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...October and November decisions, which raised interest rates from 3% to 3.5%, are meant to keep inflation between 2% to 3% in 2010. The country's consumer price index as of September actually rose just 1.3%, but the fear is that the resurgent economy and government's $38 billion in cash handouts and infrastructure spending will push inflation above...
...rate has surged to 10.2%, the highest since 1983. Raising interest rates runs the risk of worsening unemployment. For the same reason, the U.S. cannot withdraw stimulus spending either, even though the U.S. budget deficit has topped a record $1.7 trillion. Last week, mortgage lender Fannie Mae reported $18.9 billion in third-quarter losses and said it needs another $15 billion in taxpayer money to survive...
...administration is being forced into a difficult balancing act between the need to prevent a double-dip recession and the desire to keep Japan's budget deficit from spinning out of control. The recession is knocking tax revenues so far below expectations that the deficit will rise to $548 billion this year, an enormous 10% of GDP. Yet, despite Hatoyama's instructions to keep next year's spending no higher than this year's initial budget of $970 billion, the country's ministries have submitted 2010 spending requests totaling $1.04 trillion. (See pictures of how Japan has changed...
...Hatoyama is not explaining this U-turn very well - nor is his message consistent. For example, he has indicated that, in the interest of fiscal responsibility, he may toss overboard some of the $77 billion in programs that the DPJ offered to increase household disposable income. The purpose of this spending is to help shift Japan from an export-led economic model to one led by consumption. During the country's 2002-07 recovery, fully one-third of GDP growth was attributable to a rising trade surplus. As the severity of Japan's current recession showed, this...
...cannery's office, applications in hand. If there is one thing that people in General Santos can count on, it's the West's insatiable appetite for canned tuna. Global imports have skyrocketed from less than 3 million tons per year in 1976 to over 3.5 billion today. "Demand is very high," says Mariano Fernandez, Ocean Canning's general manager. "Raw material is the problem...