Japan account surplus tumbles to 43.9pc

 

The country logged a trade deficit due to lower exports and higher energy costs, government data showed Wednesday.

 

The surplus in the current account, the broadest measure of trade with the rest of the world, stood at 9.63 trillion yen ($125 billion) in 2011, the lowest level since 1996, the finance ministry said.

 

The figure was down 43.9 percent from 2010, the sharpest year-on-year decline since 1985.

 

The surplus in returns on overseas investment and other income expanded “but the balance of goods and services trade slipped into the red, reducing the surplus in the current account,” the ministry said in a statement.

 

The traditionally export-led economy has shifted to more overseas production as shown by strong figures for earnings from overseas assets held by Japan. Those earnings rose by nearly 20 percent to 14.03 trillion yen.

 

Analysts say any systemic shift in Japan s current account numbers could threaten the country s ability to finance its large government budget deficits.

 

Earlier data from the ministry showed Japan suffered its first annual trade deficit in more than 30 years in 2011 after the March quake-tsunami and strong yen hit exports while high fuel costs pushed up import bills.

 

The current account surplus for December alone dropped 74.7 percent to 303.5 billion yen, decreasing year-on-year for the 10th straight month since the March earthquake and tsunami disasters.

 

The surplus was smaller than an average of 337.5 billion yen expected by economists surveyed by the Nikkei business daily.

 

The March disaster disrupted manufacturing supply chains across Japan, hampering exports. It also knocked out cooling systems at a major nuclear power plant on the nation s east coast, sparking the world s worst atomic disaster in 25 years and sending confidence in the technology plummeting.

 

Japan is resource-poor and its fossil fuel imports have soared in the wake of the Fukushima nuclear crisis, with atomic power stations being taken offline and thermal fuel plants used to make up the difference.

 

In addition, the eurozone debt crisis has slowed the global economy and sent traders scurrying to the safety of the yen, driving up its value and reducing Japanese exporters  incomes.

 

The current account measures trade in goods, services, tourism and investment.
 

Quake measuring 5.4 jolts Chitral

 

According to Geological Department the epicenter of 5.4 earthquake which jolted Chitral on night between Friday and Saturday was on Afghan-Tajik border.

 

Panic spread in the area after the earthquake. According to News Trends correspondent in Chitral no casualty was reported from any part quake-hit area.
 

Oil higher in Asia on positive Japanese data

 

Oil rose in Asia Tuesday as traders reacted to better than expected economic data from Japan, analysts said.

 

New York s main contract, West Texas Intermediate crude for delivery in March, gained 54 cents to $99.32 a barrel in morning trade.

 

Brent North Sea crude for March delivery was up 40 cents to $111.15.

 

“Oil prices are higher … reacting largely to the positive Japanese economic data showing increased spending,” said Ken Hasegawa, energy desk manager at Newedge brokerage in Japan.

 

Japan said Tuesday that household spending in the world s third largest economy rose for the first time since the devastating March 11 earthquake and tsunami.

 

Industrial output in Japan also rose 4.0 percent in December, exceeding market expectations of a 2.8 percent jump and a reversal from November s 2.7 percent dip.

 

The upbeat data showed a slight rebound in the Japanese economy, which was hit hard by the March disaster that left more than 19,000 people dead and missing, and triggered the Fukushima nuclear crisis.

 

Meanwhile, traders were closely watching the latest efforts by eurozone leaders to resolve Greece s debt woes.

 

Following a European Union summit that saw agreement on a new treaty to end deficits, EU president Herman Van Rompuy called for a new deal with Athens “by the end of the week” on a second bailout.

20 killed as 6.9 quake rocks India, Nepal

A strong 6.9-magnitude earthquake hit northeast India on Sunday, killing at least 20 people, including three caught in a wall collapse at the British Embassy in neighbouring Nepal.

The US Geological Survey said the quake struck the small, landlocked Himalayan state of Sikkim — which borders Nepal, Bhutan and Tibet — at around 6:10pm.

