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Greek Deputy Finance Minister Succeeds Greek Deputy Finance Minister Boss Picked to Succeed Boss

  ATHENS - The Greek government on Wednesday the deputy finance minister Appointed to run the ministry temporairement After historical boss resigned to lead the country's Socialist party.

Filippos Sachinidis, 48, a Canadian-born economist, Worked Closely With The finance minister form, Evangelos Venizelos, Who resigned Monday, in Greece's second Negotiating Financial bailout, Which was early this month approuvé.

He is To Be finance minister general elections Until, Which are Expected in late April or early May, the prime minister's office said.

Mr. Sachinidis WAS Widely Expected to get the job. He Was In The deputy finance minister previous Socialist government of George A. Papandreou year and adviser in the office of Another first Socialist Costas Simitis, from 2000-through 2004.  

Local news media speculated That HAD Prime Minister Lucas D. Papademos might take on the task, In The Manner Of historical Italian counterpart, Mario Monti. The interior minister, Tassos Yiannitsis, a veteran Socialist, aussi WAS Mentioned.

Goal with elections looming, Mr. Venizelos's trusted aid WAS Apparently Regarded as a safer bet.

Mr. Sachinidis WAS sworn in Wednesday afternoon here.

Speaking Tuesday night, Before a vote in Parliament to Approve a new 130 one billion euro, or $ 173 trillion, with foreign Creditors loan deal, Mr payday loan lenders. Sachinidis Said the Country Had No Choice aims to enact the painful austerity Measures Accompanying the aid.

"There Is No Other solution, 'he Told the 300-seat Parliament Before the vote. "If anyone HAS year alternative, let 'em come forward."

The loan deal WAS approuvé with 213 votes, chiefly from the Socialist and Conservative parties in Greece's coalition government. An additional 79 lawmakers voted against-the agreement. The rest abstained.

A Parliamentary vote last month on the terms of the deal - which featured austerity Measures Including Many wage and pension cuts - was Accompanied by huge street protests, violence and looting. A protest in central Athens on Tuesday night, Organized by the country's Communist Party, drew about 4.000 people.

This Article has-been revised to Reflect the Following correction:

Correction: March 21, 2012

An Earlier Version of this article Incorrectly Said That Evangelos Venizelos resigned as finance minister last week. He resigned on Monday.

Greek Deputy Finance Minister Succeeds Greek Deputy Finance Minister Boss Picked to Succeed Boss

Home Prices Fall in Chinese Cities, Report Says

  Home Prices in China posted the worst performance in a year in February, the country's National Bureau of Statistics Said Sunday, with the prices in Almost half of the cities monitored by the government from falling a year ago as China curbs Maintained on the property market.

Prices for new homes Fell in 27 of 70 cities last month from a year Earlier, and Prices Were Unchanged in six cities, the office Said in a statement on Web site icts. That is the worst since, at the start of 2011, the government Began releasing Individual data for 70 cities has INSTEAD of the national average.

Prime Minister Wen Jiabao last week Said That housing Prices Remained far from a 'reasonable level and Called on the government not to let up in efforts to Regulate icts the home Sector. Could the relaxing curbs because chaos in the market, Mr. Wen said. China's two-year campaign to home in kidney Prices HAS Such Measures have included raising mortgage rates and down payments and restricting home purchase in 40 cities.

"China's Home Prices Fell further, aim it Does not Mean There Will Be Any Time loosening a policy soon," Qu Hongbin, a Hong Kong-based economist at HSBC Holdings, in a phone interview with Said guaranteed payday loan. "The government is not worried too much about the impact of property market has Slowing Economic Growth is investment in social housing Because Will still be big."

Home Prices Will need a Meaningful Correction falling by 20 percent to 30 percent from last year's peak Before the government relaxed icts Policies on property, Mr. Qu said.  

Wenzhou, an eastern city, posted the biggest drop for the month, with home Prices Declining 0.5 percent from January and 8 percent from a year Earlier, According To the bureau's data.

Among major cities, Beijing and Shanghai, the Financial Center, Home Prices Fall HAD 0.4 percent last month from a year ago. In the south, Shenzhen Declined 0.2 percent, while Guangzhou rose by 0.3 percent from 2011.

Home Prices Fall in Chinese Cities, Report Says

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Wealth Matters: A Forecast for Low Returns, and Advice for Investors

  THE stock market Seems To Have found icts jogging Lately, not seen since touching Levels early 2008.

So I Was surprised to hear John L. P. Brunel, chief investment officer at GenSpring Family Offices, Tell Me That He Was Preparing customers for a history of low période Sustained investment returns. And further, He Is counseling Those customers - families with Hundreds of millions of dollars - that THEY may Need to Change Their Spend less or estate plan.

If this is historical advice for the wealthy, what does it mean for people with considerably less, Who may for Simply Be retirement saving?

Mr. Brunel Argues That the classic link Among the premium return for cash and bonds over stocks over bonds Holds still, They Are Substantially lower order Because of the low interest rates set by the Federal Reserve.

Here is how it works. The return on cash is Expected Typically the rate of inflation over some real interest rate derived from the That Is central bank sets a rate to Promote growth. The cash return on bonds is more Some additional Amount to account for the duration of the bond. The return on equities is the bond returns over the risk for Some premium associated with stocks.

He Noted That Typically Had a cash return of 4 percent, putting bonds at 6 percent and stocks at 8 to 9 percent. With zero cash Yielding now, that 'HAS Lowered leaps' return to 2.5 to 2 percent to 5 percent and stocks. The problem, as ET Sees It, Is That too many people are stuck on the old numbers.

