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International Business News
Japan okays 'unprecedented* recession budget
AFP, Tokyo
Japan's government Wednesday approved a record high budget, vowing to take "unprecedented" action to weather a painful recession which it expected would only get worse in the new year.
The cabinet sent to parliament an 88.55 trillion yen (980 billion dollar) budget for the year from April 2009 that covers tax cuts and cash rebates but slashes foreign aid and worsens an already ballooning debt.
"Wc need to take unprecedented measures when in an extraordinary economic situation," Aso told a news conference soon after his cabinet approved the budget.
"Japan cannot evade this tsunami of world recession. But by taking bold measures, we aim to be the world's first to come out of recession," he said.
He warned "conditions next year around the world to drop rapidly".
Japan's economy, the world's second largest, has contracted for two straight quarters as demand overseas dries up for its cars, electronics and oilier exports.
In only three months in office, Aso's own approval rating has plunged alongside the economy, with recent polls showing that the opposition is more popular than his long-dominant Liberal Democratic Party.
Philippine real estate poised to profit from crisis
AFP, Manila
The Philippine real estate market could be a safe haven and even a source of profit in the world financial crisis, a global property consultant said Wednesday.
After many financial instruments proved unstable this year, investors will shift in 2009 to more traditional investments such as real estate, CB Richard Ellis said in a statement.
"Previously, the diversity of portfolio investments lured most equity funds to invest in high-risk, high-yielding liquid assets and financial instruments. Now real estate remains a safe bet for investment," the statement said.
Investors could look to opportunities in "companies which have a physical presence that offers face-to-face customer experiences," Rick Santos, CB Richard Ellis chairman for the Philippines, was quoted as saying.
The Philippines also has a large population and is not overly dependent on export revenues, allowing the country to rely on its human resources and large domestic market to tide it over in the face of falling export demand.
Berlin planning 25b-euro rescue plan
AFP, Berlin
The German government is preparing a 25 billion euro plan for January to help rescue the ailing economy, a regional finance minister was quoted as saying Wednesday.
The daily Rhein-Zeitung quoted Ingolf Deubel, finance minister for the state of Rhineland-Palatinate, as saying the plan would amount to around one percent of Germany's gross domestic product.
Another daily, the Frankfurter Rundschau, also gave a figure of 25 billion euros mixing two-thirds of investments and one-third in fiscal measures, which would run up to the end of 2010. It did not give any sources.
A spokesman for the federal finance ministry, contacted by AFP, said that "there is not yet any decision, so there are not yet any figures.”
American Express to receive $3.39b from Treasury
AFP, Washington
Credit card giant American Express said Ttiesday it would receive 3.39 billion dollars in capital injection from the US Treasury as part of an emergency rescue for the troubled financial sector.
American Express said the Treasury had provided preliminary approval for it to participate in the Treasury's 700-billion-dollar Troubled Asset Relief Program Capital Purchase Program.
"American Express expects to issue and sell to the Treasury preferred stock of approximately 3.39 billion dollars and warrants to purchase shares of common stock forupto 15percentofthatamount," thecompanysaid.
The preferred shares will pay dividends at a rate of five percent annually for the first five years and then nine percent annually thereafter, a company statement said.