Latest news with #economicrelief
Japan Times
20 hours ago
- Business
- Japan Times
As election looms, Ishiba pledges ¥1 quadrillion GDP by 2040
Economic relief packages for present difficulties and economic goals for future prosperity are the strategies the ruling and opposition parties are employing ahead of the Upper House election next month, as they roll out their official campaign pledges. Financial aid to help households deal with the high cost of consumer prices, particularly those for rice and agricultural products, is a major part of each party's formal set of promises to voters who need help now. But Prime Minister Shigeru Ishiba's Liberal Democratic Party is also announcing an ambitious economic growth target for the distant future. 'We aim to achieve a nominal gross domestic product of ¥1 quadrillion ($6.9 trillion) by 2040 and I have instructed party executives to make increasing the average income by more than 50% from current levels by then as our party's first pledge in the upcoming Upper House election,' Ishiba announced Monday night. How, exactly, the LDP would achieve that was not made clear. The party plans to compile a more detailed policy platform next week. Japan's nominal gross domestic product in 2024 was ¥609.4 trillion, according to Cabinet data, while the average annual private sector salary in 2023 was ¥4.6 million, according to the National Tax Agency. To deal with present economic realities, the LDP and its coalition partner, Komeito, agreed Tuesday to include promises of cash payments in their respective Upper House campaign pledges, in response to recent consumer price increases. The exact amount each household would receive and under what conditions are yet to be determined, although the amount promised in the LDP's platform could be in the range of the tens of thousands of yen per person. Komeito, which has already announced its Upper House campaign pledges, is also promising to abolish the temporary gasoline tax rate of ¥25.1 per liter. It says the abolition date can be determined during year-end tax negotiations. In the meantime, Komeito supports a continuation of current subsidies to lower gasoline prices and expanding a tax-exempt limit for commuting allowances for employees who commute by private vehicle. The opposition parties are also gearing up for the Upper House race with a similar emphasis on pocketbook issues. Constitutional Democratic Party of Japan head Yoshihiko Noda speaks to reporters in Tokyo on Friday. | JIJI On Tuesday, Constitutional Democratic Party of Japan leader Yoshihiko Noda announced his party's platform under a slogan of promising to protect voters from rising prices, especially those for daily necessities. 'We'll implement immediate measures in the form of a meal support grant to alleviate the burden of rising rice prices. A onetime payment of ¥20,000 per person, equivalent to half a year's worth of consumption tax on food items, will be provided. After that, we will implement a zero percent consumption tax on foodstuffs for one year and up to two years,' Noda said. The CDP is also promising a review of Japan's rice policy to bring prices down, while emphasizing the importance of protecting both rice farmers and consumers. In addition, Noda presented the party's plan for dealing with gasoline prices. 'Our aim is to abolish the provisional tax rate and achieve a reduction of ¥1,000 per 40 liters,' he said. Other parties are now finalizing their election strategies, including the exact wording of their campaign promises. The date of the Upper House poll has not yet been announced, although July 20 appears to be the most likely. The current session of parliament is slated to end on June 22.
Bloomberg
15-05-2025
- Business
- Bloomberg
Trump Will Seek 180-Day Waiver to Congress Sanctions on Syria
Secretary of State Marco Rubio said the Trump administration will offer Syria initial economic relief by seeking a 180-day waiver to sanctions imposed by Congress, with the longer-term goal of removing the restrictions entirely. He said President Donald Trump intends to use the waiver authority granted to him by the Caesar Syria Civilian Protection Act, which penalizes anyone who does business with the Syrian government.
Washington Post
14-05-2025
- Politics
- Washington Post
Syrians rejoice after Trump pledge to lift crippling sanctions
DAMASCUS, Syria — President Donald Trump's announcement from Saudi Arabia that his administration intends to lift wide-ranging sanctions on Syria sparked jubilation in the capital, Damascus, as a population long impoverished by the restrictions was finally able to hope for relief. For years, the U.S. government insisted that its sanctions targeted the regime of former president Bashar al-Assad, a dictator who presided over a devastating civil war. But ultimately the measures, which cut Syria off from the global financial system, strangled the country's economy, triggered hyperinflation, weakened the health system and left the poorest living hand-to-mouth.
Globe and Mail
12-05-2025
- Business
- Globe and Mail
Alberta government announces indefinite freeze on industrial carbon price
Alberta Premier Danielle Smith says her government is freezing its industrial carbon price effective immediately at $95 per tonne of emissions. She says the move is critical to keep industry competitive and defend jobs as Canada navigates a tariff fight with the United States. She says it also provides certainty and economic relief to critical sectors such as oil and gas, electricity, and manufacturing. The price had been set to rise to $110 per tonne in 2026 and to continue increasing to $170 per tonne by 2030. Environment Minister Rebecca Schulz says going over $100 a tonne would make the province 'wildly uncompetitive.' Schulz says the freeze is indefinite.