"I do not want you to read this Into That We Have accurate information on real returns, 'he said. "I could be wrong. It Would not Be The First Time. Purpose whichever way you cut it, the environment is Radically different. "

Sure, the stock market is off to a nice start this year. Purpose aussi 2011 started strong - until the tsunami in Japan and the Arab Uprisings Throughout The world touched off a downward spiral. For the year, the Standard & Poor's 500-stock index finished flat, UNLESS you include dividends, Which put it up 2.1 percent.

We'll find out if Mr. Brunel's gloomy take is right. Purpose In the Meantime, history of low returns forecast is worth thinking through.

LOWER EXPECTATIONS The Consensus Among Other analysts I spoke with Is That Should MOST people plan for single-digit investment returns for a while. That time horizon ran from five to as Many as 20 years, in the case of Jim Russell, regional investment director at US Bank Wealth Management.  

"If we're Able to generate returns Above That, that'sa Good problem to have, 'he said. "Most customers think the worst is over, professional investors think MOST aim the black swan event is possible." (A black swan, a term popularized by the economist Nassim Nicholas Taleb, is the event Unlikely That Too Few people plan for. )

Darrell Cronk, chief investment officer for the Northeast at Wells Fargo Private Bank, Said the outcome for many clients Was The effect of negative real interest rates on Their portfolios. Often this is a hidden problem Because, for example, a 10-year United States Treasury Bond 2295 WAS Paying percent on Friday, purpose core inflation is around 3 percent. In Other Words, owning government bonds Costs investors money.

"Over the past decade or two, we've HAD positive real rates of return," Mr. Cronk said. "We talk about Purchasing Power Risk, scarcity of revenu pour duration and risk portfolios, a negative real goal is a challenging interest rate for the bond market."

Maria Elena Lagomasino, chief executive of GenSpring, Said Were Not Pleased customers with the implications When She TALKED to Them about Mr. Brunel's calculations. "The customers get mad When You Thought we say what WAS true in the past may not Be true in the future," she said Online payday loans. "Maybe it will not happen. Does it aim what if? "

HOW IT ENDS Mr. Brunel's bleakest forecast is in how the ET Believes environment of low investment returns Will End: Global hyperinflation to Reduce Burdens government debt.

Given this gloomy time, ET may well Be overly pessimistic - the flip side of Being overly optimistic When It Seems That Markets Cdn only go up. (Mr. Brunel Said That Even its history WAS rooting Against historical end-game prediction.)

"A lot of our customers are worried about the after-effects of this global liquidity glut and what it Will Be" Said Katie Nixon, chief investment officer for personal financial Services at Northern Trust. "The world is awash in Developed market currencies. You-can inflate your way out of it or you-can grow. "

She falls on the side of slow steady growth goal.

Mr. Cronk Said That the concept of using inflation to deal with too much government debt Was an old one. While ET Agreed That anything WAS possible ET ET aussi Said That Expected moderate inflation and moderate growth in gross domestic product.

"It will not be 5 to 6 percent, a positive goal 2.5 or 3 percent growth rate That Would allow interest rates to move higher, 'he said. "It Would reinflate the value of risk assets so you'd get more normal returns."

That small growth, He Said, probably Will not Quickly Reduce the Unemployment Rate.

SOLUTIONS When, how and if it returns to old traditional assets return Levels is not the immediate outcome. Rather, the issue is how people plan for Should years of low returns, particularly When near retirement may Be.

The Easiest strategy is to Spend less. Purpose telling people to cut back is a conversation have difficulty telling people To Have That got the old model is broken.

"We Do That The day is the day the relationship walks out the door," Mr. Russell said. Instead, clients portfolio simulations shows ET So They Can See what the current return rates mean for the future.  

If predictions are wrong thesis return, the worst That Can Happen is people Have More Money. (Mr. Brunel is more Concerned, He Said, with the overly optimistic return projections That many, Often underfunded, pension funds are making, since They Will Have to pay out a set Amount of money at Some Point.) ..... ... The Other option, Which the analysts I spoke to all Agreed it, is for people to rigorously practice mental accounting - one of the main tenets of behavioral finance. By putting money in buckets: various fictional gold sneakers, People Can Become more comfortable about the money They Have. As long as the money for the next five years is safe, the thinking goes, customers are less apt to touch the money for Meant After That.

Mr. Cronk Suggested That investors Consider a medium-term basketball, Which would Be for Securities That Have year revenu stream. "You Need to Look for in revenu Nontraditional sources - places Where There is growth and Income Streams over time, 'he said. He Said ET HAD beens Recommending real estate investment trusts, master limited partnerships and Dividend-Paying Stocks history for wealthy clients. Purpose thesis are all securities That MOST investors buy Canon.

For the money in the basketball Meant for growth, Mr. Brunel recommended securities That focus on global issues not tied to the economy of Any One Country: consumer demand, The Need for more energy and Technological Innovation.

Of course, this is predicated on long-term view - Ability to year and wait. "Things do recover," Ms. Nixon said. "It just Takes Time."

Wealth Matters: A Forecast for Low Returns, and Advice for Investors

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Pressure Builds on Apple App Store Over Fraud

  In a little over a year hour, Ryan Matthew Pierson racked up $ 437.71 in expenses for virtual currency iTunes ET That Could use to buy guns, nightclubs and cars in iMobster, a popular iPhone game. One problem: Mr. Pierson, a technology writer in Texas, never Played HAS iMobster.

"This was fraud," Said Mr. Pierson, recalling the November incident. "I woke up, checked my email, and i could see happening thesis Purchases in real time."

Mr. Pierson raised the issue with Apple and His bank, and the problem WAS Eventually resolved. Hardly objective historical experience is unique, as reflected by Hundreds of online complaints Saying That Apple's iTunes Store and App Store icts In Particular, Which portrays the company as of the safest shopping environments, is not so secure.

