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...September, the DPJ will take over as the official ruling party, with the Diet's election of Hatoyama as Prime Minister and the appointment of ministers. That leaves 100 days for the new administration to draft a budget for the next fiscal year that doesn't increase the national deficit - now at 180% of GDP - but still holds to its costly election-year pledges. If the national budget is not prepared by the end of the year, the green shoots of economic growth could...
...says it can recover $97.8 billion in "wasteful spending," partly through reductions in civil-servant-personnel costs and the upkeep of government offices, in order to realize its campaign promises over the next four years. Those promises include cash handouts to families with children, free high school education, free highways, a four-year freeze on consumption tax (now at 5%) and a curbing of bond issuances. The DPJ must deliver on its promises without increasing the level of deficit financing "to demonstrate that they're fiscally responsible," says Gerald Curtis, a Japanese-politics expert and professor at Columbia University...
...contemplates running for a third term next year, Colombian President Alvaro Uribe must first get over the swine flu, which he was diagnosed with over the weekend. But he has another thing to worry about besides his health: his impressive record on national security appears to be fraying...
Talk about déjà vu. On July 29, the Shanghai Composite Index fell 5%, setting off panic selling in Hong Kong and dinging even the Dow. But Chinese stocks rebounded 2.7% the next trading day, the steepest rise in two months. Fast forward to Aug. 31. The Shanghai index dropped 6.7% that day, causing panic around Asia and even in distant markets like...
...more intense and thorough," he warns. Xie expects this economic slowdown to gather force in the fourth quarter, coinciding with a second-dip recession in the U.S. as inventory restocking and fiscal stimulus there, which are driving today's recovery, peter out. "By the middle of the second quarter next year, most of the world will have entered the second dip," he concludes. "By then, financial markets will have collapsed...