The epicentre was just over 60 kilometres (40 miles) northwest of the Sikkim state capital Gangtok, which was plunged into darkness by a power cut after the quake.

“There is no electricity. Everybody is out on the road,” Gangtok resident C.K. Dahal told the CNN-IBN television news channel. “We all ran out our houses, some even jumped out of their windows. You can see some buildings that have developed cracks,” Dahal added.

Powerful tremors were felt across a wide region, including Nepal, Bhutan, Bangladesh and the Indian cities of Guwahati and Kolkata, and even as far away as the Indian capital New Delhi.

In Nepal, police said three people were killed, including a motorcyclist and his eight-year-old daughter, when a wall collapsed at the British Embassy compound in the capital Kathmandu, 270 kilometres west of the epicentre.

“Another two died in a separate incident in eastern Nepal,” national police spokesman Binod Singh said. A budget debate in Nepal s parliament was stalled for 15 minutes while lawmakers leapt to their feet and fled the chamber as the entire building shook.

Telephone landlines to Sikkim, India s least populous state, were knocked out and mobile networks were swamped, making communication with the affected area difficult.

The quake was followed by two strong aftershocks, one with a magnitude of 6.1. Sikkim Chief Secretary Karma Gyatso told AFP that five people had been killed and 60 injured in and around Gangtok as the result of mudslides, building collapses and falling debris.

“We have reports of dozens of collapsed houses, and roads to many towns have ben blocked by landslides,” Gyatso said.

Another person was reported killed in a stampede by panicked residents in a town in the eastern state of Bihar. Manish Sharma, a doctor attending a conference in Gangtok, told the NDTV news channel that guests in his hotel had all run for the doors as soon as the first tremors were felt.

“I am standing in front of the legislative assembly and I can see one of the outer buildings… the upper side is in two parts,” Sharma said. “I can see light coming out of that particular portion. It has not collapsed but it is in two parts. One part has moved aside,” he said. “The police are trying to calm people down.”

In New Delhi, Prime Minister Manmohan Singh called an emergency meeting of the National Disaster Management Authority, and Cabinet Secretary Ajit Seth said that air force planes carrying rescue teams and relief supplies had been despatched to Sikkim.

Strong tremors were felt in Guwahati, the main city in Assam state, some 600 kilometres away, sending panicked residents running into the streets. “Our apartment block was literally swaying,” said housewife Anamika Das.

In Kathmandu, traffic came to a standstill as hotels and bars were evacuated. Hundreds of anxious tourists and residents waited for news in car parks and on the streets as the seasonal monsoon rain lashed down.

In Bhutan, buildings in the capital Thimphu were also rocked. “Our wooden house is safe. Jars fell in kitchen, books fell from shelf,” Thimphu resident Aby Tharakan, a media consultant, said in a message posted on the microblogging website Twitter.

India s seven northeastern states, joined to the rest of the country by a narrow sliver of land, are located in an area of frequent seismic activity.

6.6 magnitude earthquake hits Indonesia

 The quake struck at 12:55 am (1755 GMT on Monday) at a depth of 110 kilometres (70 miles), USGS said, with its epicentre around 400 kilometres (250 miles) southeast of Banda Aceh.

The Hawaii-based Pacific Tsunami Warning Center said the quake was too far inland to generate a tsunami.

Indonesia sits on the Pacific “Ring of Fire”, where the collision of continental plates causes high seismic activity, and Sumatra is particularly prone to earthquakes.

Aceh was devastated when a 9.1-magnitude quake off Sumatra in December 2004 triggered a huge tsunami which killed more than 220,000 people around the Indian Ocean.

US Geological Survey initially gave a magnitude of 6.5 for Tuesday s quake.

Earthquake jolts Islamabad, upper parts of KP

An earthquake measuring 5.5 on Richter Scale hit Islamabad and upper parts of Khyber-Pakhtunkhwa at 1:35am on Saturday.