The complaints come from Consumers like Mr. Pierson, Who Say That Their accounts hijacked gold That Have Been Some apps are falsely advertised. They Come from and Creators of apps, Who Say They Are Having to deal with fraudulent Their Purchases That drain time and resources. Software makers complain aussi That competition in the App Store so brutal Become HAS That Many companies resort to Artificially inflating Their popularity rankings to grab attention.

It'sa change for Apple, Which was icts oz Criticized for micromanaging of the App Store. Now the problem is not too much control, but too little.

"This kind of thing just happens Any Time is a platform Successful," Said David Edery, chief executive of Fox Spry, a small software company That sells games in the App Store. "People start flooding into it and it starts to get crazy."

The App Store offers more Than 600.000 applications for iPhones, iPod Touches and iPads, and Already HAS generated billions in revenue for Apple and Its developers. That Makes it Both the best deal going for software makers and Consumers, and a hulking aussi target MANIPULATO For Those looking to cheat the system and people.

Apple has Declined request for interview year, a statement in order Said That It Was working to Enhance security. It Advised Customers Whose payment information beens HAD stolen passwords to Change Their iTunes and Their Financial Institutions to contact.

In the shadowy world of hacking, it's unclear how Often Criminals get iTunes passwords or credit card information. Aim the App Store, and Apple's iTunes Store Broader, Have Become playgrounds for illicit transactions. And the Web is rife with scams App Store. On Chinese online marketplaces, DHgate like Taobao gold, Some sellers are Offering access to iTunes accounts for as little as $ 33. One seller on DHgate, for instance, sold 56 HAS iTunes accounts for less Than $ 35 each, Promising Thousands of dollars in "credit."

There are services to generate That claim codes for iTunes gift cards, forums and explain how to use That prepaid Visa cards to get free App Store Purchases.

The scale of the problem is difficulty to gauge without Apple's cooperation, though anecdotal evidence There Is Widespread, Even on Apple's Own site. On-one Apple support forum, a thread titled "iTunes store account hacked," there are 1.370 Some replies, starting in November 2010 and Extending to Thursday. Last week, More than 100 people on Twitter Who Said They Were iTunes users complained about stolen funds.  

Last month, Daniel Saewitz, a 20-year-old Syracuse University student, WAS charged $ 81 for Purchases related to a Chinese iPhone game. He alerted Apple iTunes password and changed history. Goal 24 hours later, He Said, historical account WAS hacked again. In an e-mail, Apple Said It Was Mr. Saewitz's refunding money, It Was That goal added making icts year exception to usual rules.

For developers, because the big scams Cdn Headaches, eating up resources and Damaging Their reputations. Several game makers in China, where 'Many of the hacks to originate APPEAR, THEY HAD Said Lost Hundreds of Thousands of Dollars Because Of Fraud.

Hoolai Game, a Beijing-based developer Introduced That year iPhone app last year, monthly payments icts Looked at from Apple and found That They Were Roughly 20 to 50 percent less Than the Sum of the daily reports it gets from the company. THEY say Hoolai and others missing payments are Believe thesis fraudulent transactions That Are Wiped Out by Apple no fax cash advance.

More troubling for developers Whose Is That Consumers Have Been Improperly charged accounts Often blame the game makers. The reviews in the App Store for Kingdom Conquest, from the Japanese game giant Sega, incensed include users from Dozens Who accuse Sega of robbing 'em. Sega, Which was Noticed first burst of fraudulent transactions last summer, is still working on the problem, According To Ben Harborne, a brand manager at the company.

"We are very worried about reputation," Said Huang Jian, president of the Hoolai, Who Hopes to Introduce a game in the United States later this year. "We Have No Way To Tell That We're the customer Victims too."

One Successful American game developer, Who spoke on conditions of anonymity for fear of retribution by Apple, Said ET started to notice Discrepancies in payments last summer. The developer team history Said feels HAD multiple e-mails to Apple, That It Had not intended Addressed whether the missing payments Were A result of fraud. Over the last year, the gap amounted to HAS millions of dollars, According To internal documentation provided by the developer.

With little work from Apple, Some Have Affected developers banded together. One Chinese developer, CocoaChina, HAS created alliance of year AntiFraud Roughly a dozen developers.  

While Many Of The Affected Consumers and developers Said THEY fired, return not blame Apple for Their Misfortunes, Nearly all the company Said Could Be more responsive, and Noted That It lacked Even a dedicated phone line to deal with complaints.

"Apple wants to pretend That everything is magic," Said Alex Stamos, co-founder of iSEC Partners, a security firm. "They admitted to Need That Can Be Used Their products by bad people to do bad things."

One problem, Mr. Stamos Said, Is That Customers use a single iTunes account and password to access all Apple services. For example, the Sami login Can Be Used To download a $ 1 game or buy a $ 2,000 laptop-through the Apple App Store. He Said That Could Apple adopt a two-step verification method like Google's. For example, if a user wanted to log in to the iTunes store was new device, Apple Could send a message to iPhone Containing a history code, Which Would ET enter to verify historical identity.

Some App Store problems are the fault of the developers Themselves - Including Those Who Make It Harder for Consumers to the blind trust by cheating the system. The Easiest Ways to find new apps are Apple's Top 25 lists for different categories, including "Most downloaded." Purpose Some Of Those downloads may not Be generated by real people.

Walter Kaman, an independent program, Said He Was disheartened by a phone call from a Service That Offered to put history in the Top 25 game. He Said the promoter, Whom ET Declined to name so as not to Attract Clients to the service, Had Hired Someone to build year army of software "bots" that Automatically download apps Their rankings and drive up. The company wanted $ 5,000 for this service, Said Mr. Kaman, Who Declined.

