Italian Dec. Factory Order Growth Tops Expectations

(RTTNews) - Italian industrial orders surged 17.4% in December from the previous year, the statistical office Istat said on Friday. Economists were expecting it to grow at a pace of 9.3% after rising 9.6% in November.

New orders moved up 5.4% on a monthly basis, reversing last month's 4.3% fall. Consensus forecast called for a 2.1% increase.

In December, the seasonally adjusted turnover index fell 0.3% from the prior month. In domestic market, turnover was down 0.2% and fell 0.4% in non-domestic market. Annually, turnover grew 8.4%.

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UK Jan. Retail Sales Up 1.9% On Month, Consensus 0.5%: Reports

(RTTNews) - UK Jan. Retail Sales Up 1.9% On Month, Consensus 0.5%: Reports

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US Navy Vessel To Visit Hong Kong

(RTTNews) - Signaling a new found closeness in China-U.S. military ties, a U.S. Navy vessel has been permitted to call at Hong Kong, the state-run RTHK radio reported on Friday.

The scheduled Saturday visit of 'USS Blue Ridge,' command ship of the U.S. 7th Fleet based in Yokosuka, Japan, follows the high-profile trip to Beijing by U.S. Defense Secretary Robert Gates in January.

Defense ties between Washington and Beijing had been hit after the U.S. signed a mega arms deal with Taiwan ignoring Chinese protests. Subsequently, Beijing unilaterally withdrew from joint military exercises with the U.S. and it was only after Gates' visit that tension eased.

Since Hong Kong's reversion from British to Chinese rule in 1997, it is mandatory for U.S. Navy ships visiting the region to obtain advance permission from Beijing.

In the past, China had refused to entertain requests for such visits during times of diplomatic tensions and one such incident involved the 'USS Kitty Hawk.' The aircraft carrier was forced to turn away in November 2007 after Chinese authorities refused to entertain the crew's request for making a regulation Port-of-Call.

Back in March, Blue Ridge had visited Hong Kong but a freeze on military exchanges imposed by China in the wake of the U.S. arms sales to Taiwan ensured that there were no official meetings.

Although Blue Ridge has received the nod, not much is known about whether there will be any official contacts between Chinese naval authorities and the vessel's 1,400-member crew.

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Clinton Tells Congress State Dept. Budget Cut Will Have Serious Consequences

(RTTNews) - U.S. Secretary of State Hillary Rodham Clinton has told her Congressional colleagues that the Fiscal Year 2011 spending bill now before the House will have serious negative consequences for America's national security.

She warned that the proposed 16 per cent cut in FY2011 budget from that of the previous year for the State Department and the U.S. Agency for International Development (USAID) would " force us to scale back dramatically on our missions in the frontline states of Iraq, Afghanistan and Pakistan."

Addressing a joint press conference with General James E. Cartwright, Vice-Chairman of the Joint Chiefs of Staff, after a bipartisan classified briefing with Senators at Capitol Hill, Clinton said they had discussed among other things the lessons of the recent events in Egypt and the broader Middle East.

" These events demonstrate why the United States must remain fully engaged around the world. In Egypt, Afghanistan, Iraq, Yemen, and so many places, the men and women of the State Department and USAID are working to advance our interests, our values, and most importantly, our national security. This work is vital and it needs proper funding," she said.

Clinton admitted that " these are very tough budget times, and we must justify every single penny that we ask for. But as General Cartwright told our Senate colleagues, diplomats and development experts are working side by side with our military troops in those countries to secure the gains we've made, and we cannot do the job with two of our three hands tied behind our back," she added.

" As the events of the past month have shown, protecting our country and advancing our interests takes constant and coordinated effort from across our government. Congress is a crucial partner in this work," Clinton said adding that she " looks forward to continuing to work with our colleagues here to continue strengthening America's national security."

General Cartwright said sufficient funding for the State Department and USAID was " absolutely essential" at a time " we make the transition in Iraq."

" Everybody sees the soldier out there in Iraq and Afghanistan, but with every soldier, there is an element associated with either the State Department, our diplomatic corps, USAID."

He insisted that proper resourcing was " even more essential to not lose all of the gains and all of the treasure that we have sacrificed in these countries."

Operating the diplomatic missions of the United States abroad and responsible for implementing the country's foreign policy and U.S. diplomacy efforts, the State Department is facing its most challenging fiscal environment in years.

The upcoming budget battle is expected to be an uphill task for both State Department and USAID, as House Republican leaders are promising to slash State Department and development budgets to 2008 levels, and to apply a litmus test to disbursements of foreign aid.

Earlier this month, Clinton had urged American ambassadors worldwide to cut operational expenses of overseas diplomatic missions " to keep up with what will be a very tough set of choices coming out of Congressional appropriations."

She warned that although she would be asking to increase State Department budget by four billion dollars, if the Congress decides to cut funds for overseas operations, " we are going to be in a very difficult position."

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Hunt for jobs ideas takes Obama to West Coast

By DARLENE SUPERVILLE
Associated Press

(AP:SAN FRANCISCO) President Barack Obama's hunt for innovative ideas to spur job creation has led him to the West Coast to brainstorm with some of the brightest technological minds in the country.

On Friday, he was visiting the Intel corporation's semiconductor facility in Hillsboro, Ore., to see how they're made and hear about company programs to encourage study in the fields of science and technology.

The president spent Thursday night in the San Francisco Bay area at a private dinner with a dozen top innovators, including Eric Schmidt of Google, Steve Jobs of Apple and Mark Zuckerberg of Facebook.

White House spokesman Jay Carney said afterward that Obama wants to keep meeting with the group so they can work as " partners" to create good jobs in the United States."

G20 To Build Consensus Over Balancing World Economy

(RTTNews) - Finance ministers and central bankers from the G20 group of nations are to meet in a two-day summit in Paris as they renew efforts to address global economic imbalances.

The summit will also focus on rising commodity prices, and in particular surging food prices.

French finance minister Christine Lagarde will set the agenda for the meeting after November's G20 summit in Seoul ended without any meaningful steps to control currency and trade imbalances.

Finance chiefs are expected to discuss possible indicators to measure imbalances, including countries' trade balances, budget balances and debt levels.

The G20 will also debate regulation of commodity markets after the World Bank warned that global food prices were at " dangerous levels" and had pushed 44 million people into poverty.

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Singapore FinMin: Economy Will Grow More Slowly In 2011

(RTTNews) - Singapore FinMin: Economy Will Grow More Slowly In 2011

Singapore's FY 2010 Budget Deficit Seen At S$0.3 Bln Or 0.1% Of GDP: FinMin

(RTTNews) - Singapore's FY 2010 Budget Deficit Seen At S$0.3 Bln Or 0.1% Of GDP: FinMin