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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (3955)	11/14/2001 11:50:11 AM
From: Cogito Ergo Sum	Read Replies (2) \| Respond to of 36161

Guess I should look for a coal trust :o) Haven't figured out what Sherritt dd with Luscar yet.

To: Frank Pembleton who wrote (3955)	11/14/2001 2:13:24 PM
From: isopatch	Read Replies (1) \| Respond to of 36161

Japanese gov lowers eco outlook for 7th time this yr.!! <TOKYO, Nov 14, 2001 (Kyodo via COMTEX) -- The government on Wednesday downgraded its diagnosis of the Japanese economy's health for the seventh time this year, as the effects of the September terrorist attacks in the United States began to be felt in the global economy. "The economy is deteriorating further," the Cabinet Office said in a monthly report on the overall current state of the domestic economy, in a departure from the phrase used to describe September and October that the economy "continues to deteriorate." With regard to short-term prospects, the report said "concerns have intensified over a simultaneous slowdown of the world economy, with the adverse effects of the series of terrorist attacks in the U.S." Haruhito Arai, director for economic analysis at the Cabinet Office, said in a media briefing the simultaneous global slowdown has already become "a reality" following the terror attacks. "Both Japan and the U.S. posted economic contractions. In Germany, economic growth is almost zero. It's still in plus territory in Britain, but growth is slowing considerably," he said. Arai said the reasons behind the downward revision of the assessment of the Japanese economy, the first in three months, are a number of dismal figures shown in U.S. economic indicators. "It's hard to distinguish the scope of negative implications of the terrorist attacks on the U.S. economy from other unfavorable factors, but the indicators show that the U.S. economy is worsening on a pace faster than anticipated," he said. Such bleak U.S. indicators led to the government's harsh assessment of the Japanese economy, particularly regarding exports, he added. On individual elements of the economy, the report showed downward revisions in assessments of private-sector consumption, employment and imports. It said private consumption is "weakening," while the unemployment rate "has risen to a new record, with job offers, overtime hours worked and wages continue to weaken." The nation's jobless rate hit a record high of 5.3% in September as the prolonged economic downturn cost many jobs. On trade, the report said both exports and imports are falling substantially. In the previous report, only exports were described as falling substantially, while imports were simply deemed to be falling. The monthly economic report showed that the government's view of the economy changed drastically in April, when it described the economy as "weakening." The government said in its March report that the "economic recovery appears to be pausing." It adopted the use of the word "deteriorating" for the first time in the June report, and added "further" in the August report. The government view on the further deteriorated state was left unchanged for September and October. On Friday the government reversed its economic projection for fiscal 2001 from 1.7% growth to a 0.9% contraction in real gross domestic product, the worst figure in the postwar period and the first shrinkage since fiscal 1998. 2001 Kyodo News (c) Established 1945>