Mr. Edery history of Spry Fox Said company WAS approached by a firm in October Called GTekna, Which Offered to push icts Into the Top 25 apps for $ 10,000. Chang-Min Pak, GTekna's chief executive, Said interview this year in Week That stopped it sa situation Offering Service Because Apple developers in February Reminded That It Was not allowed.

Then There Are The Customers Who Have Been downloading apps tricked Into That Are not What They Seem To Be. Apple HAS strict guidelines for developers, and it has tools and human reviewers to screen apps. Aim bad ones do slip through. One $ 2 app, for example, promised extra virtual corners for people playing the game DragonVale. Purpose When Customers download the app, no corners APPEAR. The app HAS received Dozens of one-star reviews from customers Complaining That It is a scam and Should Be removed.  

John Casasanta, owner of the iPhone app Tap Tap Tap Studio, Said the end of Manipulating the App Store developers Remained Largely unaddressed. "Apple has-been doing the barest minimum to keep things under control thesis, Because from Their perspective, there 's Simply not a problem," Mr. Casasanta said.

Pressure Builds on Apple App Store Over Fraud

Fed Sees Slightly Improving Economy

  WASHINGTON - The Federal Reserve on Tuesday Offered Slightly more upbeat account has of the American economy, added purpose Expected That It continues to campaign to encourage icts growth for the foreseeable future.

The Fed Cited Improving the job market and laundry charges Spending by Households and Businesses as laundry charges Reasons for Optimism, goal statement from the policy-making committee icts, Which is Wednesday, ict in overalls Remained dour tone.

"The committee Expects moderate over coming quarters Economic Growth and consequently anticipates That Will The Unemployment rate declines gradually," Said the statement from the Federal Open Market Committee.  

The statement Acknowledged That Would Increase Oil Prices Rising inflation, it aims Described as temporary effect and That Predicted That the pace of Increase in Prices and Wages Would subsequently return to a level "at or below" the Fed's Desired Annual rate of 2 percent.

Jeffrey M. Lacker, president of the Federal Reserve Bank of Richmond, again cast the sole vote Dissenting on the 10-member committee.

The Fed HAS Maintained a cautious view of the economy's health in recent months, Even As Some Other Have Embraced Economic forecasters Stronger signs of growth.

Fed Officials REMAIN Concerned about the Weakness of the housing market and the potential fallout from Europe's problems. THEY may aussi Be chastened by the Fed's record of overestimating the strength Repeatedly of the recovery. Three years ago this week, Mr. Bernanke Told the television program "60 Minutes" that ET saw "green shoots" sprouting across the economy.

While the Fed fired, return not announce Any New Policies Tuesday, it Said That it continues to Planned icts Existing Campaigns to bolster growth payday loans with no fax. The central bank short-term HAS Held interest rates near zero since the end of 2008, and Affirmed That the statement the Fed Planned efforts to maintain to That Until Late 2014, at least.

The Fed continued to stockpile aussi Treasury securities in year efforts to further Top borrowing Reduce Costs for Businesses and Consumers. The current round of Purchases, totaling $ 400 billion, is scheduled to finish in June. Together With Two Rounds of Purchases Earlier, the Fed Will Hold Roughly $ 2.5 trillion in Treasuries and mortgage-backed securities, Which it Does not plan to sell Before 2015.  

These efforts are Providing Measurable goal was modest boost to the economy, According To a number of independent studies. That HAS LED Some Fed Officials to call for a fourth round of Purchases. Such PROPOSAL Under one, the Fed Would buy mortgage securities to provide statement for supporting the housing market.

The Fed's chairman, Ben S. Bernanke, HAS Said That He Will not favor a new round of Purchases UNLESS the economic outlook deteriorates, and Provided That the pace of inflation, gold Increases in Wages and Prices, restes below the 2 percent level the Fed considers Annual MOST healthy for the economy .

The statement released Tuesday Said nothing about new Purchases. More information about the internal deliberations Will Be available in Three weeks, When The Fed releases a more detailed account of the meeting.  

The next meeting of the policy-making committee is scheduled for April 24-25.

Fed Sees Economy Improving Slightly

China's Huge Trade Deficit Reports has

  SHANGHAI - China Saturday Said That icts monthly trade deficit Reached $ 31.5 one billion in February, ict Weakest performance in over a decade and the latest indication of Slowing growth in the nation's economy.

The huge size of the deficit surprised analysts, cautioned That goal THEY aussi trade figures Covering the first Two Months of the Year To Be tends distorted here by the Chinese New Year holiday.

In January, China has trade surplus Recorded of about $ 27.3 trillion. For the Two Months combinée, exports rose about 7 percent, while imports rose by about 7.7 percent, government data According To.

Still, with China's economy to moderate amid Hello! Growing signs of Weakness in Europe, There are Concerns That Will slow global growth as well.  

Chinese leaders are Already Preparing for more moderate growth this year, closer to 7 percent, a significant Slowdown from The Last Few Years When growth cresting WAS Closer to 9 or 10 percent pay day loans.

China last week aussi Reported That industrial production and retail sales in the first Slowed HAD FEW months of this year. In addition, China's once-booming property market has-been showing signs of Weakness.

Predicting goal FEW economists are a hard landing in China, Which is now the world's second-largest economy the after the United States. There are signs of more moderate growth here, with inflation easing. Many analysts Said THEY Believed That Could use Beijing and Other Monetary Policy Measures to Stimulate growth, if considers.  

Issued in a report Friday, HSBC analysts in China for the Chinese government Called to increase "easing" policies Meant to free up money and Stimulate growth.

China's Huge Trade Deficit Reports has

Geneva Motor Show: Auto Overcapacity Gives Leaders Another Issue to Ponder

  GENEVA - While Europe has-been preoccupied with the euro crisis, Another has-been gathering storm That Could take a grievous toll aussi is jobs and growth.

