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japan

Japan Stocks Shows Optimism


Japan's stock index closed Friday above the important 10,000-point level since October 7, 2008. "Investors are upbeat over the direction of the economy with recent indicators suggesting the global economy is heading toward a recovery," said Yutaka Miura, senior strategist at Mizuho Securities Co. Ltd.

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india

Indian Economy Shows Signs of Recovery


India's industrial output increased 1.4% from April 2008. An economist at HSBC, Robert Prior-Wandesforde said, "[Indian] output growth almost certainly bottomed on a year-on-year basis in March and we are looking for a healthy upward trend to develop from here." This improved perspective of output is due mainly to an increase in domestic demand, particularly from government infrastructure and construction projects, according to Nikhilesh Bhattacharyya, an analyst at Moody's.

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north_korea

Korean GM Daewoo needs financial Help


The General Motors' Korean subsidiary GM Daewoo Auto & Technology are negotiating for new loans. They need cash because the export collapse and has incurred losses from long-US dollar currency hedges. The company asked for new loans in the past, reporting about $791 million. KDB is a state owned bank that is second-biggest shareholder with 28 percent stake. One year ago, GM Daewoo announced a net of loss of $663 million after three years of positive net. However GM Daewoo has 17,000 employees, hundreds of vendors, so its need help to recovery from the crises.

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japan

Distressed Japanese Work to Death


Analysts say that people facing an unpredictable economic future usually feel compelled to work longer hours, even if it is hazardous to their health. Although the Japanese culture of hard work is widely praised, it also poses a threat to those that overwork. According to a report released by the Health, Labor & Health Ministry on June 8, "a record number of workers suffering from job-induced mental disorders successfully filed for compensation". About 269 of 927 of applicants won compensation and among those 269 applicants, 66 had sought suicide, which is the second-highest number on record. In addition, about 158 deaths of workers were linked to karoshi, or working to death, which was an increase of 16 in just one year. Companies like Toyota are working to improve conditions by encouraging workers to rest and take vacations. During Golden Week holidays in May, for example, some manufacturers closed plants for longer and advocated the holidays. However, the economic hardships are still persistent. Many manufacturing workers have had to surrender to wage cuts, bonuses and overtime, which one worker said takes about $1,000 a month out of his pocket. Japan's positive second quarter forecast of growth in GDP might lessen the stress Japanese workers are currently facing.

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india

India's Plan to Boost Economic Growth


President Pratibha Patil has announced that she will push for reforms to revive the economy by taking steps to increase foreign investment in-flows and inject more capital in banks. Welfare programs and higher investment in sectors such as infrastructure will be pursued as well. The president said that welfare projects for farmers and an expansion of rural employment guarantee project are high on the agenda. Families below the poverty line will be given 25kg of rice or wheat every month at 3 rupees a kilo.

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russia

Russia May Reduce Investments in U.S Treasuries


Russia currently has about $140 billion worth of investments in U.S Treasuries. First deputy chairman of Bank Rossii, Alexei Ulyukayev, announced that some reserves were going to be moved into International Monetary Fund debt. On May 26, Finance Minister Kudrin said that Russia will purchase $10 million of IMF bonds from the reserves while China may buy about $50 billion, according to Dominique Strauss-Hahn, IMF's Managing Director. Investors are cautious about U.S assets now that the budget deficit is predicted to reach $1.75 trillion by September 30, a large jump from last year's budget deficit of $455 billion, as reported by the Congressional Budget Office, while there are no strong attempts to get the fiscal deficit under control. Ulyukayev, announced that Russia will reduce the share of U.S Treasuries now that a "window of opportunity for working with other instruments is opening," according to Interfax news wire.

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bangladesh

Jamuna Oil sold off its 1.58.200 shares on debut


Bangladesh state-owned oil marketing company Jamuna Oil increased about 95 times from its face value on debut Wednesday. "It is the reflection of over-enthusiastic investors for the SoE's shares," said Yawer Sayeed, managing director and chief executive officer of the Aims of Bangladesh. The price level was irrational, he said adding that "We, however, welcome the entry of the SoE in the capital market."

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south_korea

Improved Outlook in Korean Shares


Stocks have the possibility of benefiting after the won's 18 percent fall against the dollar the past year, which made the currency more appealing, according to Credit Suisse. It is predicted that the South Korean currency will strengthen up to 15 percent over the next year. Furthermore, Credit Suisse anticipates an increase in sells this year due to the "strong bounce" and greater political uncertainty. This would be a great opportunity for investors to accrue Korean shares of Samsung Electronics Co. and LG Display Co., since those exports have a "high operating leverage" in developed economies, such as the U.S and Europe. According to Credit Suisse, Samsung, Asia's largest maker of chips, flat screens and mobile phones, has a positive likelihood for better earnings. KB Financial Group Inc, Hyundai Mobis Co., Lotte Shopping Co. and Posco are a few of the brokerage's top selections.

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japan

Yen Rose Against 14 of 16 Currencies


The dollar earlier approached a one-week high against the euro as traders added to bets the Federal Reserve will increase its target lending rate this year as the world's largest economy recovers. Paul Krugman, Nobel Prize-winning economist, said that American economy will recover from the crisis by September. "I would not be surprised if the official end of the U.S. recession ends up being, in retrospect, dated sometime this summer," Krugman added "Things seem to be getting worse more slowly. There's some reason to think that we're stabilizing."

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newzealand

New Zeland Increases Business Confidence


"This recovery supports our view that gross domestic product will return to growth later in 2009". And, "more confidence readings are needed to confirm this turnaround", the Wellington-based Treasury said.

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japan

Japan's current account drops but maintains its balance


Its current account surplus fell in April by 55% compared to the same month in 2008. However, the rate of decline in exports has been slowing and according to Norio Miyagawa, an economist at Shinko Research Institute, it is likely that Japan may be able to maintain a positive trade balance for the time being.

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indonesia

Rupiah and Korean Won rose this week, leading Asian currencies


The Indonesian rupiah and the Korean Won gained after data from the U.S. and Australia added to signs of a global economic recovery, giving investors the confidence to buy emerging-market assets.

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