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China should do more to rebalance its economy from investment, exports and industry to consumption and services as it rolls out a $586 billion stimulus package, the World Bank said.

“Additional measures are necessary to make headway with rebalancing the pattern of growth,” the Washington-based lender said today. Steps should include extra spending on health, education and social welfare and raising energy and resource prices, it said.

The World Bank cut its forecast for China’s economic growth next year to 7.5 percent from 9.2 percent in the previous quarterly report after the global financial crisis deepened. More than half of the expansion will come from “government-influenced spending,” after the State Council this month announced measures including infrastructure projects, the report said.

“China urgently needs to rebalance its growth towards domestic demand,” said Mark Williams, an economist at Capital Economics Ltd. in London. “With the world economy facing a painful downturn it can no longer rely on consumers overseas to lift it up.”

China’s economy, the world’s fourth largest, expanded 9 percent in the third quarter from a year earlier, the slowest pace since 2003. The World Bank’s forecast is for the weakest growth in almost two decades next year.

‘Sharp’ Export Decline

“The impact of the international financial and economic turmoil on China’s economy has been manageable so far, but is expected to intensify,” Louis Kuijs, a World Bank economist, said in Beijing. “Looking ahead, prospects are for a sharp reduction in export growth.”

Country director David Dollar said the nation is in the “early stage” of talks with the lender on providing money for loans to other developing nations. He wouldn’t give more details.

The World Bank praised China for keeping the yuan stable against the dollar as the U.S. currency strengthened.

“China’s exchange-rate policy has thus been a source of stability in regional and global financial markets,” the lender said business card design. China’s “effective exchange rate has strengthened considerably,” it said.

The U.S. Dollar Index, which tracks the dollar against six major currencies including the euro and the pound, has climbed 19 percent since the end of June. The yuan has gained 0.4 percent against the U.S. currency in that time.

Health, Welfare, Yuan

Strengthening further the exchange rate and increasing the yuan’s flexibility would help to rebalance the economy, partly by making monetary policy more effective, the World Bank said.

Boosting spending on health, education and social welfare would aid low-income earners and “reduce the reluctance to consume,” the report said. Some measures announced in the stimulus package, such as rural subsidies, will help, it said.

Charging industries the full cost of energy, water, utilities, and natural resources would also aid rebalancing efforts, the World Bank said.

The economy will probably grow 9.4 percent this year, down from a previous estimate of 9.8 percent, it said, noting a “particularly pronounced” slowdown in the housing market.

China’s export slowdown is set to spread from destinations including the European Union to emerging markets, where more than half the nation’s shipments go, the report said. The World Bank predicts imports worldwide will shrink next year for the first time since 1982.

Inflation “is no longer an issue of concern for the immediate future” and is likely to cool to 2 percent in 2009 from 6.5 percent this year, the World Bank said.

China’s foreign-exchange reserves, already the world’s biggest, will likely swell to $2.045 trillion this year and $2.547 trillion by the end of 2009, the report said.

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Singapore's economy probably shrank last quarter as a manufacturing slump and easing demand for financial services drove the nation into its first recession since 2002, adding pressure on policy makers to stimulate growth.

Gross domestic product declined an annualized 6.3 percent from the second quarter, after shrinking 5.7 percent in the previous three months, according to the median estimate of 10 economists in a Bloomberg survey. That matches last month's initial estimate by the government, which will release the revised data at 8 a.m. tomorrow.

Singapore is bringing forward its 2009 budget announcement to January from February and plans to help companies secure loans and train retrenched workers as the global credit crunch pushes the world into a recession. The central bank, which ended a policy favoring gains in its currency to bolster the economy last month, may seek a weakening by April, analysts say.

“The situation warrants urgency,'' said Vishnu Varathan, an economist at Forecast Singapore Pte. “We can expect a generous budget aimed at mitigating the sharp slowdown that is expected in growth. As far as monetary policy is concerned, we expect that more easing moves will be under way given the escalation of risks from the deterioration in global economic and financial conditions.''

