At today’s euro zone summit , EU leaders are expected to approve a permanent rescue fund for the region and agree on a balanced budget rule in national legislation, according to CNBC. They will also discuss job creation and growth as well as announce that up to unused funds of EUR 20 billion from EU’s 2007-2013′ budget will go to jobs for the young and help with bank lending for small- and medium-sized companies.
Don’t Miss: EU Summit to Focus on Growth and Job Creation.
Contradictory remarks have come out from China regarding their current government debt. In January 6 comments by Chinese Premier Wen Jiabao, he said, according to MarketWatch, “At present, government debt is generally safe and controllable.” He added that that Beijing was “very serious” about managing local-government debt, which had been a concern for potential default. These contrast remarks made last weekend from the National Audit Office that warned of “unignorable” risks for China in some areas as global economic uncertainties rise and that the country’s economy remains unbalanced.
With Facebook’s impending I.P.O., jobs growth and social changes are two important aspects that will come from it said Sheryl Sandberg, Facebook’s chief operating officer. She told the network on Sunday that, “If this is seen as an opportunity for jobs and for people to use their work to change the world that’s what we want to be a part of.”
Don’t Miss: Facebook IPO Filing: All the Dirt.
Sandberg, while speaking at the World Economic Forum in Davos, added,”Facebook is barely seven years old and has 3,000 employees—and it has created more than 450,000 jobs in Europe and the US. The best thing it can represent is the kind of growth that creates jobs.”
Philips Electronics reported a fourth quarter loss of EUR 162 million ($214.1 million) as compared to the previous year’s net profit of EUR 463 million. Sales in the quarter did rise 3.2 percent to EUR 6.71 billion.
The loss exceeded analysts expectations and a EUR 272 million charge from the sale of Philips’ TV unit had been noted. Looking ahead, Phillip CEO Frans van Houten warned the first half of 2012 will be difficult due to “uncertainty in the global economy, and in Europe in particular.”
Don’t Miss: Microsoft Moves Kinect Technology into Laptops.
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