) economist Juniman expects the December trade surplus to widen from the previous month, as imports fell faster than exports.
Juniman expects exports at 9.78 billion dollars and imports at 6.99 billion dollars.
"Exports edged down in December compared to November partly due to declining demand from some of Indonesia s trading partners, in particular the US," Juniman said.
"The slowdown of the US economy began to have an impact on Indonesia s exports in December," Juniman said. To offset lower demand from the US, the government must diversify its export markets, he said.
Gunawan disagreed, forecasting growth in imports for December.
"We expect the year-on-year import growth to pick up rather significantly in December, mainly due to the base effect and still high fuel prices," Gunawan said.
"Rising economic activities and real income led to a jump in both imports of raw materials and consumption goods," Gunawan said.
Growth of capital goods imports is expected to be relatively modest, especially due to the government s plan to prohibit the import of used heavy equipment. That may slow the growth of capital goods imports in the future, Gunawan said.
As for all of 2007, BII s Juniman expects Indonesian exports to grow by 12.1 percent to 112.84 billion dollars and imports to rise 22.1 percent to 74.56 billion dollars.
Juniman expects Indonesian exports to grow by 9.9 percent this year to 124.4 billion dollars, while imports grow at a slower 16 percent pace to 86.49 billion dollars.
The following are the economists forecasts for trade surplus, exports and imports in November:
Mega Capital - 1.96 billion dollars; 9.81 billion dollars; 7.85 billion dollars
Citigroup - 2.71 billion dollars; 10.06 billion dollars; 7.35 billion dollars
BII - 2.79 billion dollars; 9.78 billion dollars; 6.99 billion dollars
Action Economics - 3.0 billion dollars; 10.5 billion dollars; 7.5 billion dollars
Standard Chartered - 3.2 billion dollars; 9.3 billion dollars; 6.1 billion dollars
ING - 3.8 billion dollars; 10.7 billion dollars; 6.9 billion dollars
(1 US dollar = 9,343 rupiah)
roffie.kurniawan@thomson.com
MMMM

Japan s Suzuki Motor December global vehicle output up 6.1 percent

TOKYO (Thomson Financial) - Japanese automaker Suzuki Motor Corp said Monday that its global production rose 6.1 percent to 210,419 vehicles in December from a year earlier, led by brisk output in India and Japan.
This was the 32nd consecutive monthly gain and the total was a record for the month of December.
Suzuki Motor makes minicars with an engine displacement of 660cc or less.
The company gave the following figures for December, with year-on-year percentage changes:
Domestic vehicle output - up 6.1 percent at 107,947
Domestic vehicle sales - down 2.6 percent at 46,676
Exports - up 12.7 percent at 38,520
Overseas output - up 6.2 percent at 102,472
Global production - up 6.1 percent at 210,419
The company gave the following figures for 2007, with year-on-year percentage changes:
Domestic vehicle output - up 1.0 percent at 1.218 million
Domestic vehicle sales - down 2.7 percent at 676,246
Exports - up 10.1 percent at 406,838
Overseas output - up 21.4 percent at 1.378 million
Global production - up 10.8 percent at 2.596 million
(1 US dollar = 106.72 yen)
yumiko.nishitani@thomson.com
MMMM

China approves equity funds by Orient, Shenyin & Wanguo, Zheshang Sec - report

BEIJING (XFN-ASIA) - The China Securities Regulatory Commission has given its approval to three new domestic equity funds, which plan to raise a combined two bln usd, the Shanghai Business Review reported, citing a source.
The investment funds, run by Orient Securities Co, Shenyin & Wanguo Securities and Zheshang Securities, are the first such approvals in five months, the report added.
Last week, Agence France-Presse identified Shenyin & Wanguo as one of three companies winning approval for a new investment fund.
andrew.pasek-vanburen@xinhuafinance.com
MMMM

Mich. jobless rate rose in December

LANSING, Mich. (AP) - Seasonally unadjusted unemployment rates increased in 13 of Michigan s 17 regional labor markets in December, state officials said Friday.
Total employment and labor force levels declined in most regions. Seasonal job losses occurred mainly in construction and government. Retail trade jobs increased.
Regional unemployment rates are not seasonally adjusted, but national and state unemployment rates are adjusted to remove seasonal influences such as production cycles, holidays, model changeovers in the auto industry and climate conditions.
Michigan s seasonally adjusted jobless rate in December was 7.6 percent, highest in the nation.
Regional unadjusted jobless rates for December ranged from a low of 4.7 percent in Ann Arbor to a high of 10.8 percent in northeast lower Michigan, according to the Bureau of Labor Market Information & Strategic Initiatives.
The state s major labor market areas, their seasonally unadjusted jobless rates for December and the change since November:
-- Ann Arbor, 4.7 percent, unchanged from 4.7 percent.
-- Battle Creek, 6.7 percent, up from 6.6 percent.
-- Bay City, 7.2 percent, up from 6.8 percent.
-- Detroit-Warren-Livonia, 8 percent, up from 7.2 percent.
-- Flint, 8.3 percent, unchanged from 8.3 percent.
-- Grand Rapids-Wyoming, 6 percent, up from 5.9 percent.
-- Holland-Grand Haven, 5.8 percent, up from 5.6 percent.
-- Jackson, 7.6 percent, up from 7.5 percent.
-- Kalamazoo-Portage, 5.7 percent, up from 5.5 percent.
-- Lansing-East Lansing, 5.7 percent, up from 5.5 percent.
-- Monroe, 6.5 percent, unchanged from 6.5 percent.
-- Muskegon-Norton Shores, 7 percent, down from 7.1 percent.
-- Niles-Benton Harbor, 7.1 percent, up from 6.8 percent.
-- Saginaw-Saginaw Township North, 7.4 percent, up from 7.1 percent.
-- Upper Peninsula, 8 percent, up from 7.2 percent.
-- Northeast Lower Michigan, 10.8 percent, up from 9.5.
-- Northwest Lower Michigan, 8.3 percent, up from 7.7 percent.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM

Sector Glance: Big Tech down

NEW YORK (AP) - Shares of some of the biggest technology companies headed lower Friday, as the economic uncertainty and tepid outlooks from some of the sector s biggest names worried investors.
Computer and gadget maker Apple Inc. declined nearly 3 percent amid a downturn in the broader market. On Tuesday, Apple posted solid results for its fiscal first quarter but issued a disappointing outlook that sent its shares 11 percent lower. On Friday, Apple was set to close the week down more than 18 percent.
Shares of computer maker Dell Inc. also declined amid fears of a slowdown in PC sales. On Wednesday BMO Capital Markets analyst Keith Bachman lowered his outlook for global PC unit growth to 9.75 percent from 11.2 percent.
"We believe PC sales are highly correlated to GDP, and as a result of a weak economic environment, will be lackluster in (in the first half of 2008) particularly in the United States," the analyst wrote.
Here is how some key technology stocks performed Friday:
Apple Inc., fell $5.59, or 4.1 percent, to $130.01.
Google Inc., declined $8.09 to $591.81.
Yahoo Inc., rose 25 cents to $21.94.
Dell Inc., lost $1.03, or 4.9 percent, to $20.06.
Microsoft Corp., gave up 31 cents to $32.94.
Hewlett-Packard Co., shed $1.15, or 2.6 percent, to $43.74.
Cisco Systems Inc., dropped 91 cents, or 3.6 percent, to $24.20.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM

Fannie and Freddie expansion not certain

WASHINGTON (AP) - A component of the House s proposed economic stimulus package intended to direct aid to the troubled housing market could run into trouble in the Senate.
Republican senators are gearing up to resist -- or scale back -- a provision that would give a bigger role to government-sponsored mortgage-finance companies Fannie Mae and Freddie Mac, saying it poses too much risk to the U.S. financial system.
A deal reached Thursday between House Speaker Nancy Pelosi and Republican Leader John Boehner of Ohio -- and endorsed by the White House -- would allow the two companies for one year to purchase home loans up to 75 percent larger than the current limit of $417,000 in areas of the country with expensive home prices such as California and the Northeast.
House lawmakers are still negotiating on how high that limit should be, with Democrats pushing for nearly $730,000 and Republicans advocating $625,000, a Boehner spokesman said Friday.
But at least two key Senate Republicans argue that it would be a mistake to change the limit at all without establishing a new regulator with the power to reduce the companies massive mortgage portfolios, now worth a combined $1.5 trillion. Multibillion-dollar accounting scandals at Fannie and Freddie in recent years brought demands for tighter government supervision and cuts in the companies holdings.
Sen. Mel Martinez, R-Fla., a former housing secretary in the Bush administration, said a better compromise would be to extend loan limits for a much shorter period: 90 to 120 days. Then, those limits would expire unless lawmakers pass a long-delayed oversight bill, he said.
"For a long time we have known these entities needed stronger regulation," Martinez said in an interview Friday. "They have the implicit guarantee of the federal government...If these companies were to go under, the Treasury would be in a terrible fix."
Sen. Richard Shelby of Alabama, the senior Republican on the Senate Banking Committee, agreed. Raising the loan limits without stronger regulation "enables thinly capitalized entities with recent accounting problems to provide a high-risk benefit to the wealthiest Americans without any real consideration of the need to do so or of the risks it presents to the taxpayer," Shelby spokesman Jonathan Graffeo said in an e-mail.
At least one Democrat was sympathetic to that argument. Sen. Tom Carper, D-Del., said he supports a six-to eight-month extension for the loan limit to prevent sapping momentum for a bill overhauling regulation of the companies.
Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, told reporters at a briefing with Treasury Secretary Henry Paulson on Friday that he plans to move forward with a bill to strengthen regulation of Fannie and Freddie.
The two companies were created by Congress to pump money into the home-mortgage market by buying home loans from banks and other lenders and bundling them into securities for sale on Wall Street. Together they hold or guarantee about $4.9 trillion in home-mortgage debt.
The government agency that regulates Fannie and Freddie, the Office of Federal Housing Enterprise Oversight, said in a statement Thursday that raising the limits for Fannie and Freddie without providing stronger government oversight "would be a mistake." Fannie and Freddie both support the change.
While Senate leaders want to send the economic stimulus package to the White House by Feb. 15 for President Bush s signature, Democrats were considering adding more spending for the unemployed, food stamp recipients and states suffering budget crunches. If Democrats push for changes, that could give Republicans a chance to do so as well.
President Bush urged Congress on Friday to quickly pass an economic stimulus package void of extraneous spending, saying only quick action will kickstart the sputtering economy. "I strongly believe it would be a mistake to delay or derail this bill," Bush said.
Shares of Fannie Mae fell $2.39 or 7 percent, to close at $31.80, while shares of Freddie Mac fell $2.42, or 7.6 percent, to close at $29.58, as investors worried about the companies risks from rising mortgage defaults.
Nevertheless, Banc of America Securities analyst Robert Lacoursiere said in a research report Friday that Fannie and Freddie "are positioned to benefit" from higher loan caps. "The current stock prices reflect greater (mortgage losses) than will ultimately be realized," he said.
----
Associated Press Writer Andrew Taylor contributed to this report.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM

Consumers at heart of stimulus plan

ST. LOUIS (AP) - The success of the federal $150 billion emergency economic stimulus plan will hinge on whether American consumers do what they do best -- spend, spend, spend.
The stimulus has been debated in Washington for more than a week as the economic outlook worsened, and now Americans are armed with specifics: Individuals will get up to $600, working couples $1,200 and those with children $300 more per child.
President Bush and leaders in Congress hope people will spend those rebates -- a flat-screen television, maybe, or a trip to Disneyland -- to help revive an economy sagging from bad mortgage lending and a lack of confidence in the stock market.
One problem: The spending habits of Americans, many of whom used the rising value of their homes during the real-estate boom like a piggy bank, may be changing as housing prices tumble and credit dries up.
So many consumers, like Jennifer Galligos of St. Louis, may put the money into savings or use it to pay down debt instead. The 24-year-old accountant is married and has a 5-year-old son, so she and her husband could get up to $1,500 in rebate money.
"I d probably put something like that in a CD or another investment," Galligos said during her lunch break Friday. "It s not often that I get a chance to save something."
The National Foundation for Credit Counseling urged consumers Friday to use the money to pay down debt and past-due bills. But the group also recommended spending the money on home repairs or remodeling that might cut down on future energy bills.
The stimulus package isn t a done deal yet. While approved by Bush and leaders in the House, it goes to the House floor for full approval next week, and later to the Senate. Democrats there are already promising to try to amend it.
Consumer spending accounts for roughly 70 percent of the U.S. economy, so putting money in the hands of shoppers is an easy way to boost economic output -- at least in the short run.
"I think it will have a positive effect -- I think it s a good package. But I don t think it s going to be enough to avoid a recession," said Steve Fazzari, a professor of economics at Washington University in St. Louis.
The rebate isn t likely to create the kind of broad economic resurgence that happened after the recession of 2001, Fazzari said. Historically low interest rates then created a boom in home refinancing. That put more money in consumers pockets and lowered mortgage payments. But most home owners have already refinanced, and tightening credit markets make another mortgage bonanza unlikely, he said.
"I expect that there ll be some spending out of this rebate. But it s true that households are going to be facing a tougher financial position at any time since the early 1980s," Fazzari said.
There s evidence that much of the rebate could find its way into cash registers, even if it s not immediate.
When similar rebates of about $300 per person were paid out in 2001, two-thirds of the cash was spent within six months, according to one paper published by the National Bureau of Economic Research, a private research group that serves as the national arbiter on such matters.
Tom Wirtz, an information technology manager from Pewaukee, Wis., has five kids between the ages of 5 and 16 as well as a 19-year-old. Describing his current financial situation as "comfortable," he said he plans to save half of his $2,700 check and use the rest for home improvements.
"I support it," Wirtz said of the rebate plan. "It s a good way to stimulate the economy and return money to the people who earned it."
In Salt Lake City, Munn Powell is used to funding a family of six on a bit of an economic roller coaster. A self-employed videographer, his income varies yearly and usually drops when times get tough.
"After 9-11, it was a measurable drop," said Munn, 37, who s a father to 3-year-old twins, a 6-year-old boy and an 8-year-old girl.
Under the Bush stimulus plan, the family would qualify for about $2,400. Munn says he hasn t discussed a possible rebate with his wife of 12 years, Cristy, but said the family has a fairly set financial plan.
"I imagine we d be somewhat conservative with any little windfall," said Munn, who just finished a spending splurge remodeling his basement. "Honestly, it s probably going to back into our reserves. That s probably not what Bush is hoping for."
Associated Press writers Dinesh Ramde in Milwaukee and Jennifer Dobner in Salt Lake City contributed to this report.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM

Families using food stamps rises in Iowa

DES MOINES, Iowa (AP) - The number of households on food stamps more than doubled since 2000 as did the amount of money spent on the federally funded food assistance program, state officials said.
In 2000 the average number of households each month on food stamps was 52,785. The annual cost of the program was $100.8 million. Last year the number of households grew to 109,652 and the annual cost of the program ballooned to $273.2 million, according to Iowa Department of Human Services figures.
The state Bureau of Research and Statistics released figures Friday.
The report shows dramatic increases in the number of households and the number of individuals using food stamps. An average of 241,340 individuals received food stamps each month last year, about 48 percent more than the 124,384 that received the benefits in 2000.
The average benefit paid monthly to each recipient also increased from $67.50 in 2000 to $94.34 last year, a 28 percent increase.
Iowa Department of Human Services spokesman Roger Munns attributed much of the growth to a number of changes in the food assistance program that makes application and use easier.
In 2003, Iowa did away with the paper coupons removing the stigma once associated with standing in a grocery line counting and handing over paper food stamps. Now, users have a plastic card that they swipe through credit card machines at grocery stores.
"It permits a food stamp customer to appear like anyone else running a debit card through the machine," Munns said. "Before, when you pulled out the coupons you advertised to the world, I am poor. That was a barrier to some people applying."
The plastic cards also ended food stamps thefts and the inefficiency of printing and mailing the coupons.
The DHS also eliminated monthly reporting and now requires recipients to document job status and other qualifying factors every six months.
In addition, the department simplified application forms and allows recipients to apply through a toll-free telephone number or on the Internet. Previously, applicants had to go to a county DHS office to apply in person.
Munns said he believes much of the increased participation is due to the changes and effort to get as many eligible recipients signed up.
"The government has decided that it is a good public policy not to have hunger. Until that policy is changed, we re going to do our best to administer the law," Munns said. "You can argue whether there ought to be a program, but that s beyond our scope. What we know is that this program exists and it is our job to be as efficient as possible in delivering it."
Increased food assistance use echoes recently released statistics that shows poverty on the rise in Iowa.
From 2000 to 2005, the state s poor population increased to 10.8 percent from 8.3 percent, according to U.S. Census Bureau figures released earlier this month.
In addition, median incomes were up 7.8 percent in Iowa over the five years, while inflation rose about 13 percent. Iowa s median income of $43,610 in 2005 needed to be $4,000 higher to keep pace with inflation. Child poverty in Iowa was up 29 percent to 97,700 children.
A report released last July by the Drake University Agriculture Law Center showed that about 11 percent of Iowa households had low food security in 2003-2005, compared with 8 percent in 1996-1998. Those households describing their situation as very low food security rose from 2.6 percent to 3.5 percent for the same period.
Low food security was defined as a limited or uncertain availability of nutritionally adequate and safe food or uncertain availability to get food in socially acceptable ways. Very low food security was defined in the report as the recurrent and involuntary lack of access to food.
Mike Owen, a spokesman for the Iowa Policy Project, in Iowa City, a nonprofit think tank, said the trends indicate more Iowans are finding it harder to keep up financially.
"If you look across other measures you can see that poverty is up, lack of health insurance is up and food insecurity is up," he said. "This would indicate there are growing numbers of Iowa families that are finding it harder and harder to make ends meet."
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM

Lawmakers lay into UK authorities for Northern Rock fiasco

LONDON (Thomson Financial) - An influential group of MPs today laid into the three UK authorities in charge of financial stability for failing their duties during the Northern Rock crisis last summer and called for wide ranging reforms, including a new post at the Bank of England.
The cross party Treasury Select Committee said the Treasury, Bank of England and Financial Services Authority were all found wanting when the UK s 6th largest bank got into difficulties and that their shortcomings contributed to the first run on a UK bank since Victorian times.
"There was a significant failure of the Triparties arrangements in September 2007, and lessons must be learned from that failure," the MPs said.
The committee is now recommending a "radical shake-up" at both the BoE and FSA to better protect the UK s financial stability. It recommends a new office of Deputy Governor of the Bank of England and Head of Financial Stability is established to handle failing banks and take responsibility for a new deposit protection fund.
At present the BoE has two deputy governors, one specifically in charge of financial stability, currently held by John Gieve who also sits of the Board of the FSA.
It is not clear how any new office will affect the status quo but it is worth noting that Gieve came in for some severe criticism during his appearance before the committee and was accused of sleeping at the wheel while the Northern Rock fiasco unfolded.
The committee s chairman, John McFall told Thomson Financial News that how the new role is established should be down to a management review of the system currently in place and added that he does not know how it will eventually affect Gieve.
"There is a need for creative tension within the regulatory system and so these powers and responsibilities should not be granted to the Financial Services Authority," the committee said.
In the words of the Committee s chairman, John McFall: "This individual should be one of the principal channels of advice to the Chancellor of the Exchequer on financial stability."
This new position would also exercise new regulatory powers relating to banks, effectively circumventing the FSA.
Indeed, the FSA came in for some of the harshest criticism.
The MPs deemed that while Northern Rock s directors were the main reason behind its failure, the FSA "systematically failed in its regulatory duty to ensure that Northern Rock would not pose a systemic risk".
However once the Tripartite Authorities took control of the situation they failed to properly coordinate how the situation was handled.
"A key weakness of the Tripartie authorities was the failure, or absence of, a coherent communications strategy," they said.
The MPs said planning must be clear enough to show who will speak on behalf of the authorities if a similar situation re-emerges.
"A strong coordinating influence form one office will surely help this," said McFall.
The committee also said the authorities did not prepare properly for the public announcement that Northern Rock needed an emergency loan from the BoE, and should have made the announcement much earlier.
They also said there was insufficient planning for the announcement that the government would guarantee Northern Rock deposits, which was the key to eventually ending the run on the bank.
In order to prevent such an event occurring again, the MPs recommend a simple and transparent deposit protection scheme, to be funded by participating banks.
Additionally, the committee s chairman, McFall, himself a member of ruling Labour party, issued this warning to the government:
"If the government wants a fair wind for their reforms to the Tripartite arrangements in parliament, they must take seriously the cross-party recommendations in this report, which represent the will of parliament." "The report removes party politicking from an issue which affects every citizen each and every time they use the services of a bank," added McFall. rachel.armstrong; sivakumar.sithraputhran@thomson.com rar/ss/ajb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

NY Fed issues subprime mortgage figures

ALBANY, N.Y. (AP) - The subprime mortgage meltdown is taking a toll in New York, with New York City and Long Island feeling the brunt, according to data released Friday.
Overall, the average rate of subprime mortgage foreclosures throughout the state is 9.7 percent, according to figures from the Federal Reserve Bank of New York.
That s about 2 percentage points above the national average, said Richard Deitz, a senior economist at the bank s Buffalo branch.
However, with the exception of certain pockets -- including the mid-Hudson Valley and the Capital District -- the foreclosure rate in upstate has generally been about 2 percentage points below the national average. That includes the major metropolitan areas of Buffalo, Rochester and Syracuse, Deitz said.
"Upstate just didn t have much of a housing boom," Deitz said. "It didn t catch much of the upside and probably isn t catching as much of the downside."
Subprime mortgages are a class of loans for borrowers with low credit ratings that became popular during the torrid housing market of the early 2000s. They typically have higher interest rates or rates that start low and then adjust to a higher rate after a fixed period of time.
Lately there has been a growing number of subprime mortgage defaults amid a cooling market that is leaving some buyers stuck with balances exceeding the worth of their home and others who had low introductory interest rates now facing higher rates they can t afford.
The figures released Friday show that there are 141,934 subprime loans for owner occupied houses statewide.
The zip code with the highest number of subprime loans covers parts of Canarsie and Flatlands in Brooklyn. Of the 1,930 subprime mortgages sold for homes there, 12.2 percent are in foreclosure, according to the bank s figures.
Brentwood on Long Island has the second highest number, with 1,782 loans and a 12.5 percent foreclosure rate. Bay Shore is third, with 1,484 loans and a 13.4 percent foreclosure rate.
Walker Valley in Ulster County shows the highest foreclosure rate, 57.1 percent, but that only accounts for seven mortgages. Other upstate communities show high foreclosure rates -- including Ashland in Greene County at 50 percent -- on relatively small numbers of loans.
Gene Tricozzi, president of the New York Association of Mortgage Brokers, said New York and Long Island have been harder hit because housing values there rose much more sharply than the rest of the state.
"We just didn t see that kind of appreciation in most other parts of the state," he said.
Lenders also have been tightening their standards, making it more difficult for borrowers who might be in over their heads to find buyers -- particularly on Long Island, where most lenders now require 10 percent down payments rather than the 5 percent they previously had accepted, Tricozzi said.
That s making it difficult for homeowners who want to get out of their mortgages to find buyers, he said.
The bank also released subprime mortgage default figures for New Jersey and Connecticut on Friday. They show an average foreclosure rate of about 8 percent in New Jersey and about 7 percent in Connecticut.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM

EconoLog

NEW YORK (AP) - Is the U.S. economy slipping into recession? Economists, analysts and investors are increasingly recognizing the possibility. Following are some comments Friday assessing the state of the economy, and what may happen if it slides into a recession:
-- Caterpillar Inc. said a recession "seems to be taking place." The industrial and construction equipment maker said even without a recession, it expects North American sales to "remain depressed" this year.
The company said it expects the federal government and the Federal Reserve to shepherd a recovery in the economy by cutting interest rates or taking other measures. If the government takes appropriate action, the company said this year could mark the "bottom of this U.S. machinery cycle."
-- Canaccord Adams analyst Richard Wyman attributed a resurgence in oil prices to abating fears of a recession, tempered by the federal government s $150 billion "stimulus package."
"Fears of an economic slowdown began to diminish after the announcement," he said.
-- In a report on W.W. Grainger Inc., Goldman Sachs analysts said the company is at risk of losing some profit over the next six months, in light of the firm s expectation for a mild, six-month recession.
-- "While the U.S. economy may already be in recession or heading toward one, many of Ametek Inc. s end-markets continue to appear to have legs, " an Oppenheimer note on the electronic instruments manufacturer said.
-- Bear Stearns analyst Gurinder Kalra cut estimates on most chip companies to "reflect the macroeconomic headwinds."
-- A Banc of America report on the chemicals sector, titled "What Recession?", observed that "if we are in a nascent U.S. recession, most chemical producers are not feeling it."
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. MMMM

