Eight Kinds of Insurance Never to Buy

You got to hand it to them, if nothing else, insurance companies are creative. Who else would come up with the idea of health insurance on your pet? It's a nifty idea - definitely worth a chuckle, but not worth the dollar of your hard-earned cash. Here are some other insurance policies to avoid:

* Wedding insurance. You pay around $125 for $3000 worth of coverage if your wedding dress rips on the big day or there's a fire in the reception hall...Now I ask you, if you're that concerned about something going wrong, will $3,000 really make up for the loss?
* Rental car insurance. In most cases, you'll already be covered under your own car insurance policy or under a perk associated with your credit card. And even if you don't have coverage, if you're renting in Illinois and New York, collision coverage is already included in the price of the rental car.
* Contact lens insurance. These policies typically cost around $200 a year and pay to replace a lost or damaged contact lens - hardly a catastrophic loss. If you know you tend to lose or tear your contact often, buy from one of the discount places instead... It'll cost you about the same price as the insurance premium to replace one lens.
* Mugging insurance. Talk about specialized and ridiculous! Mugging insurance pays when you're hurt or you die in a mugging. Call me nuts, but if you're concerned about paying for medical bills or protecting your dependents in case of your death, wouldn't you want insurance that would provide health or death benefits no matter what the cause?
* Limited health or "dread disease" polices. Like mugging insurance, these polices are ridiculously specialized. They only pay if you contract certain diseases, like cancer or polio - as if you wouldn't need health benefits if you got multiple sclerosis.
* Air travel insurance. Like mugging insurance and "dread disease" policies, this kind of insurance provides super specialized benefits - in this case, death benefits only if you die in a plane crash. Again, if you have dependents or have other reasons for buying life insurance, do so. Don't buy coverage for something that is very unlikely to happen and will only pay off in one circumstance.
* Vacation insurance. If rainy weather put a damper on your beach vacation, it a real shame... But it's hardly a catastrophe worth insuring. This goes into the category of "America's Most Unbelievable Insurance Policy.

Yes, you sure can admire them for their creativity. These policies are kind of like commercials, a mild diversion worth a laugh or two. Just make sure, you don't buy any of them...

The Author has been writing articles for years. Not only does he specialize in Credit and Debt, you can also check out his latest website on how to Lose Body Fat. which contains the Body of Fire Review

Article Source: http://EzineArticles.com/?expert=Teddy_Holz

The Federal Aviation Regulations

The Federal Aviation Regulations, or FARs, is part of the Code of Federal Regulations. The FARs details what can or can not be done in the skies of the United States. It applies to airline pilots, hot air ballooners, remote control aircraft hobbyist or rocket flyer.

FARs are in place to push for safety in the skies by providing regulations that protect the pilots, passenger and the public in general from possible dangers from flying crafts. The FARs have been expanded after the 9/11 attacks so it can provide more protection in terms of national security.

The FARs started out in 1926 with the passing of the Air Commerce Act of May 20. It placed the government in control of issuing and enforcing air traffic rules. It also gave the government power to grant pilot licenses and aircraft certificates.

The following decades after 1926 saw the growth of the aviation industry. The US Federal Government's role increased and new government bodies were established. The Civil Aeronautics Adminstration or CAA was established in 1940 as well as the Civil Aeronautics Board or CAB. The Federal Aviation Agency or the FAA was established in 1958 and later became the Federal Aviation Administration in 1966.

How The FARs Are Organized

The FARs, being just a part of the Code of Federal Regulations, still has hundreds of sections normally referred to as simply "parts". Eact part discusses a specific aviation or aviation-related activity. A big part of these parts are focused on flight school certification, pilot cetification and aircraft certification.

When you board a commercial airplane, you'll be subjected to a mandatory safety presentation. You'll need to know that the pilot in command of the aircraft has the final authority as granted by the FARs. The pilot exercises this authority during emergency situations when quick decisions are required to handle the situation.

Adrian Beltran is a health writer who wants to buy aircrafts for sale in the future. He's also very fond of RC helicopters for sale.

Article Source: http://EzineArticles.com/?expert=Adrian_Beltran

Demat Trading in India

What is a Demat Account?
Demat or the dematerialised account is essential for Indian individuals to trade in listed stocks or debentures. According to the Securities Exchange Board of India (SEBI) guidelines one is required to maintain a Demat account where shares and securities are held in electronic form. It is opened by the investor while registering with an investment broker (or sub broker). In short it is a simpler and hassle free way of trading online.

