Wednesday, April 16, 2014   

Tokyo splashes out US$53.8b on infrastructure, incentives
(12-05 18:50)

Tokyo approved a spending package worth almost US$54 billion in a bid to offset a tax increase that comes into effect next year and which critics fear will derail Japan's economic recovery.
The 5.5-trillion-yen (US$53.8 billion) stimulus is loaded with public works spending, including construction projects for the 2020 Tokyo Olympics, rebuilding coastal communities shattered by the 2011 quake and tsunami and updating ageing infrastructure.
The package also includes investment and tax-incentives for business, low-income earner subsidies and assistance for disaster victims.
The spending is expected to impact the world's third-largest economy to the tune of 18.6 trillion yen including private-sector and local government spending.
Finance Minister Taro Aso said the government would draft a new budget next week to account for the stimulus package, which would not require fresh borrowing.
The spending “should continue'' to boost Japan's economy beyond next year, Aso said.—AFP

   
Other Business breaking news:
Exports boost Italy's trade surplus (1 hr 25 mins ago)
Bitcoin exchange MtGox placed in administration (1 hr 50 mins ago)
Singapore institutional investors show interest in RQFII (1 hr 53 mins ago)
Hang Seng inches up, Shanghai slips (04-16 16:39)
Supermarket Tesco books higher net profit (04-16 15:48)
European equities open higher (04-16 15:47)
Nikkei soars (04-16 14:50)
European Parliament gives green light to 'banking union' reforms (04-15 19:12)
Imperial Tobacco announces closure of factories in Britain, France (04-15 19:03)
BOJ vows to reach inflation target (04-15 18:49)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.