The shocks were also felt in other parts to the country including, Peshawar, Mardan, Nowshera, Abbottabad, Chitral and Malakand division.
The epicenter of the quake was in Koh-e-Hindu Kash. No casualty was reported from any part of the country.

5.7 magnitude earthquake hits different areas of Sindh, Balochistan

A 5.7 magnitude earthquake hit different areas of Balochistan and Sindh including Karachi at 6:15 am. People left their houses by reciting Kalma Taiyeba.

According to Met Office, the epicenter of the earthquake was located near Kharaan area of Balochistan which was recorded 5.7 on the Richter scale.

The earthquake jolts were also recorded in Qalat, Khuzdar, Shahdadkot and the surrounding areas.

Ruthless Australia thump Kiwis by seven wickets

NAGPUR: Ruthless Australia compounded the miseries of rivals New Zealand by notching up a seven-wicket victory in their World Cup match on Friday.

Chasing an easy target of 207 runs for victory, Australia openers Shane Watson (62) and Brad Haddin (55) piled on 133 for the first wicket in just 18 overs as they punished the erratic bowling of New Zealand in the Group A encounter.

The start ensured that there were no hiccups, though both openers departed in the same over to paceman Hamish Bennett.

Captain Ricky Ponting (12) followed soon after, stumped brilliantly down the leg side by Brendon McCullum off Tim Southee.

Vice captain Michael Clarke and Cameron White saw Australia home in just 34 overs with an unbeaten fourth-wicket stand of 40
runs to extend their team’s unbeaten run in World Cup to 31 matches.
The Kiwi bowlers did not help their cause by bowling 32 extras, which included 29 wides.

The match was played against a somber backdrop following the devastating earthquake in Christchurch earlier this week.

Both teams observed a minute’s silence and wore black arm-bands, while the New Zealand flag flew at half mast in memory of the victims of the earthquake, which has claimed at least 113 lives with 228 people still missing.

Some of New Zealand players struggled to keep their emotions in check as they linked arms while their national anthem was being played before the start of the match.

After the solemn start, the Australian pace duo of Mitchell Johnson and Shaun Tait vindicated Ponting’s decision to field first by skittling New Zealand for a 206.

Overnight rain and a little cloud cover prompted Ponting to bowl first in the day match and some fiery fast bowling saw the
Kiwis lose their first six wickets with just 73 runs on the board.
Johnson (four for 33) and Tait (three for 35) shared seven wickets among themselves, while Brett Lee and Shane Watson also chipped in with a wicket apiece.

Steve Smith was the only spinner to pick up a wicket. AGENCIES

98 dead, 226 missing in New Zealand quake: police

CHRISTCHURCH: Rescue workers have recovered 98 bodies after the New Zealand earthquake and there are “grave concerns” for another 226 people who are missing, police said Thursday.

“I can confirm that we have received a total of 98 bodies,” district commander Dave Cliff told reporters. “We have 226 people who are reported missing. We”re gravely concerned about those individuals.”(AFP)

7.4 Magnitude Earthquake Jolts Various Cities of Pakistan

Breaking News
Massive Earthquake Hits Pakistan: An earthquake of 7.4 magnitudes hit the country on Wednesday at 1:28am. The shocks of earthquake were also felt in India, Afghanistan and UAE.

The jolts were felt in Islamabad, Lahore, Multan, Faisalabad, Gujranwala, Nowshera, Gilgit, Sawat, Muzzafarabad, Naseer Abad, Peshawar and other areas of the country. The earthquake lasted for around 1second to 60 seconds in different parts of the country.

According to the US Geological Survey, the intensity of the quake was 7.3 and its epicenter was around 50 kilometres west of the town of Dalbandin, close to the border with Afghanistan.

According to Chief Meteorologist Muhammad Riaz after shocks can be felt in coming days.

Two women died one in Quetta hospital from a heart attack following the quake but no major damage to property has been reported. People, harassed by the sudden shocks of earth quake, came out of their houses and started to recite verses of Holy Quran. The country witnessed one of the worlds worst earthquakes back in 2005 and people still cannot get out of the horrors of that quake.

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