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Japan’s Economy Suffering From World Financial Crisis

Associated Press reported that Japan, one of the few countries with the most stable economy, is suffering from economic difficulties at present. Thanks to the world financial crisis.

TOKYO – Japan’s contracting economy got more bad news Friday when figures showed that industrial production plunged by its biggest margin ever in November, the jobless rate jumped and household spending fell.

Output at the nation’s vital manufacturers fell 8.1 percent from October, the largest drop since Tokyo began measuring such data in 1953, as Japan’s automakers and others slashed output to cope with slowing global demand. The decline was worse than analysts’ forecasts, and a survey predicted a similar 8 percent decline in December.

“Exports and industrial production are falling so extraordinarily quickly that it almost defies analysis,” said Richard Jerram, chief economist at Macquarie Securities in Tokyo.

The monthly drop in factory production is nearly double the previous record fall of 4.3 percent in January 2001, according to the Ministry of Economy, Trade and Industry. Earlier this week, trade data showed that Japanese exports plunged a record 26.7 percent in November.

Many companies, including big names like Toyota Motor Corp. and Sony Corp., have announced plans to cut production and workers. The yen’s recent strength against the dollar and euro has also dealt a huge blow to this export-oriented economy — the world’s second-largest — by eroding overseas earnings.

The job cuts are already being reflected in a higher unemployment rate, which rose to 3.9 percent in November from 3.7 percent in October, the Ministry of Health, Labor and Welfare said. The figure does not include those who have given up looking for work and exited the labor market entirely.

The ministry said 2.56 million people were unemployed in Japan in November, an increase of 100,000 from a year earlier.

Here in the Philippines, the economic situation is worse. I will udpate this site with more local business news in the Philippines in the near future.

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Business Networking Tips

Business networking is the process of establishing and growing rapport between businesses that could lead to benefits for all parties concerned. While business networking is often focused on generating additional revenue through acquiring new clients, there are several other advantages that can be derived from this process of making and cultivating contacts. Here are some examples of how business networking takes place and how engaging in this type of activity can be extremely helpful.

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Cheap Ways to Celebrate Christmas

Although celebrating Christmas can be very expensive, you can also celebrate Christmas on a budget and still have an enjoyable holiday. Early planning is really the key, but even if you have to create a great Christmas in a rush, it can be done with a little time for thinking and a list. For easy organizing, you can divide the celebration aspects of Christmas into four main groups: decorations, gifts, food and events.

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Credit Card Crisis in the US: Survival Tips

Forbes stated in a report that “While the economy tumbles and the government rushes to help stop the housing crisis, another danger is lurking - in your wallet.”

Credit cards, according to Forbes, “are shaping up to be the next chapter in the financial meltdown, promising to stymie consumer spending, drag on the economy and force a whole new wave of financial difficulty on Americans.”

To help yourself from getting into credit card problems, it was advised by experts like Liz Moyer that you do the following:

• To combat the risks, major lenders like Bank of America (nyse: BAC - news - people ), Citigroup (nyse: C - news - people ) and American Express (nyse: AXP - news - people ) are raising rates on existing balances and slashing credit lines. Meredith Whitney, an analyst at Oppenheimer & Co., estimates banks will cancel $2 trillion of available consumer credit over the next year.
• There are some things you can do to help yourself. Experts advise reading the terms and conditions on your account statement every month, so you can pick up on any unexpected changes your card company slips into the fine print. Also critical: maintaining your credit rating at its current level, giving card issuers less ammunition to change your account terms.
• Another tip: Make sure you don’t use too much of your credit limit. Use no more than 30% to 40% of your available credit on one card and across all your cards. Going past that threshold is a trigger lenders to change terms. It can also dent your credit rating.

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