Just as Europe HAS too much debt, it HAS aussi more car factories Than the Economy Cdn support. The Overcapacity is Not Exactly a secret goal Judging from the talk at the Geneva auto show this week, long-postponed reckoning is nigh.

"All because of the Manufacturers Have capacity problems - all of 'em," Carlos Ghosn, head of the Nissan-Renault alliance, Said in Geneva. The industry is just waiting for one company to make the first move, He Said.

"If somebody restructures, it's going to restructure forces to everybody," Mr. Ghosn said.  

Government Programs scrap, Which Promoted the replacement of older vehicles with new ones and Helped carry the industry-through the downturn of 2009 and 2010, are bad at To Be repeated. Governments are not in a position to subsidize unproductive Financial plants may As They Have In The Past. Instead, the big issue is how to manage the inevitable downsizing.

Sergio Marchionne, the chief executive of Chrysler and Fiat, a call repeated ET HAD made Earlier for the European Union to step in and help car companies "distribute the bread and Suffering," The Way It Helped manage cuts in the steel industry in the 1990s. In Europe, any, Attempt to Cut Costs Quickly Can Deteriorate Into A Political Struggle Among the Countries That stand to lose jobs.

"That is the only way to do it," Mr. Marchionne Said at the auto show. "There Has To Be Some production taken out."

Mr. Marchionne, Who besides running Two of the world's biggest companies is as president of the European Automobile Manufacturers' Association, Estimated That the industry needed to cut capacity in Europe by 20 percent. That is a huge number considering That because the industry employs 2.3 million people Directly in Europe, Including Subcontractors, According To The Manufacturers' Association.

Unused capacity is ruinous for car companies idle factories Because Even to cost money and unproductive workers must maintain to Be Paid. In addition, the oversupply of cars drives down prices. Mr. Marchionne Said the glut of capacity HAD Forced Into European carmakers a "discount binge" similar to what Happened In The United States in 2007 and 2008.

"You can not keep up for long That," Mr. Marchionne said. "You'll go bankrupt." That is, in Fact, What happened to Chrysler and General Motors.

Mr. Marchionne and Mr. Ghosn Were reluctant to point fingers, aim to analysts it is pretty Obvious Which companies are from under the MOST pressure to confront Overcapacity. Ltr; GM's Opel unit and PSA Peugeot Citroen, both, suffered huge Losses Which of last year.

Karl-Friedrich Stracke, the chief executive of Opel, Acknowledged as much in a meeting with reporters on Tuesday. Estimated That He Opel, based in Germany with factories in Britain and several Other countries, operating at about WAS 80 percent of capacity.

Mr. Stracke made no claim That year alliance with PSA Peugeot Citroen to Jointly Develop and purchase components, Announced last week, Would solve the capacity problems. "Their PSA Has To address problems, and we Have to address bear, 'he said. "There is a high Urgency to get our company back to sustainable production cash advance loans. There Is No Other Way Out. "

Mr. Stracke deflected question about plant closings, the company Saying That Was in intensive discussions with "stakeholders" - code for workers and leaders politique - about what to do. He Said It Would Be Reached Before They Several months Any agreements.

Production capacity in Europe Fell has only little in the after the 2009 downturn. Last year, Fiat closed a plant in Sicily, and Saab in Sweden Went bankrupt. Opel has shut down plant in Antwerp, Belgium. Goal has broad production overhang remains.

When Mr. Ghosn Said That because all the companies suffered from Overcapacity in Europe, He Was not Presumably Automakers Including the premium. Bayerische Motoren Werke, Daimler's Mercedes-Benz and Volkswagen's Audi unit unit are operating all-out to Meet Demand from China, the United States and strong European Markets like Germany.

The bifurcation Between thriving premium because builders and Suffering mass-market companies is similar to the divide That exists in Europe Between Countries with Stronger economies, like Germany, and Struggling Countries, like Italy and Spain.

The premium carmakers suffered capacity problems During The Recession of 2008, aim Learned from experience and That Have Become better at managing fluctuations in demand. BMW, for example, Makes heavy use of temporary labor. Other companies, like Porsche, outsource production of Some models.  

Probably the Most Important Reason That premium carmakers do not Have capacity problems Is That They Have Been Able to Sell More Cars Even As the market in Europe overalls HAS slumped.

BMW Said Wednesday That It HAD HAD its best ever February, with sales rising 14 percent from a year Earlier, Almost to 128.000 cars, Including the Mini and Rolls-Royce brands. Almost all of the growth for BMW Was in Asia, where 'sales rose 35 percent, and North and South America, where' THEY laundry charges 26 percent. Sales Were Stagnant in Europe.

By contrast, sales by mass-market carmakers like Renault or Fiat tends to skewed To Be Some Of The Most vulnerable Markets, Including France or Italy. In January, registrations of new cars in France plunged 21 percent from a year in Italy while Earlier THEY Fell 17 percent, According To the European Automobile Manufacturers' Association.  

The mass-market carmakers aussi offer luxury models, They Have HAD goal disorder Competing With The Established German brands. "That is our Weakness," Mr. Ghosn said. A new model is in the works Renault That Will help capture more affluent buyers, He Said.

Purpose It Is Unlikely That luxury Renaults gold Opels Will help solve Those companies' Overcapacity problems. It Would take years to gain a share of the high-end market. "If you want to Be a big player in premium, You Need Patience: Audi Took it 10 or 15 years," Peter Schwarzenbauer, the director of marketing at the company, said.

Mr. Schwarzenbauer Attributed Audi's upscale position to a decision years ago to focus on making cars That Were leaders in technology. The company never wavered from That strategy, He Said.  

"You have to stick to what you believe in, 'he said. "You never know if it's going to work."