Advantages of Demat account

It is a safe and convenient way to hold securities. Not only does the account enable immediate transfer of securities one also does not need to pay any stamp duty on transfer. Since it holds securities online it also eliminates the risks associated with physical certificates such as bad delivery, fake securities, delays, thefts etc. Moreover it cuts down the paperwork involved in transfer of securities as well as brings down the transaction costs. Additionally, wile using the account one does not face the problem of odd lots as you can sell even a single share. The account also provides the facility of nomination.

A account holder has shares automatically credited to the account in the event of a bonus/ split/ consolidation/ merger etc. additionally, one can hold investments in equity and debt instruments in a single account.

Why I need a Demat Account
Nowadays, practically all trades have to be settled in dematerialised form. Although the market regulator, the Securities and Exchange Board of India (SEBI), has allowed trades of upto 500 shares to be settled in physical form, traders no longer wish to hold physical shares. Hence, a demat account is a must for trading and investing.

Slump in exports hits US economy

The US economy continued to contract in the first quarter of 2009, led by the biggest fall in exports for 40 years.

US GDP contracted at an annualised rate of 6.1% during the quarter, little improvement on the 6.3% fall in the last three months of 2008.

Exports fell by 30%, the Commerce Department said, as the global recession hit worldwide spending.

Separately, the Federal Reserve held interest rates at near zero and said the recession in the US may be easing.

The central bank kept its key rate at its current range of between zero and 0.25%, saying that while the economy is still contracting, the pace of contraction appears to be "somewhat slower".

Decline in exports

However the latest GDP figures were worse than expected. Analysts had predicted the economy would contract at a rate of 5%.

The economic decline between January and March was the third straight quarter of contraction, the longest period of continuous decline since 1975.

All major exporting nations are being hit by the slowdown in world trade, which the IMF forecasts will contract by 11% this year.

Exporters Japan and Germany are expected to suffer even bigger falls in GDP in 2009 than the US.

According to the IMF, world trade is expected to contract by 11% this year, and this has affected all the major exporting nations, with Japan and Germany projected to have an even bigger fall in GDP in 2009 than the US.

Consumer boost

In addition to the big fall in exports, the continuing decline in economic output was also caused by reduced inventory investment by firms, and lower public spending.

Business investment fell by 37%, while construction was down 38%.

However, the Commerce Department said this was "partially offset" by higher consumer spending, which rose 2.2% during the quarter, after falling 4.3% in the last three months of 2008.

House building fell to its second-lowest level on record in March

Analyst Michael Darda, chief economist at MKM Partners, said the economy was "not as bad as it looks".

"It's worth noting that consumption was positive and better than expected," he added.

"There won't be positive growth until the second half of the year probably, but the fall in the second quarter, if it's negative at all, will be far smaller."

Christina Romer, the head of the White House Council of Economic Advisors, said there was a "silver lining" to the figures.

She said that the sharp decline in inventories "could put us in a position for perhaps a less dreary number going forward."

US stock markets shrugged off the news, with the Dow Jones industrial average up by more than 1% in early trading, as investors focused on the Federal Reserve's two-day interest rate meeting.

The latest GDP figure comes after data earlier this month showed that US housing construction fell in March to its second-lowest level on record.

Demand for durable goods also continued to fall in March.

Stimulus package

In the second half of the year, the US economy may also benefit from the $787bn (£533bn)economic stimulus package which was passed by Congress in February.

Very little of that spending reached the economy in the first quarter, with the figures showing government spending actually fell 3.9% in that period.

However, the worse-than-expected economic news provides a gloomy backdrop to mark President Obama's first 100 days in office.

In recent weeks, administration officials said they were seeing "tentative signs" of economic recovery.

One sign appeared on Tuesday when consumer confidence rose to its highest level in two years.

However, unemployment is still rising by over 500,000 per month and is expected to top 10% by the end of the year.

Starbucks profits decline by 77%

Starbucks says it aims to build a more sustainable business

The US coffee giant reported a net profit of $25m (£17m) for the 13 weeks to 29 March, compared with $108.7m for the same period a year earlier.

Starbucks had previously announced plans to close about 960 stores globally, amid consumers cutting back spending during the recession.

Since July it has shut 507 stores in the US and 64 shops in other countries.

Total revenue fell 7.6% to $2.3bn, Starbucks said.

"We are encouraged by the progress we have made to date on our cost-saving initiatives," Executive Vice-President Troy Alstead said.

"We are building a healthier and more sustainable business model to support the company into the future and deliver value to our shareholders.

Japan in surprise economy boost

Japan's exports have been hit by a collapse in demand

.

Production rose by 1.6% in March compared with February, after months of dramatic decline.

The larger-than-expected increase is being seen as a sign that the country's plunge in production and exports may be nearing an end.