Lawmakers lay into UK authorities for Northern Rock fiasco

LONDON (Thomson Financial) - An influential group of MPs today laid into the three UK authorities in charge of financial stability for failing their duties during the Northern Rock crisis last summer and called for wide ranging reforms, including a new post at the Bank of England.The cross party Treasury Select Committee said the Treasury, Bank of England and Financial Services Authority were all found wanting when the UK s 6th largest bank got into difficulties and that their shortcomings contributed to the first run on a UK bank since Victorian times. "There was a significant failure of the Triparties arrangements in September 2007, and lessons must be learned from that failure," the MPs said. The committee is now recommending a "radical shake-up" at both the BoE and FSA to better protect the UK s financial stability. It recommends a new office of Deputy Governor of the Bank of England and Head of Financial Stability is established to handle failing banks and take responsibility for a new deposit protection fund.At present the BoE has two deputy governors, one specifically in charge of financial stability, currently held by John Gieve who also sits of the Board of the FSA.It is not clear how any new office will affect the status quo but it is worth noting that Gieve came in for some severe criticism during his appearance before the committee and was accused of sleeping at the wheel while the Northern Rock fiasco unfolded.The committee s chairman, John McFall told Thomson Financial News that how the new role is established should be down to a management review of the system currently in place and added that he does not know how it will eventually affect Gieve. "There is a need for creative tension within the regulatory system and so these powers and responsibilities should not be granted to the Financial Services Authority," the committee said. In the words of the Committee s chairman, John McFall: "This individual should be one of the principal channels of advice to the Chancellor of the Exchequer on financial stability."This new position would also exercise new regulatory powers relating to banks, effectively circumventing the FSA. Indeed, the FSA came in for some of the harshest criticism. The MPs deemed that while Northern Rock s directors were the main reason behind its failure, the FSA "systematically failed in its regulatory duty to ensure that Northern Rock would not pose a systemic risk".However once the Tripartite Authorities took control of the situation they failed to properly coordinate how the situation was handled."A key weakness of the Tripartie authorities was the failure, or absence of, a coherent communications strategy," they said.The MPs said planning must be clear enough to show who will speak on behalf of the authorities if a similar situation re-emerges. "A strong coordinating influence form one office will surely help this," said McFall.The committee also said the authorities did not prepare properly for the public announcement that Northern Rock needed an emergency loan from the BoE, and should have made the announcement much earlier. They also said there was insufficient planning for the announcement that the government would guarantee Northern Rock deposits, which was the key to eventually ending the run on the bank.In order to prevent such an event occurring again, the MPs recommend a simple and transparent deposit protection scheme, to be funded by participating banks.Additionally, the committee s chairman, McFall, himself a member of ruling Labour party, issued this warning to the government:"If the government wants a fair wind for their reforms to the Tripartite arrangements in parliament, they must take seriously the cross-party recommendations in this report, which represent the will of parliament." "The report removes party politicking from an issue which affects every citizen each and every time they use the services of a bank," added McFall. rachel.armstrong; sivakumar.sithraputhran@thomson.com rar/ss/ajb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM

小本創業 小生意起步必讀

在你開始一帆風順的航行前，你也許正面臨著巨大的風險——處在充滿風暴的海上。 　　我衷心地祝福你，同時一如既往地支持你，並且全程向你提供我的幫助：「起步」是由9個部



分組成的一份商業計劃指南。它會在你的生意中幫你進行一個合理的開始。


「起步」：9步商業計劃
1、產品、服務和業務描述；
2、發現你的顧客；
3、市場調查；
4、競爭分析；
5、資金支持；
6、管理並駕馭你的團隊；
7、市場計劃；
8、退出策略；
9、執行總結。

當我開車回家時，一個路牌廣告強烈地吸引了我的目光——「進行計劃就是計劃的進行」。多好的總結！
產品、服務和業務描述
很顯然，為了有生意，你必須賣一些東西並且要「掙錢」。如果你不這麼做，你的事業不會長久。
朋友，你知道你打算賣什麼嗎？
如果你不知道，想想吧，這可是個大問題——你的生意的起點！
當你發現一些東西你認為能夠或可以滿足你個人和生意的目標時，那就是時候趕緊坐下來，掏出你的筆寫下你的「生意描述」，想一想你決定提供什麼，並且請你回答下面的幾個問題：
1、你是誰：你有什麼樣的能力？這項生意的什麼部分，你能比其他人或其他公司做得更好？什麼地方你還行，但並不傑出？最後，你的生意的弱點是什麼？是可以被補救，還是只能另外找人去經營。你應該專心致力於生意的核心，很簡單，那才是你「掙錢」的地方，而讓那些什麼員工花名冊、工資表、利潤盈虧表、稅務問題等「雜務」盡量遠離你，把它們留給你的財務專家吧。
2、你有些什麼資源：是你的技能、經驗，還是教育程度？誰能幫你？你有些什麼樣的資產和收入？
3、你的產品是什麼樣的：或者你提供的是什麼樣的服務？朋友，寫一個吧，寫一個全面的有關你要賣的東西的描述。這並不費事，只是別太懶。
4、你的顧客怎樣知道並瞭解你的產品和服務：你向他們提供什麼樣的產品質量、速度？你是打算向所有的人提供你的產品和服務，還是只向特定目標客戶提供？
5、你計劃為你的產品或服務定什麼樣的價：是高級產品定「高級」價格，還是大眾市場產品提供目前同類產品和服務的「行價」？你準備同你的競爭對手打「價格戰」嗎？
6、誰需要你的產品和服務：為什麼你的產品或服務能比當前的產品或服務更能滿足客戶的需求？
7、寫下有關你的行業的概述：
8、你的公司是什麼樣的：或者它會是什麼樣的？
9、為什麼你的生意會成功：
怎麼樣，朋友，以上的問題看起來不過2頁紙，但是它卻濃縮了你的產品或服務的全部。一部分呢，是關於你提供的產品或服務的描述；而另一部分，則是有關怎樣開展你的生意的。
好了，朋友，到此，這一節也就差不多了。如果你清楚地知道你的生意，你應該能在2小時以內，或者更少的時間裡，對以上問題給出你清楚、簡潔的答案。如果你不能的話……
我也沒什麼多的說什麼。
朋友，是時候想想這些問題了……
這部分的「地基」工作會非常有效地減少你的生意風險，並且為你獲得更高的商業利潤和更令人愉快的經營過程，以及有效的商業活動，提供強有力的支撐。

走佬網存創業指南手冊

這是我花了六年經驗總結出來的 , 給有興趣出黎攪走佬呃錢網存的人作個參考 ,未完的 , 因為這種人永遠都死唔哂 !!無論係人好 , 係狗好 , 無一例外地都要吃東西 , 自然就要錢 ,無任何東西好得過出黎呃錢 , 不勞而獲係人都想 ,唔敢去偷唔敢去搶 , 而出黎做走佬呃錢網存絕對係可以口響響 !!