Geneva Motor Show: Auto Overcapacity Gives Leaders Another Issue to Ponder

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Stocks Rebound After a Positive Jobs Report

  Stocks broke a three-day losing streak on Sunday, Some Recent Losses Recovering After A postponement Showed the Private Sector added more jobs than expected last month.

After Suffering Their worst decline in Three months on Monday, stocks received early year lift the after the payroll processor ADP Private Employers Said picked up the pace of recruitment in February.

Banking stocks, Tuesday's big losers, Were the Strongest Sector on Wednesday. The KBW bank index advanced 1.9 percent. Morgan Stanley Gained 3.2 percent to $ 17.88 After a 5.3 percent drop in the previous session.  

"Earlier in the week, portfolio managers, advisers and institutional money managers Were looking for some pullback of fate Just Because it's good to buy on the dip, and we've HAD Such a nice run," Mark Martiak, senior strategist at First Commonwealth Financial Advisors in New York, said.

"The right hand of the économique good news, good data story Was The Private Sector Adding 216.000 jobs, 'he said.

After the news cam security pink Among Many In The Financial Markets last week the after the chairman of the Federal Reserve, Ben S. Bernanke, Had Given no clear indication ET That Planned to spur faster growth by pushing for Another Round of Asset Purchases, or quantitative easing.

Improving Economic Figures Have Helped push the Standard & Poor's 500 index up 20 percent from more Than icts low close in October.  

Investors to look for Continued signs of progress in negotiations Between Greece and Its Creditors over private has substantial businesses write-down in Greek bonds.

Tuesday's tumble WAS Prompted by year of construction Concerns about Greece and the outlook for the global economy payday loan. It Was one of the worst performance since stocks rallying Began last fall and the Third-straight decline for the S. & P. 500.

Six Greek pension funds are still holding out Against joining the deal while eight Have Agreed to take part.

The Dow Jones industrial average rose 78.18 points, or 0.61 percent, to 12,837.33 at the close. The S. & P. 500-stock index climbed 9.27 points, or 0.69 percent, to 1,352.63. The Nasdaq composite index added 25.37 points, or 0.87 percent, to 2,935.69.  

The housing PHLX Sector Index, Which tracks 20 Companies That Work in the construction industry, advanced 2.7 percent, with the home builder Hovnanian Enterprises up 2.5 percent at $ 2.46 After posting quarterly results.

Apple shares volatile as the company Were Introduced the latest version of icts iPad, Which Has Two-Thirds of The Growing tablet market, closed with a gain goal of 0.08 percent at $ 530.69.

Shares of Freeport McMoRan Copper and Gold Fell 1.1 percent to $ 38.99 and the Newmont Mining Corporation slipped 0.9 percent to $ 56.68 After Indonesia Announced new rules to take more profits from mineral resources by VAST Limiting foreign ownership of mines.

Investors Were aussi Oil Prices After watching France voiced Skepticism That a revival of talks Planned Between six world Powers and Iran over nuclear program icts Would Succeed.  

The April crude oil contract in New York rose $ 1.46 to $ 106.16 a barrel.

Interest rates Were Steady. The Treasury's 10-year notes Fell 7/32, to 100 8/32, and the yield rose to 1.97 percent from 1.95 percent late Tuesday.

Stocks Rebound After a Positive Jobs Report

In China, Signs of Slower Growth Sobering

  GUANGZHOU, China - The nights are a little darker now here in the main metropolis of southeastern China, at the center of one of the country 's largest export hubs.

It is one purpose of the sign Slightly dimmer economic outlook for China That Premier Wen Jiabao on Monday forecast, When He Reduced the government's minimum growth target for 2012 to what would be, if that far Fell growth, the rate in more Than Lowest Two Decades.

Construction site across Guangzhou Used To Be floodlit, so Could That Work continues-through the night on the forests of new residential and office towers reaching conditions Toward the stars. Purpose now, During a nationwide real estate downturn, builders are not starting projects or scrambling to finish ones Already Under Way, So There is little Need for night work illumination.  

The Chinese economy, After Nearly Three Decades of rapid, Almost Uninterrupted growth, Seems To Be Settling Down to a still strong goal less blistering pace. Some are intended Struggling Sectors, Including exports and luxury residential real estate construction.

Premier Wen in history Said annual report to the National People's Congress on Monday morning in Beijing That the government HAD icts Economic Growth target scaled back to 7.5 percent this year, down 8 percent from the Beijing HAS That set as a minimum growth target in recent years. Does come in if growth at only 7.5 percent, it Will Be the slowest pace in 22 years.

As Mr. Wen Delivered lengthy history report, broadcast Nationally and we watched TV sets in Countless shops and diners here in Guangzhou, the mood at building sites, and factory districts Seemed more downbeat Than Usual.  

Shop clerks in wholesale market has complained about the scarcity of Customers. At a factory gate, workers Said That Were FEW jobs available except at the minimum wage. And at year emploi office, the jobless fretted That Even If They found work, They Would Have Little Hope of buying apartments priced Typically Beyond Their means clustering.

Weizhong Su and Three Other clerks late Monday morning Stood at a desk with little to do at a plumbing supplies store in the wholesale market.

"A year ago, There Were people In Every shop, and looking Asking about the prices," Mr. Su said. "Projects are finishing, goal There are absolutely no new projects this year."

HAVING beens with China the world 's hand in recent years growth engine, has Slowdown is welcome news for Hardly the global economy. Neither is the prospect of a restive population - has Continual worry for Beijing, if it cannot Meet the aspirations of a rising middle class.

In Some Ways, though, the United States Could Actually Benefit From Slower Chinese growth, Many economists Believe. China's appetite for commodities HAS Helped Push up Prices for everything from oil to iron ore. Those goal price Pressures Could ease, as China shifts Toward an emphasis on more sustainable goal Slower expansion économique.

