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China's economy expanded 6.1% on annualized basis in the first quarter, its slowest pace since 1998. Singapore's GDP contracted an astounding 19.7% in the same period - after shrinking 16.4% in the previous quarter. Hong Kong has yet to report first-quarter numbers, but its economic performance in the final quarter 2008 does not inspire confidence: GDP growth was minus 2.5%. In the same period, the South Korean economy contracted 5.6% while Japan, Asia's largest economy and the world's second biggest, shrank...
...deficit spending, Japan approved this month a new Policy Package to Address the Economic Crisis worth $156 billion, its third fiscal stimulus package since September - and the umpteenth attempt to jumpstart the economy since the bursting of the asset bubble way back in the 1990s. None of the previous attempts worked, in part because much of the money went to wasteful public works spending in the bailiwicks of ruling-party politicians. The latest spending appears to make more economic sense, targeting job-creation, support for the equity market, increased transfers to regional governments, health-care spending, and energy efficiency...
...course I miss not being able to speak. But I never debated not attending the festival. Wild horses couldn't have dragged me away, but a broken leg the previous week did the trick. My wife Chaz is now the emcee, and many of my friends among film critics help with the Q&As. I'll always treasure the night I was onstage with Werner Herzog and he dealt with audience questions until...
Zuma, who portrays himself as an outsider, capitalized on that discontent to depose the previous leadership of the ANC and former President Thabo Mbeki. But not everyone is convinced. Archbishop Desmond Tutu, for one, says he will not vote ANC this time around, saying it has betrayed the hope of the Mandela years...
...Zuma may surprise. Previous ANC administrations have failed to deliver on fighting inequality, violent crime, HIV/AIDS and reining in Robert Mugabe in neighboring Zimbabwe, creating the opportunity for Zuma to do better. A lessening in ANC support would ultimately be good for the health of South African democracy, which has lacked a strong opposition since the end of apartheid. Finally, ANC Presidents are a creature of their party rather than the electorate, as Mbeki's removal showed. Should Zuma underperform and disappoint his supporters, he might expect the same fate - and before his official term...