China GDP overtakes Japan

first_imgMonday 16 August 2010 9:31 am JAPAN’S second-quarter GDP was less than China’s before seasonal adjustments, government data showed, underscoring expectations that China will overtake Japan as the world’s second-largest economy this year.Japan’s second-quarter unadjusted GDP totalled $1.2883 trillion on a nominal dollar basis, against China’s second-quarter unadjusted GDP of $1.3369 trillion, an estimate by Japan’s Cabinet Office showed.But Keisuke Tsumura, a parliamentary secretary at the Cabinet Office, told reporters that it would be misleading simply to compare quarterly growth figures for Asia’s economic powerhouses, with a release from the Cabinet Office indicating that China does not release seasonally adjusted figures.“It would be correct and fair to compare the figures for the whole year,” Tsumura said. “It will be very misleading to simply compare quarterly figures.”In the first six months of 2010, Japan’s GDP before seasonal adjustments totaled $2.5871 trillion, surpassing China’s $2.5325 trillion.“People have been expecting the Chinese economy to grow at a rapid pace and become physically larger than Japan for many years, so it is not a surprise,” said Robert Feldman, chief economist at Morgan Stanley MUFG Securities in Tokyo.“The issue is whether this will be a trigger for policy changes in Japan,” he said, although he added that in the short-term, domestic political considerations were paramount as Prime Minister Naoto Kan struggles with a hung parliament and a potential leadership challenge from his own party.“It will be used as a tool in the debate in Japan, but is not the essence of the debate itself. The debate is whether they want a growth strategy that hurts vested interests but will help the economy overall,” Feldman said.China’s top currency regulator had said on 30 July that his country had already overtaken Japan as the world’s second-biggest economy. China GDP overtakes Japan John Dunne Show Comments ▼ Sharecenter_img More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoinvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoWorld LifestyleCouple Has No Idea Why Photo Goes Viral, Then They Notice This In The CornerWorld LifestyleUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndo whatsapp whatsapp Tags: NULLlast_img read more

BP and Transocean shares shrug off oil spill report

first_img BP and Transocean shares shrug off oil spill report whatsapp Show Comments ▼ Tags: NULL Thursday 6 January 2011 11:48 am center_img whatsapp Share SHARES in BP and Transocean have risen in trading despite the publication of the US Presidential panel report that spreads the blame for the country’s worst-ever oil spill.Investors are betting that the companies will avoid a highly costly gross negligence charge in spite of the report’s findings.BP’s London-listed shares were up one per cent to 504 pence in trading this afternoon, while Transocean’s US-listed shares were up 1.8 per cent at $74.57 (47.9p). The STOXX 600 European oil and gas sector index was up 1 per cent, on higher oil prices.The report blamed the rig blast and subsequent spill on bad decision-making by BP, drilling contractor Transocean and well cementer Halliburton, which it said highlighted bad industry practice and regulatory shortcomings.Halliburton shares traded down 1.4 per cent at $38.86 after the report accused the company of using an unproven cement mix to seal the well, which subsequently blew out. The company denied the accusation.Investors and analysts said the fact that the blame for the blowout was shared so widely suggested BP and Transocean were less likely to be pinned with a allegation of gross negligence.Under US law, BP faces fines of $5bn because the spill happened on its exploration block.However, the fines could rise above $21bn if Europe’s second-largest oil company by market value was found to have been grossly negligent in the run-up to the blast.Peter Hitchens, oil analyst at Panmure Gordon, said comments made in the report that the management failure which caused the explosion on the Deepwater Horizon rig reflected industry-wide flaws, also made BP appear less culpable.And while the report was damning, Richard Griffith, analyst at Evolution Securities said it could also mean BP can offload some of the costs of cleaning up the spill onto its contractors.“The report may provide grounds for BP to claw back monies from licence partners and possibly Transocean and Halliburton,” he said in a research note.BP shares have gained over 60 per cent since falling below 300 pence at the height of the crisis in June last year. alison.lock last_img read more