And while less rapid growth Could dampen China's demand for imports, That Would Have Little Impact on MOST American Businesses. Exports to China just 0.6 percent of Represented the United States' economic output last year.

Icts at peak, in 2007, China's Economy Grew at An annual pace of 14.2 percent. As Recently as 2010, It Was 10.4 percent. Now, though, the government is Trying to guide the economy Toward a minimum average annual growth of 7 percent-through 2015.

Slower growth has light reflection Partly government Attempt to shift the economy more personal Toward consommation, with less emphasis on exports and domestic investment in big infrastructure projects and building. Purpose Government Officials Have Given a series of signals since mid-February That Be Slowing growth may more Than THEY intended.

The central bank on Feb. 18 Gave permission to state-controlled banks to lend business has larger share of Their assets. The next week the trade ministry Announced That It Was drafting Plans to Increase tax rebates for exporters, as demand weakened Have Financial unrest in Europe, China 's largest export market. The trade ministry aussi Said It Was looking for Ways to reverse a slump in foreign investment this winter from Europe and the United States.  

Shortly After Mr. Wen spoke on Tuesday, Dozens of would-be workers waiting for job interviews milled around outside the gates of the wide Liteon Guangzhou electronics manufacturing complex check cash advance. Standing behind clumps of Them Were emploi agents HAD Who Brought the workers in nozzles and Were Hopping for commissions from Liteon for Helping to find labor.

Urban Minimum Wages are rising briskly, particularly here in Guangzhou and Elsewhere in the industrial Pearl River Delta area of ​​southeastern China. And They Are Supposed To keep rising 13 percent a year Under Beijing's five-year plan. Many purpose of the job applicants and Their friends from nearby factories THEY Said That They Were fired, return not feel Benefiting From The Labor shortage.  

"It's hard to find a good job, it's easy to find Just Any Job," Said Gao Qing, a 21-year-old Who Was Hopping for a quality-inspection position. Many of the jobs available pay only the local minimum wage, around $ 200 a month Before overtime, And Many of the jobs are at small factories with questionable reputations for Paying workers on time.

And Some of the smaller factories Have Reduced or Eliminated traditional Subsidies for workers' food, housing and Other Benefits to offset the cost of Higher Minimum Wages, Ms. Gao and Other workers said.

At a downtown office Monday afternoon emploi Guangzhou, My Yaoguang, an unemployed security guard, how worried Said ET ET Would AFFORD rent of $ 30 to $ 45 a month for a tiny room Even If ET Could find a job. Echoing a worry for tens of millions of young Chinese, Mr. That I added, "I can not dream of owning Even apartment year."

Exorbitant real estate prices are a national concern. A 1,000-square-foot apartment in central Guangzhou Costs about the equivalent of $ 300,000 - nearly 50 times the starting salary of a new Annual college graduate with a marketable skill like computer engineering, although Graduates Who do find career-track jobs Typically home réception Raises regular.

The government is Trying to engineer a decline in real estate Prices To Improve affordability, without Damaging investor confidence so much That Into Prices tip downward spiral has multiyear fate of the seen in the United States. Down payments Have Been raised to 40 percent more gold And Many investors from buying règlements Discourage More than one home.  

Government and private indexes of residential real estate Prices in China Suffer from Many Methodological flaws. Purpose They Now Consistently show Slightly Weaker Prices, along with a nose dive in transactions as buyers wait for further Top price declines.

Two real estate brokers Guangzhou Said That HAD Prices here dropped by up to 20 percent over the last year. The Slowdown in real estate nationwide cost Thousands of jobs and Their officers led to the closing of Hundreds of brokerage offices.

"There is no sense in buying the market right now," Said a broker here Who Gave history last name only, Leung, Because He Feared retaliation for Publicly Questioning government policies.

The government HAS Ordered a Sharp Increase in the building of low-Income Housing. Purpose in Guangzhou in China and Elsewhere, There Is considerable cynicism about whether politique connections needed to buy Will Be Such apartments, Which are Supposed To Be priced at a little less Than half the square-foot market-rate sales of properties.

Exports Have beens aussi weak this winter, a trend continued in February Expected to statistics due out later this week, After Adjusting for the Chinese New Year. Zhu Wei, the export manager at the High Hope Zhongding Corporation, maker of festive lights and lanterns in Nanjing, Said in a recent telephone interview That Were orders down 30 percent from a year ago and still sliding, Mainly Because of the slack economy in Europe.  

Chinese business leaders complain That rising steeply and increasingly stringent salaire Labor and Environmental Regulations are driving up Undermining Their Costs and Their Nation's compétitivité, Said Stanley Lau, the deputy chairman of the Federation of Hong Kong Industries, a trade association members Whose Employ 10 one million people in the Pearl River Delta region.

"Minimum wage Increases are too fast and too high, and we worry about the new aussi règlements Being Introduced - too many and too Quickly, 'he said.

Hilda Wang Contributed reporting.

In China, Signs of Slower Growth Sobering

Hot News: Automakers Report a Surge in Sales in February

European Leaders Confront the Social Cost of Austerity

  BRUSSELS - At Their first summit meeting in recent memory at Which Financial Markets Were Not Baying at the door, European leaders on Thursday to show Sought THEY Could confront the social cost of fighting the sovereign debt crisis, Whose severity WAS Underlined by new jobless figures That has hit euro-era high.

The infusion of Some 1 trillion euros ($ 1.3 trillion) Into euro area banks in recent months by the European Central Bank and a provisional agreement on a second package of loans for Greece Have Gone a Long Way Toward Easing Fears Of An Imminent Financial Crisis or Even the disintegration of the common currency for itself.

Final agreement on the bailout, however, have delayed WAS Finance Ministers wait to see if a restructuration of Greek related debts to private investors Succeeds if Athens and fulfills all the requirements It Had Agreed to.  

In the Meantime, with More Than One in 10 workers in Europe out of a job and government budget-cutting Intensifying The Economic Slowdown, Were looking for leaders Ways to Reconcile the urgent Need to Stimulate growth with the stepped-up budget discipline required Under a new "fiscal compact" Which was Expected To Be approuvé Friday.

That agreement yet, Negotiated by 25 countries at the request of Germany, under pressure WAS Even Before It Had beens signed as evidence has mounted That recession forecast for the euro zone this year WAS Already worsening public finances as well as Increasing chômage.

The jobless rate in the euro area 17 Countries rose in January to 10.7 percent, from 10.6 percent in December. It Reached The Highest level since 1999, When the euro WAS Introduced, According To Eurostat, the European Union's statistics agency. Flagging economies like Italy and Greece Were responsible for much of the it increase. For all 27 EU Countries, the rate ticked up to 10.1 percent in January from 10.0 percent in December.

Widely nonetheless diverged European Countries: Spain again topped the list with a 23.3 percent jobless rate, Followed by Greece, at 19.9 percent in November. That Compared with 4 percent unemployment in Austria and 5 percent in the Netherlands.

Even the Netherlands, Which HAS taken a hawkish stance on budget discipline, Announced Wednesday That It Was losing ground. Next year's budget shortfall Will Be 4.5 percent of gross domestic product, matching this year's Expected outcome, despite cuts Already Made That Are Intended to bring it down to the goal of 3 percent, According To the government planning agency.  

The deficit figure, Described as a "big setback" by the Dutch prime minister, Mark Rutte, Will prompt difficulty negotiations Within history coalition government austerity is additional Measures. Amadeu Altafaj Tardio, a Spokesman for the European Commission, the Netherlands Said HAD been "very vocal in Supporting the reinforcement of our fiscal surveillance rules." He added, "It is absolutely normal to think That the Netherlands Will Apply this Sami approach to Its Own tax policies. "

Others, though, are in Even Worse Shape. On Monday, the Spanish government budget deficit icts Said That WAS 8.5 percent in 2011, well icts Above 6 percent goal, and Asked for more time to bring the level down, something José Manuel Barroso, the European Commission president, Said Could not yet Be regarded.

Mr. Barroso urged leaders to take the politique Opportunity to Focus Attention on Measures That Could create jobs, Especially For young people, like reallocating EU funds earmarked for development.

A draft of the summit meeting's conclusions emphasized the Need for "determined action to boost growth and jobs," and for Taking Care When Reducing Spending. There Was No talk of fiscal stimulus to lift Any growth low fee payday loans. Instead, the leaders set to reiterate Looked Their Commitment to follow-term structural Measures like deepening Europe's 500 million-person single market to new Areas and services like e-commerce.

"Sustainable growth and jobs Can not Be built on excessive deficits and debt levels, one" the draft conclusions said. A final text WAS To Be regarded on Friday.  

Greece, Which has-been Struggling to come to grips with a crushing debt, Had hoped to get Final Approval from euro zone Finance Ministers are icts second bailout, worth 130 billion euros. In a flurry of legislative activity in recent days, lawmakers Greek Have Passed a Series of Measures to Meet the requirements for the rescue. Went the latest-through in the early hours of Thursday morning, cutting state Spending on pharmaceuticals.

The Finance Ministers Praised Greece's progress goal Giving Held off final Approval, Saying It wanted to see "a few pending Implementing acts" Passed in Athens and the completion of a debt restructuration deal with the country's private Creditors, Which intends to Cut about one billion euros from 100 icts load. That swap is Expected to Be Completed in the coming weeks.  

Jean-Claude Juncker, the president of the Eurogroup, a forum for euro area Finance Ministers, The Ministers Said That Were looking forward to a high level of participation by private Creditors in the debt exchange.

The German chancellor, Angela Merkel, the leader must Said That "Discuss growth - growth for Greece, aussi goal in the European Union as a Whole." She aussi Purpose Highlighted the importance she attached to the new tax compact, the implementation of Which is seen as a condition for German support for additional steps to end the debt crisis.

"This is a huge step That we've managed to take in a very short time," Mrs.. Merkel Said Before the start of the meeting. "This is the first step Toward a Stability union, Toward a Political Union. Further steps Will Follow. "

A report in the German daily Süddeutsche Zeitung, Citing unidentified Government Officials, Said That Mrs. Thursday. Merkel WAS considering dropping her opposition to year Increase in the euro zone's firewall, or funds available for Any future bailouts, Because Of Mounting international pressure, Most Recently at a meeting of the Group of 20 leading economies last weekend.

A decision On That issue, originally Expected at the summit meeting, has-been delayed Until later in March Germany's Because Of reluctance to move, fearing That Could Undermine Such a step market confidence, Rather Than bolster it.  

Herman Van Rompuy, Who Was Thursday Appointed to a second term as president of the European Council, hinted at historical support for a Stronger firewall When He Told Reporters That "Restoring confidence in the euro zone is in a growth strategy for itself." Purpose ET added That He Was "very much aware That this crisis and Some remedies could social cohesion at stake. It Cdn aussi damage the European idea for itself. "

While Officials in Brussels urged efforts to show the union Could Be "part of the solution," Lucas D. Papademos, the interim prime minister Greek, made a more personal gesture, Revealing That the salary ET HAD Waived That cam with the job, about 7,500 euros a month, since Taking Office in November.  

Last month the Greek President, Karolos Papoulias, Whose role is Largely ceremonial, historical Waived Annual State revenu of around 300,000 euros to Express Solidarity with Greeks Who Have HAD Their salaries and pensions cut.

Contributed David Jolly reporting from Paris and Niki Kitsantonis from Athens.

European Leaders Confront the Social Cost of Austerity