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SKorean GDP up 1.7 percent in 2Q

Wed, 25/07/2007 - 10:34 by MT Bureau

Seoul -- South Korea, spurred by strong exports, saw its GDP jump 1.7 percent in the second quarter from year-ago level, its central bank reported Wednesday.

Yonhap news agency, quoting the Bank of Korea, reported that in the first half of this year, South Korea's GDP grew 4.9 percent from last year.

"Although the construction sector was sluggish, the service industry maintained a sound growth and the manufacturing sector switched to an upturn," the central bank said. "Construction investment dipped and private consumption growth weakened, but facility investment and exports continued strong growth."

China's GDP shows big jump

Fri, 20/07/2007 - 10:59 by MT Bureau

Beijing -- China's gross domestic product rose 11.9 percent in the second quarter, official figures said Thursday.

The GDP hit an 11.5 percent growth rate for the first half, 0.5 percentage points higher than the same period last year and much faster than the expected 8 percent, spokesman Li Xiaochao with the National Bureau of Statistics told a news conference in Beijing.

Bernanke: Inflation may rise again

Thu, 19/07/2007 - 10:04 by MT Bureau

Washington -- U.S. Federal Reserve Chairman Ben Bernanke said Wednesday underlying U.S. inflation might rise again and a recent softening might prove temporary.

Recent core-inflation readings, excluding volatile food and energy prices, have been "favorable," Bernanke said in his semiannual monetary policy report to Congress.

But they "are subject to considerable noise, and some of the recent improvement could also be the result of transitory influences," he said.

China GDP up 11.5 percent in first half

Thu, 19/07/2007 - 09:10 by MT Bureau

Beijing -- China said Thursday its gross domestic product grew 11.5 percent in the first half of 2007 to $1.39 trillion, while first-half inflation rose 3.2 percent.

The first-half GDP growth was boosted by second-quarter growth of 11.9 percent, the official Chinese news agency Xinhua reported, quoting the National Bureau of Statistics. In the first quarter, GDP was up 11.1 percent, higher than what the central bank reportedly had forecast.

Japan government confirms strong economy

Tue, 17/07/2007 - 15:46 by MT Bureau

Tokyo -- A bullish Japanese government report said Tuesday the economy has continued to expand for 66 months, despite weakness in industrial production.

The July report showed the country has enjoyed the longest uninterrupted expansion since World War II, Kyodo news service reported.

"The economy is recovering, despite weakness in industrial production in some sectors," the Cabinet Office said in the report.

Bush warns against raising equity tax

Thu, 12/07/2007 - 18:51 by MT Bureau

Washington -- The Bush administration warned lawmakers that a proposal to raise the tax rate of private equity and hedge funds would injure the U.S. economy.

Eric Solomon, the assistant treasury secretary for tax policy, urged the Senate Finance Committee Wednesday to be "cautious" in contemplating "significant changes" to partnership tax and capital gain rules, The New York Times reported.

1 in 85 Norwegians is a millionaire

Thu, 12/07/2007 - 08:21 by MT Bureau

Oslo, Norway -- One in 86 Norwegians has more than $1 million, giving Norway more millionaires per capita than any other country, an international study found Wednesday.

The study -- by France's Capgemini consulting and professional-services firm and Merrill Lynch & Co. -- also found the number of Norwegian millionaires grew 9.7 percent last year.

This is a faster growth rate than the 8.3 percent world average and the 6.4 percent European average, Oslo's Aftenposten daily reported.

U.S. GDP gets slight 1st quarter upgrade

Thu, 28/06/2007 - 22:16 by MT Bureau

Washington -- The U.S. economy, while far from overcoming a weak winter, was in slightly better shape than reported, new government gross domestic product figures showed.

The U.S. Commerce Department on Thursday announced a slightly higher revised gross domestic product increase at a 0.7 percent annual rate for January through March, The Wall Street Journal reported.

Fed report: Economy sees modest growth

Thu, 14/06/2007 - 15:38 by MT Bureau

Washington -- The U.S. economy overall is growing at a moderate pace, the Federal Reserve said Wednesday in its Beige Book, the Fed's occasional report on the economy.

Most regions reported steady, modest growth from mid-April through May, the Fed reported. Consumer spending and retail sales were generally up in late April and May, with a number of the Fed's 12 districts reporting luxury items were selling better than lower-end merchandise.

U.S. Treasury: May deficit $67.70 billion

Wed, 13/06/2007 - 15:34 by MT Bureau

Washington -- The U.S. federal government in May ran a budget deficit of $67.70 billion, the Treasury Department said Tuesday.

The May deficit figure was smaller than the Congressional Budget Office's estimate of $71 billion, The Wall Street Journal reported.

The department's monthly budget statement reported the May deficit was up 58 percent from a $42.91 billion shortfall a year earlier.

The Biggest Obstacle to Growth in Asia

Sun, 10/06/2007 - 17:25 by Motley Fool

By Tim Hanson

"Can I practice my English with you?"

That's a frequent question for Americans in the touristy parts of Beijing. It's usually asked by a young Chinese girl, and if you agree, you'l