The Singapore dollar fell as much as 0.3 percent to 1.5336 against the U.S. currency today, and traded at 1.5293 as at 10:28 a.m. local time.

Policy Announcements

Traders are awaiting the growth data “and likely some growth-supportive fiscal policy announcements, with some market speculation about an inter-meeting easing on the monetary policy front,'' analysts including Emmanuel Ng at Oversea-Chinese Banking Corp cash in 1 hour. said in a research note to clients today.

There is “a very high chance'' that the central bank will ease policy before the next meeting in April, Varathan said.

The Monetary Authority of Singapore, which conducts monetary policy by guiding the currency within an undisclosed band based on a basket of major trading partners' currencies, may be open to depreciation to help revive exports and the economy, UBS AG currency strategists Ashley Davies and Nizam Idris wrote this week.

Asian policy makers and their counterparts around the world have lowered interest rates and announced economic stimulus plans in recent weeks as the global financial crisis that's toppled banks in the U.S. and Europe forced companies such as Citigroup Inc. to eliminate thousands of jobs. That's pushed the U.S., Japan, Europe, Hong Kong and New Zealand into recession, hurting demand for Singapore's exports.

The island's exports have dropped for six straight months and Prime Minister Lee Hsien Loong foresees several years of slow growth. The trade ministry predicts Singapore will grow about 3 percent in 2008 from a year earlier, the weakest pace in seven years.

The $161 billion economy probably shrank 0.5 percent from a year ago last quarter, after gaining 2.3 percent between April and June, a separate survey showed. That prediction matches the government's estimate released Oct. 10.

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Japanese machinery orders tumbled 10.4 percent last quarter, matching the biggest drop on record, as manufacturers cut investment plans in anticipation the global slowdown will stifle overseas demand.

The decline in orders, an indicator of capital spending in the next three to six months, matched a record drop set 10 years ago, the Cabinet Office said today in Tokyo.

Falling profit for Japan's exporters has driven the Nikkei 225 Stock Average down 44 percent this year and forced some of the country's biggest companies to cut costs. Toyota Motor Corp. last week forecast earnings will drop by almost 70 percent this fiscal year and said it plans to lay off workers and scale back investment.

“The deterioration in demand has become clearer and that's eroding companies' willingness to invest,'' said Yoshimasa Maruyama, a senior economist at BNP Paribas Securities Japan Ltd. in Tokyo. “We're going to see companies make deeper cuts.''

The yen traded at 99.21 per dollar at 9:57 a.m. in Tokyo, from 98.95 before the report was published.

On a monthly basis, orders for Japanese machinery rose 5.5 percent in September, an increase the government described as a “weak rebound.'' The gains ended a three-month losing streak that was the worst since the country's 2001 recession.

Economists predicted a 5.2 percent rebound they said provided little relief amid an overall slowdown in corporate investment.

26-Year Low

The Bank of Japan, which last month cut its key interest rate to 0.3 percent after stocks fell to a 26-year low, forecasts that business spending will remain sluggish for the next several quarters Faxless pay advance. The slowdown in Japan's export markets and the 8 perent appreciation of the yen since October will create a “severe'' earnings environment, the bank said.

The International Monetary Fund expects the economies of the U.S., Japan, and euro zone to shrink next year.

Governments and central banks are taking steps to spur demand. The U.S., Europe, South Korea and India have lowered borrowing costs in the past two weeks and China last night unveiled a $586 billion stimulus plan to prop up growth.

Toyota expects its earnings this fiscal year will be the lowest since 1999. President Katsuaki Watanabe, who started his career at the carmaker by cutting costs at the company cafeteria, said last week he'll head an emergency committee to trim spending and review the timing and scale of new projects. The company will also layoff 3,000 contract workers by the end of March.

