World Business: China Economy Slows..Euro News..Asian Leaders Meet

By: AP
By: AP

BEIJING (AP) -- Growth in China's factory production slowed to 8.9 percent in August while the country's retail sales increased at a steady rate.
The National Bureau of Statistics data released Sunday suggests Beijing might need to launch more stimulus efforts to reverse a painful slowdown in the world's second-largest economy.
The year-on-year growth in August factory production was a slowdown from 9.2 percent in July.
The bureay says retail sales rose 13.2 percent year-on-year in August, which was 0.1 percentage point higher than the growth rate in July.

BEIJING (AP) -- China says its inflation rate rose 2 percent in August compared with a year earlier, spurred by a 3.4 percent jump in food prices.
The consumer price index for August accelerated from a 1.8 percent rise in the previous month but was still well below last year's highs.
China's National Bureau of Statistics said Sunday that producer prices fell 3.5 percent year-on-year, compared with a 2.9 percent decline in July.

VLADIVOSTOK, Russia (AP) -- Russia and Japan are moving ahead on a liquefied natural gas project, putting energy cooperation ahead of a longstanding territorial dispute.
Russian oil and gas giant Gazprom says Russian President Vladimir Putin and Japanese Prime Minister Yoshihiko Noda oversaw the signing of a memorandum with Japan's Agency for Natural Resources and Energy on Saturday, on the sidelines of a Pacific Rim summit.
Demand for LNG in Japan, the world's largest importer, has soared with the closures of most of its nuclear power plants following last year's earthquake and tsunami disasters. Russia is keen to increase sales of LNG in the Far East, diversifying away from its traditional markets in Europe.
Alexey Miller, chairman of the Gazprom Management Committee, said Japan was considered a "top priority" for its LNG sales.

Russia seeks to close infrastructure gap with Asia
VLADIVOSTOK, Russia (AP) -- Business leaders gathered for an Asia-Pacific summit say Russia's failure to keep up with its neighbors in building the roads, railways and other infrastructure needed to support growth is costing it dearly, and hindering the regional economy's full potential.
President Vladimir Putin has promised to make the modernization of Russia's infrastructure a priority for the coming years, but the challenges are great.
While China, Japan and South Korea have raced to build high-speed railways, ultra-modern ports and showcase airports -- not all of it needed -- Russia's investment in its resource-rich far eastern regions has lagged behind.

APEC vows to fend off euro woes, clean up finances
VLADIVOSTOK, Russia (AP) -- Pacific Rim leaders have pledged to fend off the damage from the European crisis, by supporting open trade, reforming their economies and strengthening public finances.
The 21-member Asia-Pacific Economic Cooperation forum wrapped up an annual summit in this far eastern Russian seaport Sunday vowing to work together to support growth and restore confidence in shaken financial markets.
Russian President Vladimir Putin described the talks as constructive.
The leaders issued a statement welcoming European leaders' promises to help stabilize the crisis-stricken euro region and warning against "excess volatility" and distortions in financial markets. The APEC leaders said they would work to reduce deficits and imbalances in their countries' own finances.

Official: Italy has no plans to seek ECB help
MILAN (AP) -- Finance Minister Vittorio Grilli says Italy has no plans to apply for the European Central Bank's bond purchase program.
Grilli said on the sidelines of the annual Ambrosetti Forum on Lake Como on Saturday that Italy `'at this moment absolutely does not need" to request help.
The ECB has pledged to buy unlimited amounts of bonds to help bring down borrowing costs in countries struggling to keep up with high debts. But that plan comes with the caveat that nations who want to apply for the program must first ask for existing bailout funds and submit their economic policies to international scrutiny
After the plan was announced on Thursday, Italian Premier Mario Monti said his country `'could need" the help but that the government needed to closely examine the details.

Premier: Painful cuts will restore credibility
THESSALONIKI, Greece (AP) -- Greek Prime Minister Antonis Samaras says the final round of austerity measures contains painful and unjust cuts but is necessary to restore Greece's credibility and continue to receive funding from creditors.
Samaras says "all unjust cuts" will be restored once the economy starts growing again.
Debt-laden Greece is in the fifth year of a deep recession that has seen its economy shrink by 20 percent and the jobless rate soar to 24.4 percent in June. Massive aid from the EU and IMF has helped the country stave off bankruptcy.
Samaras is in the northern Greek city of Thessaloniki to open the International Trade Fair. Three separate protests greeted him, the largest by military and police personnel angry at wage cuts. In Athens, over 2,000 pensioners protested in a peaceful march.

Nissan rolls out Chinese brand's new model
BEIJING (AP) -- Nissan Corp. has unveiled the second model from its new low-priced Chinese brand Venucia following what an executive said was a temporary dip in sales during anti-Japanese protests last month.
Nissan says the compact R50 hatchback will sell for as little as 67,800 yuan ($10,760). It is part of a wave of new models by Japanese, U.S. and European automakers that are aimed at China's growing market outside major cities.
Venucia was created by Nissan and a local partner, Dongfeng Motor Co. First model D50 sedan debuted in April.
Dongfeng's president, Kimiyasu Nakamura, said Nissan suffered a temporary dip in sales when protests erupted Aug. 18-19 over a Beijing-Tokyo dispute about ownership of an uninhabited group of islands in the East China Sea. He said sales have returned to normal.

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