一. 條件篇=============================================================
先說說成立走佬網存的條件，要注意的是，我在這裡列出的條件已經是必需的了，只要您有一點不附合條件，那請你必需先努力把條件達成。以下是必需條件:有一個個人名義的銀行帳號 , 最好越多銀行越好 , 方便呃擁有不同銀行戶口的人的錢 !夠狠夠賤 , 呃錢過程絕不能手軟 , 呃錢之後絕不回頭 !不可以有良知及良心 , 但要明白什麼是良知及良心 !!懂得一切免費網存申請之方法及連結 !!懂得捉心理 , 人總愛便宜 , 也知道便宜沒有好貨 , 但永遠都會貪便宜而令自己陷入困擾的 !!態度要誠懇 , 要時刻抱著受騙者就是上帝的心態 !!以下是非必要條件:最好是學生 !!最好是夠貪錢 !!資金方面 , 是不必要的 , 最低的成本就是零成本 ,申請一些免費的空間賣給別人即可 !!WARNING !!!!!本人建議所有走佬網存盡可能不要申請商業登記 , 因為隨時走佬不成反而坐牢 !!題外話：為什麼不購買主機使用主機寄存或租主機來經營走佬網存 ?嗯....這個問題也許會有一些人會問到....原因其實是因為既然選擇得做出一些埋沒良心的事 ,就應該做得狠一點盡一點 , 反正都一定會有報應 , 亦都一定要接受的了 !!

二. 準備篇=============================================================
網址的選擇：在說網址的選擇之前，先看看一些曾經走佬網存商的網址(域名)：01HK.HKCCK.HK338HOST.COM可以看到 , 他們都是用英文數字組成域名 , 沒有用中文字的 ,由於英文數字域名易於登記 , 登記易走佬也易 , 就算登記 .HK 也不要登記 .COM.HK 或 .NET.HK因為是需要商業登記及 PNETS 牌照的 , 攪咁多野先去走佬 , 費時失事 !網站的設計:其實唔洗講都知了 , 不過而家再白痴地講多次1, 其實沒有什麼網頁需要設計 , 反正都係乜都唔識準備出黎呃錢 , 玩幾個月貨仔 , 攪黎費事失事 !!2, 如果你真係一定要整個網頁出黎覺得易呃 D , 上Google大神 打 "模板" ，會搵到一大堆，抄定幾個留底 , 方便下次換名果陣即時有得用 !!

將陣列的值由小到大排序

asort
將陣列的值由小到大排序。
void asort(array array);

將陣列的值由大到小排序

arsort
將陣列的值由大到小排序。
void arsort(array array);

讓使用者自訂函數能處理陣列中的每一個元素

array_walk
讓使用者自訂函數能處理陣列中的每一個元素。
int array_walk(array arr, string func);

建立一個新的陣列

array
建立一個新的陣列。
array array(...);

完成阿帕契伺服器的子請求 (sub-request)

virtual
完成阿帕契伺服器的子請求 (sub-request)。
int virtual(string filename);

獲得所有 HTTP 變數值

getallheaders
獲得所有 HTTP 變數值。
array getallheaders(void);

獲得及設定阿帕契伺服器的請求紀錄

apache_note
獲得及設定阿帕契伺服器的請求紀錄。
string apache_note(string note_name, string [note_value]);

獲得所有的 URI 相關資訊

apache_lookup_uri
獲得所有的 URI 相關資訊。
class apache_lookup_uri(string filename);

撤消當前交易

ada_rollback
撤消當前交易。
int ada_rollback(int connection_id);

傳回 HTML 表格資料

ada_resultall
傳回 HTML 表格資料。
int ada_resultall(int result_id, string [format]);

取得傳回資料

ada_result
取得傳回資料。
string ada_result(int result_id, mixed field);

取得傳回列數目

ada_numrows
取得傳回列數目。
int ada_numrows(int result_id);

取得欄位數目

ada_numfields
取得欄位數目。
int ada_numfields(int result_id);

釋出傳回資料的記憶體

ada_freeresult
釋出傳回資料的記憶體。
int ada_freeresult(int result_id);

取得欄位資料形態

ada_fieldtype
取得欄位資料形態
string ada_fieldtype(int result_id, int field_number);

取得欄位名稱

ada_fieldname
取得欄位名稱。
string ada_fieldname(int result_id, int field_number);

取得傳回一列

ada_fetchrow
取得傳回一列。
int ada_fetchrow(int result_id, int [row_number]);

執行 SQL 指令

ada_exec
執行 SQL 指令。
int ada_exec(int connection_id, string query);

連結至 Adabas D 資料庫

ada_connect
連結至 Adabas D 資料庫。
int ada_connect(string dsn, string user, string password);

更動 Adabas D 資料庫

ada_commit
更動 Adabas D 資料庫。
int ada_commit(int connection_id);

關閉 Adabas D 連結

ada_close
關閉 Adabas D 連結。
void ada_close(int connection_id);

開關自動更動功能

ada_autocommit
開關自動更動功能。
int ada_autocommit(int connection_id, int [OnOff]);

取得資料庫的傳回列

ada_afetch
取得資料庫的傳回列。
int ada_afetch(int result_id, int rownumber, array result_array);

提供許多網頁製作Script網站

Dynamic Drive DHTML(dynamic html) & JavaScript code library
http://www.dynamicdrive.com/

溫開水治百病

有一位治癌專家說：「避免癌症的最佳方法，就是一年到頭都喝溫開水。」我們的身體必須消耗極大的能量，才能將喝下的冰飲料溫暖至正常體溫（攝氏三十六度半），如此一來整體的免疫力自然遽降了。所以如果您常喝冰飲料，建議您，將飲料退冰半小時或改喝常溫白開水。


☆您最近猛打噴嚏猛咳嗽嗎？

季節變換時，由於外在的溫差、濕度，以及個人飲食生活習慣的不規律，使得體內潮濕、氣血循環變弱，致使免疫力下降，很容易引發呼吸系統的病變，如咳嗽、鼻子過敏、打噴嚏、流鼻血不止、鼻塞、頭昏腦脹等毛病，不過只要讓您塵封已久的身體做些伸展的柔軟操就可以改善喔！


