Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
. Earth Science News .




POLITICAL ECONOMY
Bank of Japan tweaks policy, points to steady growth
by Staff Writers
Tokyo (AFP) July 12, 2012


Microsoft makes unspecified number of job cuts
New York (AFP) July 12, 2012 - Microsoft said Thursday it was cutting an unspecified number of jobs in marketing and advertising as part of a move to "align" its operations to key priorities.

The tech giant gave no specific numbers or details, but the move came after it announced a writedown of $6.2 billion in its online operations.

"I can confirm that there were job eliminations today at Microsoft," a spokesman said in a statement.

"Like any company, Microsoft continually evaluates its operations and works to align the business to key priorities. I can assure you we're thinking about the exciting new opportunities that Windows 8, Xbox and Skype present for our advertising and marketing partners."

Microsoft, which is releasing its Windows 8 operating system in October, said last week it would take the massive writedown related to the 2007 acquisition of aQuantive, a digital advertising firm aimed at helping Microsoft compete against Google and others.

The charge, to be reflected in the company's upcoming earnings report, is required under accounting rules to reflect a lower value or so-called "goodwill impairment."

Japan's central bank Thursday said the world's third-largest economy would grow slightly less than expected amid turmoil overseas, but held off making major policy moves as it pointed to a recovery.

The decision surprised some analysts after a flurry of interest rate cuts by central banks in Europe, Asia and South America aimed at propping up a global economy that is showing signs of slowing.

The Bank of Japan said it would keep rates at zero to 0.1 percent while it fine-tuned a 70 trillion yen ($880 billion) asset-purchase programme but kept the size of its main policy tool steady following a two-day policy meeting.

The bank said it expected Japan's economy to expand by 2.2 percent in the fiscal year through March 2013, slightly lower than its April outlook of 2.3-percent growth but still above a January forecast of 2.0 percent.

It kept a 1.7 percent growth forecast for the next fiscal year unchanged.

Japan's economy was hammered last year by the quake-tsunami disaster which wreaked havoc on industrial production, while flooding in Thailand and the yen's surge to record highs against the dollar later in the year also hurt growth.

"Japan's economic activity has started picking up moderately as domestic demand remains firm mainly supported by reconstruction-related demand" following last year's natural disasters, the bank said in a statement Thursday.

"(But) there remains a high degree of uncertainty about the global economy, including the prospects for the European debt problem...(and) the momentum toward a recovery for the US economy".

The US Federal Reserve has held off fresh stimulus, while the European Central Bank and China's central bank ushered in rate cuts last week, with Brazil on Wednesday cutting its rate to a record low.

South Korean policymakers on Thursday unexpectedly cut the key interest rate for the first time in more than three years.

Expectations for a rate cut from the Japanese central bank had been waning in recent weeks.

"(But) after rate cuts by Korea and Brazil, it's just odd that the BoJ is not playing ball like everyone else," said Hideyuki Ishiguro, strategist at Okasan Securities in Tokyo.

The bank said it would tweak policy by reducing the amount of fixed-rate loans it offers by five trillion yen while it increased the purchase of treasury discount bills by the same amount.

The shuffle was "somewhere between unchanged and an easing", said Tsunemasa Tsukada, chief manager of forex and financial products trading at Mitsubishi UFJ Trust and Banking.

"Still, the size of the asset purchase programme hasn't increased in net terms. So the effects of easing should be limited," he said.

The state of Japan's economy was not bad enough to stoke a major move by the central bank, Capital Economics said in a note.

"Recent economic data from Japan have mostly been weak but there have been just enough positives... to justify a delay," it said.

The BoJ also lowered its inflation forecast in the current fiscal year to 0.2 percent from an earlier estimate of 0.3 percent, and kept unchanged its view of a 0.7 percent inflation rate for the following year.

Japan has been stuck in a deflationary spiral for years with efforts to battle a general trend of falling prices having little impact.

Europe, a key market for Japanese products, remains at the top of policymakers' concerns, with officials repeatedly saying the eurozone crisis is the biggest threat to Japan's economic recovery.

But on Thursday, the BoJ said production was picking up with the economy "expected to return to a moderate recovery path as domestic demand remains firm and overseas economies emerge from the deceleration phase".

.


Related Links
The Economy






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





POLITICAL ECONOMY
US beefs up protection of economic data
Washington (AFP) July 11, 2012
The US Labor Department's adversaries are "profit-driven, technically sophisticated individuals who may have considerable resources at their disposal." They may secretly use surveillance equipment and "though they are willing to bend and potentially violate rules and laws, violence is unlikely as an operational method." But these are not James Bond villains or members of a shadowy crimin ... read more


POLITICAL ECONOMY
Japan govt, media colluded on nuclear: Nobel winner

Japan pushes ASEAN to lift export restrictions

Report faults Fukushima response

Fukushima was 'man-made' disaster: Japanese probe

POLITICAL ECONOMY
The Day Information Went Global

Asian firms to pay $571 mn more in US LCD case

ESA's Clean Space targets orbital debris and greener environment

Metamolecules that switch handedness at light-speed

POLITICAL ECONOMY
Work resumes at huge Amazon dam site

Australia's mining boom may doom Barrier Reef

New research finds increased growth responsible for color changes in coral reefs

Trigger for past rapid sea level rise discovered

POLITICAL ECONOMY
Arctic warming linked to combination of reduced sea ice and global atmospheric warming

Argentina court upholds glacier protections against mining

Study: Wrong diet doomed 1912 polar try

Scientists to produce first 3-D models of Arctic sea ice

POLITICAL ECONOMY
Climate change means stressed cows may have less milk

Sustainability of rice landscapes in South East Asia threatened

Ancient domesticated remains are oldest in southern Africa

France sends emergency anti-locust aid

POLITICAL ECONOMY
Fabio becomes fifth hurricane of Pacific season

Hurricane Emilia weakens in Pacific

Russian flood victims pick through damage

Russia mourns flood dead as questions mount

POLITICAL ECONOMY
Liberia leader warns of new wars without arms deal

Sahel army chiefs meet on Mali crisis

War vets threaten Angola elections over unpaid pensions

Mali to form 1,200-strong elite force to protect transition

POLITICAL ECONOMY
Native American populations descend from three key migrations

Seabirds studied for clues to human aging

Hong Kong's land shortage forces bereaved to sea

Diet of early human relative Australopithecus shows surprises




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement