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The world’s largest, China left the U.S. Economy
LONDON – China’s economy is predicted to overtake the United States (U.S.) to become the largest economy in the world in 2020. The research revealed that the leading business consultant underlines the existence of “seismic change” in global economic power.
PriceWaterhouseCoopers (PWC) also said, in his report that in 2030 there are 10 states which accompany the world economy of China, the United States (U.S.), India, Japan, Brazil, Russia, Germany, Mexico, France, and England.
The 10 countries with the largest economy today, according to the data that was launched in 2008 from the International Monetary Fund (IMF), namely the U.S., Japan, China, Germany, France, England, Italy, Russia, Spain, and Brazil.
“These projects show that China could become the world’s largest economy by 2020 and likely will be some steps taken by the U.S. in 2030,” said the head of macroeconomics at PWC, John Hawksworth, as quoted by AFP on Thursday (21/1/2010 ).
Hawksworth added that after the period of 2020, India could grow faster than China. In addition, India also will move quickly to the top ranking for gross domestic product (GDP) global. Acceleration is more because India is a country with a population that’s growing faster than China.
This report also shows, increasing the share of global GDP taken by China and India, compared with the U.S. and the EU. The proportion in 2010 would be 20 percent for the United States, 21 percent for the European Union, 13 percent for China, and five percent for India.
Nevertheless, in 2030 the percentage will change to 16 percent for the United States, 15 percent for the European Union, 19 percent for China, and nine percent for India.
Chief global economist for U.S. investment bank Goldman Sachs, Jim O’Neill predicted on last November that China will overtake the U.S. in 2027, 14 years earlier than previous predictions of Goldman Sachs in 2041.
O’Neill coined the term “BRICs” which refers to four emerging market countries like Brazil, Russia, India, and China which has formed an informal group to discuss global issues and economic policy.
Group of developing countries in the G20 then gradually take over the traditional G7 group consisting of England, Canada, France, Germany, Italy, Japan and the U.S. as the main forum of economic talks.
The Black Gold Price Down to $ 77
NEW YORK – Crude oil prices back down to the level of $ 77 per barrel in trading Wednesday (20/1/2010) local time. The investors in the oil markets respond to a number of global sentiment toward, particularly the Dow Jones index drop on Wall Street, as well as concerns about China’s economy. On the other hand, the strengthening of United States dollars (U.S.) come to give the impact of oil price weakness this time.
As quoted by AFP on Thursday (21/1/2010) crude oil prices for February delivery contract fell $ 1, 4 to $ 77, 62 per barrel in trading for the contract last February the New York Mercantile Exchange (NYMEX). While in London, the price of Brent crude for March contract fell $ 1, 31 to level USD76, 32 per barrel on the ICE Futures.
U.S. stock markets tumbled as the banking concerns that the U.S. economy is still fragile and require a long time to recover. U.S. dollar also rose against major currencies other world, so the price of oil becomes expensive for investors who use currencies other than U.S. dollars.
Meanwhile, palm oil prices first fell on Wednesday trading, triggered by a report from the State Bamboo Curtain, China’s government says China to tighten policy further to avoid the risk of bad debts, banking.
China is the largest oil consumption country in the world, and economists expect this year was the demand of China oil consumption increases. However, these government-related measures, leading to fears that the economic recovery in China is still doubtful.
JAL Apologize to Consumers
TOKYO – Japan Airlines Inc (JAL) apologized to customers for any inconvenience news bankruptcy protection filing last Tuesday (19/1/2010).
JAL has even full-page advertising in the local media to apologize to its customers. JAL statement was issued because the preaching of airline bankruptcies was the pride of Japan has made consumers to panic. The consumers who already have tickets can not be afraid to use other loyal tersebut.Konsumen tickets worry should use other airlines. In the JAL ad says that “JAL will continue to fly” and all who have purchased tickets remain valid passenger.
“Please to keep us sure and use (as an air transport service providers) as usual,” said JAL JAL cabin crew yesterday as well to disseminate that JAL operations remain normal. Has changed the cabin crew announcement on the plane (in-flight announcements) with word – said “We were struggling to rise early.” “We will maintain the JAL group,” said JAL plane’s cabin staff during practice made an announcement to the passengers at Haneda Airport, Tokyo yesterday. Many Japanese are surprised by the filing of bankruptcy protection JAL.
Almost every newspaper in Japan reported the case of JAL on the first page. In his report, the business daily Nikkei said that the failure of JAL is a warning to other companies and the Government of Japan. “If you avoid the pain of the head in front of you, the pain is more to come some day,” said Nikkei. JAL carry more than 50 million passengers per year, receiving nearly $ 10 billion in Japanese Government funds and loans are provided darurat.Dana rehabilitation program over a three tahun.Pemerintah ask JAL Japan to emerge from bankruptcy within three years.
Minister of Land, Infrastructure, Transport, and Tourism of Japan Seiji Maehara said that state funding support through the Enterprise JAL Turnaround Initiative Corp. (ETIC). He added, ETIC will provide sufficient funds for JAL to the rehabilitation process for three years completed. However, JAL Maehara also warned to be independent after three years or the rehabilitation process is complete. If restructuring is not going well, he will submit to the fate of JAL.
Maehara added, Tokyo is considering whether Japan needs two major airlines that owned the state (JAL and All Nippon Airways / ANA). Japanese government to consider combining the two operational international routes are state-owned airlines. “The risk of volatility of the airline business is very high. We will mereviu government policy in the aviation industry,” said Maehara. Tokyo Stock Exchange (Tokyo Stock Exchange) will shortly JAL delisting of shares on February 20 next. JAL shares continued depressed state since the coverage prediction that the flight will bankrupt sticking.
Since early January, the price of JAL shares fell more than 90 percent to about four yen per lembar.100 percent stake in JAL price fell to around USD150 million, or for one Boeing 747 aircraft. However, there are traders who take advantage of market panic. Analysts predict, before the delisting of shares JAL lowest price about one yen. “There are people who trade stocks JAL, including those who want to get lucky in the last month. The risk of dilution of shares is limited to a single JAL yen,” said SMBC Friend Securities analyst Hideyuki Higashi .
Foreign Airlines JAL market scramble
Filing bankruptcy airline JAL make the United States (U.S.) want to get the market that will leave Japan the state-owned airlines. As is known, JAL will reduce the dozens of routes to cut operational costs. Potential routes and landing rights (slots) that is owned by JAL targeted foreign airlines.
Americans Airlines and Delta Air Line approach to obtain routes JAL and Japan slotBUMN airline tersebut.Kedua strategic alliance to offer cooperation in aviation operations through code sharing flights (code share). Delta, the largest airline in the world, asking for JAL to join the SkyTeam airline network.
Delta currently does not have any Japanese airline partners. Delta offers $ 1 billion of capital, including $ 500 million capital injection, guarantee USD300 million worth of income, and USD200 million funding support. Meanwhile, American Airlines offers $ 1 investment, JAL 4 billion if the network remains allied with this Oneworld.Saat British Airways and Qantas in the oneworld alliance. “This struggle for land rights market and they want to be through code-sharing cooperation for JAL’s restructuring process takes two to three years and they want to benefit from the void left by JAL,” said former Chief Operating OfficerAir New Zealand Andrew Miller.
Attraction of two U.S. carriers are supported by the open skies agreement (open sky) which Tokyo and Washington signed last month. “Apparently, the JAL flight to the United States will be replaced by Delta,” predicted the credit Shinsei Securities analyst Yasuhiro Matsumoto. However, he said, take a long time for JAL and Delta to get approval from U.S. aviation authorities. Although there is no certainty, Delta and American Airline Direct JAL announced it is ready to support the protection of the bankruptcy filing of the news published. “As more and more thin JAL, Delta will offer more flights,” said Chief Research Japan Aviation Management Research Yoshihisa Akai.
Employees and Pensioners Support
JAL has the support of employees and retirees to cut its obligation to its employees. JAL needs the support of employees and retirees of pension deductions for 331 billion yen ($ 3, 6 billion) that must be submitted at the end of March 2010.
“From 8936 the retired JAL, 5991 approved the cuts,” JAL spokesman said the information was more than resmi.Jumlah requirements that require approval JAL 2 / 3 of all pensioners before making cuts. JAL plans to cut pensions by 50 percent to 16,000 employees who are still active and 30 percent in 8936 retirees. This plan is one program that aims to restore the JAL as a profitable company for four years. “We believe the pension system changes are needed to support the restructuring JAL,” said Secretary-General of Trade Unions Japan Airlines .
Meanwhile, the three main creditor JAL, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation had agreed to the rehabilitation program proposed JAL Tokyo. “Approval of the three major Japanese banks was issued after the meeting the Minister of Land, Infrastructure, Transportation, and Tourism Japan Seiji Maehara, “Kyodo said, in a report yesterday.
