No. 11 ARIZONA 75, SANTA CLARA 73, OT

27 Nov 2015 | Author: | No comments yet »

Japan’s Abe orders extra spending, handouts for pensioners, to pump up faltering recovery.

“We view the U.S.-led coalition with respect and stand ready to cooperate with it. TOKYO (AP) — Prime Minister Shinzo Abe has ordered Cabinet ministers to prepare an extra spending package, including cash handouts for the poorest pensioners, seeking to breathe fresh life into Japan’s stalling recovery. We believe that we would better create a single, united coalition as it would be easier, simpler and more efficient to coordinate our work that way.” — Russian President Vladimir Putin after he and French counterpart Francois Hollande agreed to tighten cooperation in the fight against the Islamic State group. “This is my first time shopping on Thanksgiving.

Suga said it also will include provisions to help farmers improve their competitiveness as the Japan opens its markets further as part of a Pacific Rim trade agreement, the Trans-Pacific Partnership. Suga said the measures are part of broader plan announced by Abe to increase Japan’s gross domestic product to 600 trillion yen ($4.9 trillion) by 2020. The extra spending aimed at farmers and seniors, bastions of support for Abe’s Liberal Democratic Party, also will likely find favor among voters ahead of an election next summer Japan slipped into a mild recession in the spring.

Although the jobless rate fell to a 20-year low of 3.1 percent in October, according to data released Friday, consumer spending and incomes also edged down as the tight labor market failed to spur significant increases in wages. So far, short-handed employers have resorted to use of overtime and hiring more temporary workers, seeking to avoid increases in base wages that would be difficult to reverse if the economy takes a turn for the worse. Abe has called for raising Japan’s minimum wage, which is now at a modest 798 yen ($6.50) an hour on average, by 3 percent a year, aiming to get it up to 1,000 yen ($8.15) an hour by 2020. However, most people paid the minimum wage work for small and medium-size companies that cannot afford to pay more, said economist Masamichi Adachi of JPMorgan. “Those small tiny firms, which are always losing money and don’t pay taxes, are not making money at all. It was pretty unexpected.” — Victoria Pena of Houston, who witnessed a man draped in an American flag climbing over the fence at the White House, prompting a lockdown as the first family celebrated Thanksgiving.

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