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International Business News
Slow stimulus spending brings out complaints
A> P, (Wuhinjfron
The slow impact of a massive US economic stimulus program approved earlier this year has prompted renewed talk about another effort to stem rising unemployment and jolt the economy from recession.
Only a small portion of the 787 billion dollars autho rized for economic stimulus in February has been pumped into the economy, failing to prevent a rise in joblessness to a 26-year high of 9.5 percent.
"I don't think it is moving as quickly as anybody would have hoped," said Joel Naroff. an independent economist who heads Naroff Economic Advisors.
"I've been expecting to see ribbon cuttings all over the place on projects but we’re not getting that."
US administration officials argue that the program needs time to be implemented but is already having an impact.
'The stimulus package is on its expected path in terms of the rate of change and in terms of putting money in the pockets of taxpayers," Treasury Secretary Timothy Geithner said Friday.
"There are very substantial investments in infrastructure products that have already started to take effect and will have their maximum impact on the economy in the second half of this year."
German exporters say world trade picking up
AFP, Berlin
The slump in global trade has already hit its lowest ebb and German trade should also begin to perk up in the coming months, a press report said Sunday, citing a study from a major German industry' body.
According to the survey by employers’ federation BDI, exports in Europe's biggest economy and one of the world's leading exporters should begin to rise again from low levels in the coming months, the Welt am Sonntag paper reported.
"German firms are looking more positively to the future: the BDI believes that the fall in world trade has reached its lowest point, " the paper said.
"The recent figures point to a stabilisation of exports at these low levels. After the positive export figures in May, we expect further consolidation," Werner Schnappauf from the BDI told the paper.
Data released on July 9 showed that German exports posted a slight rise of 0.3 percent from April, despite being 24.5 percent lower than in May 2008.
But Schnappauf warned against getting carried away by the figures.
"One swallow does not make a summer," he said.
"There is still a long way to go with many risks both here and abroad, one of the dangers being growing protectionism in the world." he said.
Swatch expects sales to improve in second half
AFP, Zurich
The world's biggest watchmaker Swatch Group is expecting sales to improve in the second half of this year after a difficult start to the year, group's CEO Nick Hayek said in remarks published Sunday.
"After a difficult start this year, we are now experiencing a substantial month to month improvement," Hayek told Swiss newspaper NZZ am Sonntag.
He added that he expected a "positive development in comparison to the same time a year ago, which was already hit by the crisis. I'm even expecting an improvement compared to the first six months."
"We will see a real stimulus in the second half," he said.
Even for its three subsidiaries which had trimmed working hours since last September amid a plunge in orders, Hayek said he expects production to take off again by the end of October.
He pointed out that the group's business in China, in particular, had grown significantly.
"The Swatch Group grew extraordinarily strongly in China. In June, we grew in double-digits, above all with Omega, Longines and Tissot."
CIT Group plans to hire bankruptcy adviser
AP, New York
CIT Group Inc is working with a premier bankruptcy firm as the troubled commercial lender awaits word on whether it ’will receive funds from a federal program designed to help banks, the company confirmed Saturday.
The New York-based company has engaged Skadden, Arps, Slate, Meagher & Flom LLP, which has a prominent bankruptcy practice. The hiring was first reported in The Wall Street Journal Saturday.
However, according to the company CIT has worked with Skadden for "several years."
"Skadden is one of the principal law firms representing CIT," company spokesman Curt Ritter said in an e-mail response to an AP query. "They represent the firm on a wide variety of corporate matters. CIT will not comment on any specific aspect of their engagement."
Skadden did not return calls for comment.