World watch -- WSJ
01 Dezembro 2016 - 6:03AM
Dow Jones News
CHINA
Factory Data Point To Steady Expansion
Two gauges of Chinese factory output suggested that ongoing
fiscal stimulus and rising real-estate sales propped up economic
growth in November, though more of the benefit is flowing to state
companies.
China's official manufacturing purchasing managers index rose to
51.7 last month from October's 51.2, the National Bureau of
Statistics said Thursday. The index has remained above the 50 mark
separating expansion from contraction for four straight months.
A competing gauge, the private Caixin PMI, fell to 50.9 in
November from 51.2 in October, which was a two-plus year high.
Economists say the official data tend to better reflect conditions
at large state-owned companies, while the Caixin measure tend to
track smaller, private firms.
--Mark Magnier
RUSSIA
Putin Appoints Economy Minister
The Kremlin named a new economy minister on Wednesday, after the
official occupying the post was charged with corruption and put
under house arrest earlier in November.
In a televised meeting, Russian President Vladimir Putin
congratulated Maxim Oreshkin, formerly Deputy Finance Minister, on
his new post.
Former Economy Minister Alexey Ulyukayev was detained and
accused of accepting a bribe of $2 million for the privatization of
a midsize oil company in October. The arrest was the
highest-profile detention of a sitting government official since
Mr. Putin came to power in 2000.
GREECE
Eurozone Bailout Fund Proposes Debt Relief
Confidential proposals drawn up by the eurozone's bailout fund
could reduce Greece's debt load by about a fifth in 2060.
A six-page document, dated Nov. 25 and seen by The Wall Street
Journal, was produced by the European Stability Mechanism, the
Luxembourg-based eurozone bailout fund.
The paper proposes to ease Greece's debt load by extending some
maturities and locking in the interest on some of Greece's
loans.
The cumulative impact of these measures in 2060 would cut the
ratio of debt to gross domestic product by 21.8 percentage
points.
A eurozone analysis in May projected debt-to-GDP of 104.9% in
2060, under a baseline scenario in which Greece implements its
bailout program.
An ESM spokesman said the document hasn't yet been endorsed by
eurozone finance ministers and would be discussed at their next
meeting on Dec. 5.
--Viktoria Dendrinou
(END) Dow Jones Newswires
December 01, 2016 02:48 ET (07:48 GMT)
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