Word: gdp
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...relief suggestion comes at a time when the government is trying to rein in a budget deficit that amounted to 3.3% of GDP last year. Although the fiscal outlook has improved lately due to a pickup in the local economy, many officials and politicians say a sweeping overhaul of Hong Kong's tax system, such as introduction of a sales tax, is needed?making it harder to sell a reform that looks like tax relief for gamblers. In September, Financial Secretary Henry Tang said he might consider the reduction if it could be clearly demonstrated that tax revenues would...
Indians have come to expect infallibility from Reliance. The Bombay-based conglomerate, which in its last financial year reported more than $22 billion in annual revenues (3.5% of India's GDP) from sectors as diverse as oil refining, power generation and mobile-phone service, is the most successful private enterprise in India's history. Founded in 1958 by the late Dhirubhai Ambani, the group has prospered and expanded through changes of government, seismic shifts in public policy and the opening of India's economy. Rivals sometimes complain about Reliance's access to politicians and its aggressive business tactics, but ordinary...
...trillion New federal debt ceiling approved by Congress, equal to about 70% of U.S. annual GDP...
...Nigeria to hurricanes in the Gulf of Mexico. "It is neither fair nor accurate to blame China for most of the rise in oil prices," says Jeffrey Logan of the Paris-based International Energy Agency. But China's impact should not be ignored. Even if China's blazing GDP growth of 9.1% in the first three quarters of this year (compared with the same period the previous year) slows to 8% in 2005, as the Chinese Academy of Social Sciences predicts, the country has become a permanent player in the global competition for oil. "More than a billion Chinese...
...Mike Eskew saw an opportunity: "Customers wanted one throat to choke when the pressure was on to deliver. We offered them UPS's throat," he says. UPS already dominates small-package ground delivery in the U.S., handling 13.7 million packages daily and moving items worth 6% of the U.S. GDP every 24 hours. By leveraging its operational efficiency, UPS is attacking what Eskew estimates might become a $3 trillion market--not only taking on smaller, European-based logistics firms like Exel and TNT but also fending off competitive pressure from Belgium-based DHL, which is making an aggressive push into...