Global Slowdown

Today's report is another sign the global slowdown has pulled the world's second-largest economy into a recession. Manufacturers said last month they plan to cut production in November. Economists say conditions may deteriorate in coming months after the U.S. economy suffered its biggest decline since 2001 in the third quarter.

“U.S. economic activity slowed significantly in September and October, which may affect Japan's exports,'' said Chotaro Morita, head of fixed-income strategy research at Barclays Capital in Tokyo. “We will probably see the impact materializing from the November data.''

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Packaging manufacturer Ball Corp. said its third quarter earnings were $101.9 million, or $1.05 per share, on sales of $2 billion, up 67 percent from $60.9 million, or 59 cents per share, on sales of $1.9 billion in the third quarter 2007.

Ball (NYSE: BLL) is based in Broomfield, Colo. Ball has 220 employees at its Saratoga Springs plant.

Third-quarter 2008 results included a $9.1 million charge — $7.2 million after taxes — or 8 cents per share, for closing costs related to three previously announced plant closures in California, Ontario and Washington state.

The third-quarter 2007 results included an $85.6 million charge — $51.8 million after taxes — or 50 cents per share, for a customer settlement.

Analysts were expecting results of 66 cents per share.

“Our overall performance in the quarter was very good, and in a difficult economic environment all but one of our business segments reported improved profitability compared to the third quarter of 2007,” Chairman, President and CEO R freecreditreport. David Hoover, said in a statement.

Hoover also said the company is confident that Ball’s packaging products are recession-resistant, and the company will generate cash flow by growing its worldwide metal beverage packaging business, improving other packaging business lines and by using its aerospace specialties.

Ball also announced it will close two plants, in Kansas City, Mo., and Guayama, Puerto Rico, and expects a $32 million charge related to the closings to be recorded in the fourth quarter of 2008 and the first quarter of 2009.

Cost savings from the closings are expected to be more than $30 million in 2009.

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Denver was removed Friday from the state’s election “watch list,” with Colorado Secretary of State Mike Coffman saying the city had fixed problems that arose during the 2006 election.

Coffman said he acted in response to a request for watch-list removal from Stephanie O’Malley, clerk and recorder for the City and County of Denver.

Coffman said he agreed with O’Malley that Denver had established procedures that would help it to keep voter wait times to a reasonable limit on election day, Nov. 4.

“Following Clerk O’Malley’s election in 2007, she has been tireless in her commitment to ensure that her voters won’t experience excessive wait times,” Coffman said in a statement. “The voters in Denver should have the upmost respect for Clerk O’Malley and confidence in the elections held in the county free credit report and score.”

In 2006, many Denver voters met with long waits at the polls as the city adopted a system of using centralized “vote centers.”

Coffman said Denver has since switched to a voting system that makes use of precinct-based voting and paper ballots. He also said the city had added to its election staff and beefed up pollworker training.

Denver was one of several counties that Coffman placed on the watch list after they experienced problems in the 2006 election. Some have since been removed.

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Catholic Healthcare West, the San Francisco hospital system that is the eighth largest in the nation, said Monday that two senior executives will share executive vice president/COO positions within the 41-hospital organization.

Bill Hunt and Marvin O’Quinn, the two executives, will each have operational responsibility for about half of CHW’s facilities. They replace Michael Erne, who retired this month after being with CHW since 1997, officials said Oct. 13.

By making this move, CHW said, it has eliminated three “group president of operations” positions, resulting in a flattening of the operations structure for the organization.

Hunt was promoted from an internal position as president of group operations, responsible for overseeing the operations of 15 hospitals in Northern California and Reno, Nevada. He had held several leadership roles at CHW since 1996, officials said.

He also served as president/CEO of the CHW Medical Foundation, a 300-plus physician group practice in Northern California. In his new role Hunt will be responsible for operations in Northern California from the Oregon border south to Kern County, CHW said, along with “physician engagement efforts” throughout the 41-hospital system.

O’Quinn is currently president and CEO of Miami’s Jackson Health System, where he will remain until year-end. He will join CHW Jan. 1.

