Japan’s Debt Exceeds 1 Quadrillion Yen
Japan’s national debt exceeded 1,000 trillion yen for the first time, underscoring the case for Prime Minister Shinzo Abe to proceed with a sales-tax increase to shore up government finances. The country’s outstanding public debt including borrowings reached a record 1,008.6 trillion yen ($10.46 trillion) as of June 30, up 1.7 percent from three months earlier, the finance ministry said. (Bloomberg)
‘US Shale Oil Threatens OPEC’s Future’
The rise of North American oil supplies could test the future of OPEC which may have to curb supply to accommodate rising shale oil volumes, a new report has found. The increase in U.S. output is a “defining feature of tomorrow’s market” according to International Energy Agency’s oil market report and could test the producer group’s share of the global oil market. (Agency)
China Posts Solid Factory Data
China’s economy could be stabilising, the latest set of economic figures from the country has suggested. Factory output in July rose 9.7% compared with a year ago, ahead of expectations and up from the previous month’s figure of 8.9%. (BBC)
Indian Parliament Passes New Companies Bill
The Upper house of Indian parliament, the Rajya Sabha on Thursday passed the Companies Bill, which seeks to improve transparency and accountability in the companies, encourages self-regulation and makes contribution of 2% of profits toward corporate social responsibility (CSR) mandatory, among other changes. (The Economic Times)
US jobless claims at 6-year low
Americans who have a job may take comfort in knowing that companies are laying off fewer people than at any time since before the Great Recession. Applications for U.S. unemployment benefits over the past four weeks dropped to a seasonally adjusted 335,500, the Labor Department said Thursday. That’s the lowest level since November 2007, which was one month before the recession began. (Agency)
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