☆晨起睡前做柔軟體操

早睡早起，晨起睡前做柔軟體操五到十分鍾，不僅可以鍛鍊出強健的筋骨，亦可清除體內的濕氣、寒氣或濕熱。絕對不要熬夜晚睡，那可是會將您的免疫力降低高達百分之十的。


☆咳嗽時怎麼辦？

咳嗽時，我們可以握拳，以拳頭的上方敲打胸部的左上角及右上角；此乃肺部的頂端，輕輕拍打此處六十下，敲打中喉嚨會癢癢的然後產生咳嗽，這就是清出髒東西的症狀。記得左右兩邊都要敲，可每日多敲幾遍。尤其騎車或上下班時間回到屋內，更應馬上敲打，以清理肺中污染的空氣。


☆鼻子過敏時？

鼻過敏時，雙手同時按摩後腦袋五分鍾，喝熱杏仁茶，或大步快走半小時，或洗澡時以較熱的熱水沖後頸部數分鍾。

喝豆漿別犯五種錯誤

豆漿，大家都愛喝、常喝，可是別犯下面五種錯誤，才能更好地為健康加分：

錯誤一：空腹喝豆漿

如果空腹喝豆漿，豆漿裏的蛋白質大多會在人體內轉化為熱量而被消耗掉，營養就會大打折扣，因此喝豆漿時最好吃些麵包、饅頭等澱粉類食品。
另外，喝完豆漿後還應吃些水果，因為豆漿中含鐵量高，配以水果可以促進人體對鐵的吸收。

錯誤二：往豆漿裡加個蛋

豆漿中不能加蛋，因為蛋清會與豆漿裏的胰蛋白結合，產生不易被人體吸收的物質。

錯誤三：豆漿男女老幼人人都適宜

豆漿性平偏寒，常會反胃、腹瀉、腹脹的人，以及夜間頻尿的人，均不宜飲用豆漿。
另外，豆漿中的「嘌呤」含量高，痛風病人也不宜飲用……

錯誤四：自己動手做豆漿，豆漿只要加熱就行了

喝未煮熟的豆漿會中毒，因為生豆漿中含有皂素、胰蛋白抑制物等有害物質，未煮熟就飲用不僅會難以消化，而且還會出現噁心、嘔吐和腹瀉等中毒症狀。

錯誤五：豆漿喝不完可以用保溫瓶儲存起來

不要用保溫瓶儲存豆漿。豆漿裝在保溫瓶內，會使瓶裏的細菌在溫度適宜的條件下，將豆漿作為養料而大量繁殖，經過3～4小時，就會讓豆漿酸敗變質。

46個 冷 知 識

1... 常吃宵夜.會得胃癌.因為胃得不到休息

2... 一個星期只能吃四顆蛋.吃太多.對身體不好

3... 雞屁股含有致癌物,不要吃較好

4... 飯後吃水果是錯誤的觀念.應是飯前吃水果

5... 女生月經來時.不要喝綠茶.反正茶類不要喝就對了.多吃可以補血的東西

6... 喝豆漿時不要加雞蛋及糖.也不要喝太多

7... 空腹時不要吃蕃茄,最好飯後吃

8... 早上醒來.先喝一杯水.預防結石

9... 睡前三小時不要吃東西.會胖

10.. 少喝奶茶.因為高熱量.高油.沒有營養價值可言.長期飲用.易罹患高血壓.糖尿病.等疾病

11.. 剛出爐的麵包不宜馬上食用

12.. 遠離充電座.人體應遠離30公分以上.切忌放在床邊

13.. 天天喝水八大杯

14.. 每天十杯水.膀胱癌不會來

15.. 白天多喝水.晚上少喝水

16.. 一天不要喝兩杯以上的咖啡.喝太多易導致失眠,胃痛

17.. 多油脂的食物少吃.因為得花5~7小時去消化,並使腦中血液 集中到腸胃.易昏昏欲睡

18.. 下午五點後.大餐少少吃,因為五點後身體不需那麼多能量

19.. 10種吃了會快樂的食物:深海魚,香蕉,葡萄柚,全麥麵包,菠菜,大蒜,南瓜,低脂牛奶,雞肉,櫻桃

20.. 睡眠不足會變笨,一天須八小時睡眠,有午睡習慣較不會老

21.. 最佳睡眠時間是在晚上10點~清晨6點

22.. 每天喝酒不要超過一杯,因為酒精會抑制製造抗體的B細胞,增加細菌感染的機會

23.. 服用膠囊應以冷水吞服(可以第一個吃),睡前30分先服葯.忌立即躺下

24.. 酸梅具防止老化作用,青春永駐;肝火有毛病者宜多食用

25.. 掉髮因素:熬夜,壓力,菸酒,香雞排.麻辣鍋.油膩食物.調味過重的料理

26.. 幫助頭髮生長:多食用包心菜,蛋.豆類;少吃甜食(尤其是果糖

27.. 每天一杯檸檬汁,柳橙汁.不但可以美白還可以淡化黑斑

28.. 蘋果是機車族、癮君子、家庭主婦的常備良葯，一天一顆，才能讓自己有個乾乾淨淨的肺

29.. 抽煙又吃維他命(B胡蘿蔔素-A維他命的一種),會致癌,儘早戒煙.才是最健康的做法

30.. 女性不宜喝茶的五個時期:月經來時,孕婦,臨產前.生產完後,更年期

31.. 抽煙,關係最大的是肺癌,唇癌,舌癌,喉癌,食道癌,也與膀胱癌有關

32.. 飲酒導致肝硬化.引發肝癌

33.. 吃檳榔會導致口腔纖維化,口腔癌

34.. 食物過於精細,缺乏纖維;含大量脂肪,尤其是膽固醇會引發胃癌

35.. 食物過於粗糙,營養不足時導致食道癌,胃癌

36.. 食品中的黃麴毒素.亞硝酸類物皆具有致癌性

37.. 不抽煙.拒吸二手煙

38.. 適量飲酒,不拚久.不醉酒

39.. 減少食用鹽醃.煙薰,燒烤的食物

40.. 每天攝取新鮮的蔬菜與水果

41.. 每天攝取富含高纖維的五穀類及豆類

42.. 每天攝取均衡的飲食,不過量

43 維持理想體重.不過胖

44.. 保持規律的生活與運動

45.. 保持輕鬆愉快的心情

46.. 正確飲食習慣:早上吃的像皇帝,中午吃的像平民,晚上吃的像乞丐

夏天洗冷水澡

夏天炎熱，不少人會洗冷水澡消暑。台大免疫學博士孫安迪表示，洗冷水澡不但消暑且能增強免疫力，可說是「血管體操」，經過持續的鍛鍊，不但夏天可洗，連冬天也能洗，但洗冷水澡有步驟及要注意的禁忌，以免反引起身體不適。

