Several weeks ago Europe officially entered a double dip recession, and based on various secondary economic indicators, even Europe`s primary economic powerhouse, Germany, is on the verge of negative economic growth. The reasons for Europe`s woeful macroeconomic state are numerous, but boil down to two primary ones: i) massive external imbalances among Eurozone nations (think soaring peripheral debt) coupled with the inability to devalue the common currency as that would mean a failure and collapse of the joint currency union, ii) a desperate need for the periphery to regain price competitiveness (via wages and labor costs) with Germany in order to arrest and collapse an unemployment rate (general, but especially youth) that not even the most optimistic pundits dare claim is sustainable.
Japan`s cabinet approved a $10.7-billion economic stimulus package Friday just weeks before an election the ruling party is expected to lose, while analysts questioned its likely benefits.
The new spending of Â880-billion ($10.7-billion U.S.) was more than double a package announced in October as the country gets set for polls that most say will usher in its seventh prime minister in six years.
More wealthy people putting their money into property
Half of the UK`s wealthiest people own more than one home and it is female millionaires who are leading the way in terms of buying overseas.
For most millionaires, owning bricks and mortar remains a top priority with 49.9% of the UK's wealthiest people owning more than one property in the UK according to Skandia's Millionaire Monitor report 2012.
Furthermore millionaires under the age of 50 are significantly more likely to invest in multiple properties with over 60% of the rich under the age of 50 owning more than one property compared to 42% if they are over the age of 50.
Asia must close skills gaps, go high tech to sustain future growth
MANILA, PHILIPPINES ` Asia and the Pacific must overcome skills gaps and scale up technical training to create innovative economies able to generate sustainable, inclusive growth, says a new book by the Asian Development Bank (ADB).
`While Asia and the Pacific accounts for almost half of global unemployment, 45% of employers in the region face difficulty in finding suitable talent in their markets,` said Bindu Lohani, ADB`s Vice President for Knowledge Management and Sustainable Development. `Countries in Asia will not be able to create sufficient employment unless they address the serious skills mismatches that exist in their labor markets.`
Disputes over small islands pose big conundrum for U.S.
Reuters) - Far away from the United States and usually far down the list of things Washington worries about, the obscure islets at the center of bitter spats between China and its neighbors have become a flashpoint that could get hotter and embroil America.