Despite falling exports, China has maintained it's trade surplus, reports the Economist. While exports have fallen, imports have fallen even quicker, they say. Most consumer spending in the country has held up "reasonably well," says the Economist, but with construction projects halted all over the country, raw building material imports -- one of China's biggest imported goods -- has fallen precipitously.
The Economist predicts that with big government stimulus investments planned for infrastructure building in the near future, which will reinvigorate the need for imported raw materials, the surplus may become a deficit in 2009.
China is probably the only country whose credit lending has increased this past year, and continues to do so. The Economist recommends they use this to stimulate domestic demand.
Wednesday, January 14, 2009
South Korea
South Korea saw in December its first rise in unemployment and subsequent shrink in job growth in five years, reports Yonhap News.
Some locals have lashed out in anger at what they call "young American hippie couples who come to teach English for big pay and easy work, stealing our jobs."
In a related news story, young American hippie couple Jared Acker and Jen Cooper, who moved to South Korea to teach English for big pay and easy work, have recently fled the country southwards to Thailand. South Korean officials believe Acker set fire to a school, tried to pass blame on to a small child, then fled.
You can follow the crazy antics of these two at Fudgepack--urr, I mean, BackpackerAcker.com
(Jared, sorry if your site is not prepared for the traffic you receive from Norman's International. I apologize in advance if it crashes, just trying to help.)
Some locals have lashed out in anger at what they call "young American hippie couples who come to teach English for big pay and easy work, stealing our jobs."
In a related news story, young American hippie couple Jared Acker and Jen Cooper, who moved to South Korea to teach English for big pay and easy work, have recently fled the country southwards to Thailand. South Korean officials believe Acker set fire to a school, tried to pass blame on to a small child, then fled.
You can follow the crazy antics of these two at Fudgepack--urr, I mean, BackpackerAcker.com
(Jared, sorry if your site is not prepared for the traffic you receive from Norman's International. I apologize in advance if it crashes, just trying to help.)
Still Flowing
Iran's Revolutionary Guard has called for an embargo/boycott on all business relations with Israel for their "uneven war" with Gaza, but to no avail.
A Saudi foreign minister said today that oil shipments will continue to the United States and its allies. "The oil producers who need their income are not going to do that," said Saudi Foreign Minister Prince Saud al-Faisal.
Most of Iran's oil is shipped eastward to Asian clients, perhaps making their calls for a Western embargo ring hallow to many in the region.
A Saudi foreign minister said today that oil shipments will continue to the United States and its allies. "The oil producers who need their income are not going to do that," said Saudi Foreign Minister Prince Saud al-Faisal.
Most of Iran's oil is shipped eastward to Asian clients, perhaps making their calls for a Western embargo ring hallow to many in the region.
Saudi Schools
Suadi Arabia is beginning a large scale plan to modernize and reorganize the nation's education system, implementing the practices and structures of many successful Western nations, reports Arab News.
Abdullah
Suadi Arabian King Abdullah supports the Egyptian peace talks and urged both sides to come to the table to stop the fighting. Meanwhile, reports the Arab News, cemeteries in Gaza are increasingly over-filling with nowhere to bury the newly dead.
A US ship carrying ammunitions from a Greek port to a US warehouse in Israel was canceled after Athens objected to the arrangement, in place before the war in Gaza, says the Pentagon.
A US ship carrying ammunitions from a Greek port to a US warehouse in Israel was canceled after Athens objected to the arrangement, in place before the war in Gaza, says the Pentagon.
Towards Gaza City
Israel continues to push further into Gaza City. UN Secretary General Ban Ki-Moon arrived today, though diplomatic efforts to reach a cease fire still seem slow to come. Previous attempts at an Egyptian-led cease fire proposal were side-lined by bickering within Hamas, reports the NY Times, where Gazan Hamas officials wanted a cease fire but saw opposition from their Syrian counterparts.
Support for the effort runs high in Israel, where 10 soldiers and three civilians were killed by Hamas rocket fire. The Palestinian death toll stands just below 1,000.
All the while, Israel says that after two weeks of heavy bombardment, their main objectives remain unfulfilled.
Osama bin Laden released a voice recording calling for jihad against Israel, his first such recording since May.
Support for the effort runs high in Israel, where 10 soldiers and three civilians were killed by Hamas rocket fire. The Palestinian death toll stands just below 1,000.
All the while, Israel says that after two weeks of heavy bombardment, their main objectives remain unfulfilled.
Osama bin Laden released a voice recording calling for jihad against Israel, his first such recording since May.
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