洗冷水澡時，剛開始的1至2分鐘皮膚表面會因冷水收縮變白，血液會往深層的內臟部位流，但洗了2至3分鐘等身體適應後，血液會重新分配，血液再重新回流到皮膚表面，皮膚會逐漸發紅，整個過程就像做血管體操一樣。孫安迪表示，要讓自己習慣洗冷水澡，最好從夏天起鍛鍊，等身體能適應，連冬天都可洗冷水澡。

要先熱身
與運動一樣，要洗冷水澡也要先熱身，可讓身體動一動，或用手搓揉皮膚數分鐘，讓皮膚有點發紅發熱，搓揉時也能做筋絡的按摩。

不宜太長
沖冷水澡到泡冷水浴，整個過程不能太久，約10幾分鐘，最長不要超過半小時，若經常洗冷水澡，身體狀況又不錯，則可採冷熱交替的三溫暖方式，效果會更好，但一定要在身體狀況很好的情況下才能嚐試。

洗後保暖
洗冷水浴除時間不能太長外，洗完後也要馬上裹上浴巾或穿上浴袍，並立即穿好衣服保暖，以免著涼。

先沖四肢
為讓身體慢慢適應冷水，洗冷水澡時，要先沖再泡，沖時也要注意先從手腳四肢開始沖數分鐘後，最後再沖胸部，以免太刺激，身體會受不了。

可加精油
泡冷水澡時間最好不要超過5分鐘，泡澡時可以加上一些精油。孫安迪博士表示，他個人喜歡加上一點薄荷可以讓身體完全地放鬆，晚上洗個冷水澡之後，可立即上床睡覺，便可睡得十分安穩。

不適要停
洗冷水澡的時候，如果覺得很冷且發抖、皮膚持續變白、頭昏等身體不適的情況時，要立即停止，千萬不要逞強。

冷水澡好處

當兵時抽中「金馬獎」，在馬祖當兵的孫安迪博士表示，當時因馬祖熱水缺乏，就養成洗冷水澡習慣，即使是天氣冷到結霜、耳垂都起水泡凍傷，照樣洗冷水澡，也親身體驗洗冷水澡好處多多。

不易感冒
經常感冒免疫力差的人，可多洗冷水澡增加身體耐冷度，提升免疫力。加上血液會往內臟流，可將內臟毒素往外帶，促進內臟新陳代謝。

助眠安神
心跳加快、口乾舌燥會自律神經失調等，洗冷水澡可讓自律神經不亢奮，有助眠安神。

有助消化
洗冷水澡可促進腸胃蠕動，提高消化功能，但飯後半小時內不要洗冷水澡，以免血液快速從胃部流出，易消化不良。

皮膚有彈性
常常洗冷水澡，可以讓血液往皮下組織流動，也可以讓皮膚變得更加柔軟有彈性。

冷水澡禁忌

洗冷水澡對身體很好，但不是每個人都可嚐試，有下列情況，就不要洗冷水澡，而冬天天氣冷，除非已經習慣洗冷水澡或身體十分強壯，否則不要輕易嚐試。

高血壓
有頸部痠痛、頭昏頭痛等高血壓症狀時，不要洗冷水澡，因為洗冷水澡時，血管會急速收縮，使血壓飆高。

心臟病
洗冷水澡時血液急速往心臟衝，會使心臟無法負荷。而肝、腎、肺功能不佳的人，同樣也因器官可能無法負荷，不適合洗冷水澡。

喝完酒
喝酒後，皮膚的毛細孔全開，洗冷水澡時，又會因冷水急速收縮，衝擊太大，會使身體無法承受。

激烈運動後
從事激烈運動時，與喝酒一樣，會因流汗發熱，使皮膚毛細孔全開，立即沖涼，會令身體受不了。

氣血不足
女性在月經、懷孕與生產坐月子期間，因為身體較虛，氣血不足，血液循環差，較不適合洗冷水澡做血管體操。

剛吃飽
吃飯時，血液會往胃部流幫助食物消化，若馬上洗冷水澡，會使血液從胃部流到身體其他內臟，影響消化，要在飯後半小時才能洗冷水澡。

身體不適
感冒發燒或有任何發炎等身體不適時，因身體虛弱，不適合再洗冷水澡。

睡覺時,禁帶五種東西

睡覺時，禁帶６種東西

人的睡眠是最完整、最系統、最有效的休息方法，

也是科學養生的重要內容。

但如果

忽略了睡眠中的一些細小事情，

會對健康不利。

1 戴「錶」睡覺。

有的人喜歡戴著手錶睡覺，

這不僅會縮短手錶的使用壽命，

更不利於健康。

因為手錶

特別是夜光錶有鐳輻射，量雖極微，

但專家認為，長時間的積累可導致不良後果。

2 戴「牙」睡覺。

一些人習慣戴著假牙睡覺，

往往睡夢中不慎將假牙吞入食道，

假牙的鐵鉤可能會刺破食道旁的主動脈弓，

引起大出血甚至危及生命。

因此，戴假牙的人臨睡前最好取下假牙清洗乾淨，

既有利於口腔衛生，又可安全入眠。

3 戴「罩」睡覺。

美國夏威夷文明病研究所通過調查５０００多位女性發現，

每天戴乳罩超過１２個小時的女人，


罹患乳腺癌的可能性比短時間戴或根本不戴的人高出２０倍以上。

女人戴乳罩是為了展示美或保護乳房，

而晚上睡覺就沒有這個必要了。

4 帶「機」睡覺。

有的人為了通話方便，晚上睡覺時將手機放在頭邊。

美國專家詹姆斯·庫克指出，各種電子設備，

如彩電、冰箱、手機等在使用和操作過程中，

都有大量不同波長和頻率的

電磁波釋放出來，

形成一種電子霧，

影響人的神經系統和生理功能的紊亂，

雖然釋放量極微，

但不可不防。

5 帶「妝」睡覺。

有些女性尤其是青年女性，

她們往往在睡覺前懶得卸妝。

須知，帶著殘妝豔容睡覺，

會堵塞你的肌膚毛孔，

造成汗液分泌障礙，

妨礙細胞呼吸，

長時間下去還會誘發粉刺，

損傷容顏。

所以，睡前卸妝洗臉很有必要，

可以及時清除殘妝對顏面的刺激，

讓肌膚得到充分呼吸，

僅可保持皮膚的潤澤，

還有助於早入夢鄉。