He will be responsible for facilities in Arizona, Nevada and California from San Luis Obispo south, along with integrated process management and ambulatory operations cheap payday advance.

“Bill and Marvin bring a breadth of health-care experience to CHW,” Lloyd Dean, CHW’s president and CEO, said in a statement. “They are ideally suited to this role, I have the utmost confidence in their leadership, and I look forward to working with them to further strengthen our ministry and ensure that all who need health-care are able to receive it.”

Dean added that the two-headed COO model’s benefit is “a much broader range of expertise and oversight for an organization of our size than would be possible under the conventional, single-executive approach.”

Late last week, CHW reported that its operating income for the fiscal year ended June 30 dropped 47 percent, revenue grew 12 percent, and investment income dropped 81 percent, due largely to accounting changes and one-time write-offs, according to a report in the Sacramento Business Journal, an affiliated publication. Operating income fell to $160 million in core businesses, down from nearly $300 million the previous year.

Net income, meanwhile, tumbled to $170 million from $891 million the prior year, the Sacramento paper reported, but would have been $485 million not including one-time events.

The three-state system has nearly 10,000 doctors and 53,000 employees.

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Stirling Sotheby’s International Realty plans to host a global auction of selected luxury homes and properties at Reunion, Bella Collina and Hammock Beach on Oct. 25.

Ginn Reunion Resort is a luxury golf community that features three signature golf courses designed by Arnold Palmer, Jack Nicklaus and Tom Watson.

Hammock Beach is a luxury beachside resort on Florida’s east coast, featuring two championship golf courses designed by Jack Nicklaus and Tom Watson.

Bella Collina is a luxury lakeside community in Lake County that features a golf course designed by Nick Faldo.

More than 20 homes are expected to be auctioned.

“We believe this will be one of the most exciting auctions of the year,” said Roger Soderstrom, owner and founder of Stirling Sotheby’s International Realty, in a written release us fast cash. “We are expecting a great deal of interest from buyers across the globe, especially in the United Kingdom.”

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Electric distribution company Oncor, a subsidiary of Energy Future Holdings Corp., said that 58,000 of its consumers in southeast Texas remain without power around noon on Monday, in the wake of Hurricane Ike.

Oncor said 3,000 employees are working in affected areas, primarily southeast Texas, and aim to restore power to customers by the end of this week. As of Saturday, about 108,000 homes and businesses in Oncor’s specific service area were without power. That figure has been cut in half over the last two days cashadvance.com.

According to the Public Utilities Commission, a total of 2.4 million consumers in the region lost power as a result of the devastating hurricane.

Although there were no power outages in Oncor’s Dallas-Fort Worth service area, the company says areas such as Lufkin, Nacogdoches and Tyler did take a hit.

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Canadian software company Open Text Corp. is offering to buy Captaris Inc. for $131 million, or $4.80 per share.

Bellevue-based Captaris (NASDAQ: CAPA) had recently turned down a slightly smaller offer from private equity firm Vector Capital, which had offered $125 million in March for the software company.

Open Text (NASDAQ: OTEX) is based in Waterloo, Ontario, and employs about 2,900 people payday loans.

Shares in Captaris jumped more than 24 percent in early Thursday trading, rising 91 cents to $4.65.

Captaris is the state’s 57th-largest public company based on its 2007 revenue of $94.8 million and employs 450 people, according to Puget Sound Business Journal research.

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The former Radisson Hotel Clearwater Central has changed its name to the Grand Hotel Clearwater.

Ocean Properties Inc., based in Clearwater, owns the hotel and has appointed Trust Hotels LLC to manage the property. Trust formerly managed the Belleview Biltmore Hotel in Bellaire.

The 148-room Grand Hotel Clearwater is on U.S paydayloans. 19 near the intersection of Gulf-to-Bay Boulevard. It has 15,000 square feet of meeting space and a full-service restaurant.

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