South Korea: Seeks to reduce fiscal deficit in 2011
South Korea’s government plans to cut the nation’s fiscal deficit next year after an economic recovery boosted prospects for tax revenue. Total spending will rise 5.7% to 309.6 trillion won (USD269.4bn) while tax revenue will grow 8.2% to 314.6 trillion won, the Ministry of Strategy and Finance said in its budget proposal for 2011 released in Gwacheon. (Bloomberg)
Japan: Could benefit from strong yen, Aide Mizuno says
Japan should consider ways to benefit from a strong currency because the yen is likely to stay expensive against the dollar in the medium term, a government official said. “Japan should change its structure to raise living standards using the strong yen,” by encouraging overseas mergers and acquisitions and purchasing mining rights for natural resources, Kazuo Mizuno, deputy director-general of economic assessment at the Cabinet Office, said. (Bloomberg)
Japan: China's rare-earth ban would hurt, Kaieda says
China’s “de facto” ban on exports to Japan of rare earths, a group of 17 metals used in weapons, hybrid vehicles and laptop computers, may have a “big impact” on Japan’s economy, Japanese Economy Minister Banri Kaieda said. China’s Ministry of Commerce spokesman Chen Rongkai said that China has not imposed such a ban, repeating a stance he made last week, after media reports said China was restricting shipments. (Bloomberg)
UK: Growth fueled by jump in spending, investment
The UK economy’s fastest quarter of growth in nine years was fuelled by rebounding consumer spending and inventories and the biggest jump in government spending since 2008. GDP expanded 1.2% in the three months through June from the first quarter, unrevised from a previous measurement, the Office for National Statistics said in London. (Bloomberg)
US: Home prices recede as tax credit expiration hurt sales
Home prices in 20 US cities rose at a slower pace in July from a year earlier as the end of a government tax credit hurt sales. The S&P/Case-Shiller index of property values increased 3.2% from July 2009, the smallest yo- y gain since March, the group said in New York. The gauge is a three-month average, which means the July data are still being influenced by transactions in May and June that may have benefitted from the incentive. (Bloomberg)
US: Consumers lose confidence on jobs gloom
Mounting gloom over the outlook for jobs and wages caused American consumers to lose confidence in September, indicating spending will take time to recover. The Conference Board’s sentiment index declined to 48.5 this month, the weakest level since February, according to figures from the New York-based private research group. Another report showed home prices cooled, hurt by a slump in sales following the end of a government tax incentive. (Bloomberg)
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