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Business News in Brief
Decline in OECD trade values slows in Q1
AFP, Paris
A fall in goods and services trade by value in major industrialised countries slowed in the first quarter 2009 but the figures still showed a significant setback, the OECD reported on Wednesday.
The Organisation for Economic Cooperation and Development said the value of goods and services exports in its 30 member economies fell 13.4 percent compared with fourth quarter 2008 while the value of imports declined 15.2 percent.
In the fourth quarter 2008 exports fell 18.5 percent iM value on a quarterly basis and imports 18.4 percent.
Compared with the first quarter of last year, goods and services exports plunged 27.1 percent in value and imports 27.9 percent, according to the study.
The OECD said that in terms of volume, "the unprecedented and largely synchronised drop in merchandise trade volumes in the Group of Seven countries of the last quarter of2008 continued in the first quarter."
The G7 comprises Britain, Canada, France, Germany, Italy, Japan and the United States.
G7 exports fell 13.6 percent in volume while imports were down 10.5 percent in the first three months of 2009 compared withe fourth quarter 2008.
Bank of Japan extends emergency steps
AFP, Tokyo
Japan's central bank said Wednesday it was extending its emergency measures to tackle the worst recession in decades, as it downgraded its outlook for the world's number two economy.
But the Bank of Japan said the slump was easing and economic conditions "have stopped worsening."
"The current financial and economic situation is still severe, but we've seen clear signs of an improvement," central bank governor Masaaki Shirakawa told a press conference.
At the same time, however, "domestic demand remains weak,"he added.
The Bank held its key interest rate steady at 0.1 percent, as expected, and said it would continue its policy of buying up corporate debt to keep credit flowing to cash-strapped firms during the recession.
The programmes, which were due to expire at the end of September, were extended for the rest of 2009. The BoJ also extended a currency swap agreement with the US Federal Reserve until February 1.
While there are hopes the recession is easing, gross domestic product is expected to shrink 3.4 percent in the financial year to March 2010, worse than a previous forecast for a contraction of 3.1 percent, it said.
Manila rejects WB call to raise oil taxes
AFP, Manila
The Philippines on Wednesday brushed off a World Bank suggestion that it raise oil taxes to shore up revenues, saying it did not wish to hit people in the pocket amid a slowing economy that has already crimped consumer spending.
Raising oil taxes "will have a dampening effect on the economy since higher prices will discourage consumer spending," Economic Planning Secretary Ralph Recto said in a statement.
"We do not believe that a further (oil) tax increase should be a priority in the short term, " he added.
The World Bank, which secs the economy contracting this year, said plunging revenues could "jeopardise" a government spending package aimed at boosting growth, or lead to large deficits, or both.
It urged Manila to "consider further desirable revenue measures, such as raising gasoline excises.”