The world's second biggest economy has been hit hard by the global downturn, sliding into a sharp recession.

These are grim times for Japan's economy but the latest figures from the government show a small improvement.

But the new figures are a sign that the strategy of Japan's manufacturers - to mothball production lines, reduce shifts and lay off staff - may be working.

With stockpiles of unsold goods diminishing some factories are starting to come back to life.

Japan has been hit badly by the downturn because worldwide demand has collapsed for its cars and electronics.

The increase follows figures earlier this month showing that exports have also risen slightly, although shipments are still running at just over half the levels of a year ago.

A government survey of manufacturers showed they expect industrial production to continue to rise, by 4.3% during April and by 6.1% in May.

Japan in 10 trillion yen stimulus

The economic crisis has caused homelessness to increase sharply

It comes on top of 12tn yen of stimulus spending that has already been agreed. The new sum amounts to more than 2% of the annual output of Japan's economy.

Finance Minister Kaoru Yosano said details of the new package should be finalised by Friday.

It will create a financial safety net for temporary workers, boost struggling firms and support regional economies.

'Compile measures'

The money will also be used to promote solar energy generators, as well as to support nursing and medical services.

The slowdown in the world's second-biggest economy is steeper than that being experienced in the US or Europe.

"The prime minister has instructed us to compile measures that would include real spending of more than 2% of GDP as we take into account a fall in our economy, which is bigger than that in other leading nations, as well as the need for international cooperation," said finance minister Kaoru Yosano.

Prime Minister Taro Aso had previously said he would not hesitate to issue new bonds to cover the cost of the proposed steps, but on Monday the finance minister said the issue had not been raised in their discussions.

However, he also acknowledged the depth of the problems facing the Japanese economy.

"Japan's economic growth rate is expected to fall the most among advanced nations," he said on Monday.

Series of blows

Japan has been hit by a series of economic blows that has led Mr Yosano to describe the conditions as the country's worst economic crisis since the end of World War II.

The country's exports plunged by a record 49.4% year-on-year in February, as worldwide demand for its products collapsed.

Japan's economy contracted by 3.3% in the last three months of 2008, which was its worst showing since the oil crisis of the 1970s.

And figures released last week showed retail sales in Japan suffered their biggest fall in seven years in February.

Meanwhile, Japan's unemployment rate has risen to a three-year high as companies continue to slash jobs. The jobless rate rose to 4.4% in February, from 4.1% in the previous month.

Eurozone retail sales slump by 4%

Consumer demand has fallen because of the downturn

On an annual basis, retail sales fell by 4% in the 16-nation eurozone region during the month. They were down 0.6% from January's figures.

It was confirmed in November 2008 that the eurozone was in a recession, after negative growth in the second and third quarters of the year.

Retail sales have been under pressure from rising European unemployment.

The eurozone now includes 16 nations that use the euro as their national currency, after Slovakia adopted the euro at the beginning of the year

Unemployment across the zone rose to its highest level in almost three years in February, at 8.5%, or 13.47 million, up from 8.3% in January.

Last week the European Central Bank (ECB) cut interest rates to a record low of 1.25% from 1.5%.

The bank has signalled it may cut borrowing costs again by a quarter of a point in May and is considering other ways to boost demand in the economy.

"February's fall in eurozone retail sales confirms that spending is not benefitting from sharp falls in inflation," said Jennifer McKeown of Capital Economics.

"What's more, given the rapid deterioration in labour market conditions, consumer spending will probably remain very weak in the near term at least, despite the relatively healthy state of household finances."

Carmaker Ford cuts debt by $9.9bn

Ford has not taken US government bail-out cash

The 38% debt reduction will reduce Ford's interest payments by more than $500m a year.

It said the move, along with previous agreements with the United Auto Workers (UAW) union, would "substantially strengthen Ford's balance sheet".

In morning trading Ford's shares were up 14.5%, or 47 cents, at $3.72.

'Strong positive'

"As with our recent agreements with the UAW, Ford continues to lead the industry in taking the decisive actions necessary to weather the current downturn and deliver long-term profitable growth," said Ford chief executive Alan Mulally in a statement.

Ford is the only one of the big three US carmakers that has not taken government bail-out money to enable it to continue operating.

"Clearly it is a strong positive for the company, the ability to reduce liabilities and the interest burden," Fitch Ratings managing director Mark Oline said.

"At this point the interest of the bondholders and equity holders are pretty much aligned. Both want Ford to survive the current environment."

World's cheapest car is launched

The Tata Nano, the world's cheapest car, has been launched in India.

Costing just 100,000 rupees ($1,979; £1,366), the Nano will now go on sale across India next month, with deliveries starting in July.

Tata hopes the 10-foot (3-metre) long, five-seater car will be cheap enough to encourage millions of Indians to trade up from their motorcycles.

Tata owner Ratan Tata has described the Nano as a "milestone". Analysts say it will not make a profit for six years.

Tata's managing director Ravi Kant said that from the first orders, a ballot would then select the initial 100,000 people to get their Nano.

"I think we are at the gates of offering a new form of transport to the people of India and later, I hope, other markets elsewhere in the world," Mr Tata added.

"I hope it will provide safe, affordable four-wheel transportation to families who till now have not been able to own a car."

Environmentalists are warning that the Nano will add to India's already clogged up roads, and pollution levels will soar. Tata says the Nano will be the least polluting car in India.

Factory row

The four-door Nano has a 33bhp, 624cc engine at the rear.

The basic model has no airbags, air conditioning, radio, or power steering. However, more luxurious versions will be available.

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Inside the tiny Tata Nano (first broadcast 2008)

A slightly bigger European version, the Nano Europa is due to follow in 2011, and is expected to cost nearer to £4,000.

Analysts said that if the car proves an immediate hit in its home market, Tata may struggle to meet demand.

This is because the main Nano factory in the western state of Gujarat, which will be able to build 250,000 cars a year, is not due to open until next year.

In the meantime, Tata will only be able to build about 50,000 Nanos at its existing plants.

The delay happened when Tata had to abandon plans to build the Nano in a new plant in the eastern state of West Bengal due to a row over land acquired from farmers.

This caused the launch of the Nano to be put back by six months.

Global slowdown

Even if Tata can sell 250,000 models a year, it will add only 3% to the firm's revenues, says Vaishali Jajoo, auto analyst at Mumbai's Angel Broking.

"That doesn't make a significant difference to the top line," he said.

"And for the bottom line, it will take five to six years to break even."

Yet with seven million motorcycles sold last year in India, Tata is eyeing a huge marketplace for the Nano.

Like almost all global carmakers, Tata has seen sales fall as the global economic downturn has continued.

The firm made a 2.63bn rupees loss for three months between October and December.

In addition, Tata is struggling to refinance the remaining £2bn of its £3bn loan it took out to buy the Jaguar and Land Rover brands from Ford in June of last year.

US unveils $1tn toxic asset plan

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Obama: 'We think that we are moving in the right direction'

The US has announced details of a plan to buy up to $1 trillion (£686bn) worth of toxic assets to help repair banks' balance sheets.

The "Public-Private Investment Programme" will purchase the troubled mortgages and securities that have been at the root of the credit crunch.

The Treasury has committed $75bn to $100bn to the programme and said the private sector would also contribute.

President Barack Obama said the move was a vital step forward.

"The good news is that we have one more critical element in our recovery," he said.

"But we've still got a long way to go."

The Treasury said the plan would help the financial system recover.

US banks still hold many mortgage-related assets that they cannot value or sell.

Having so many of so-called toxic assets on their books has made them reluctant to lend, causing the financial system to freeze up, and pushing the economy further into recession.

Investors welcomed the news, with stocks rising in the US and Europe.

Detailed plan

"This approach is superior to the alternatives of either hoping for banks to gradually work these assets off their books or of the government purchasing the assets directly," the Treasury said.

"Simply hoping for banks to work legacy assets off over time risks prolonging the financial crisis," it added.

The $75bn to $100bn will come from the Treasury's $700bn Troubled Asset Relief Program (Tarp), which has already been approved by Congress. This money will be used to fund the government's purchase of assets.

To encourage private investors to take part in the scheme, low-interest loans and guarantees will be offered to private investors via the Federal Reserve and the Federal Deposit Insurance Corp - a government agency that backs bank deposits.

This means that the private investors, which the US hopes will include private equity, individual investors, pension plans and insurance companies, will shoulder relatively little risk, with 93% borne by the government.

The programme initially aims to buy $500bn of toxic assets, with the potential to expand up to $1 trillion.

"Over time, by providing a market for these assets that does not now exist, this programme will help improve assets values, increase lending capacity by banks, and reduce uncertainty about the scale of losses on bank balance sheets," US Treasury Secretary Timothy Geithner wrote in the Wall Street Journal before the programme was officially announced.

Analysts welcomed the plan but said that a number of questions remained unanswered.

Paul Ashworth, an economist at Capital Economics, said the success of the programme depended on the willingness of private investors to take part.

"And, just as importantly, the willingness of the owners of these distressed securities and loans to sell at the price that investors are ready to pay," he added.

Alternative approach

HOW ASSETS BECAME TOXIC Banks own large amount of US mortgages or complex financial instruments (securities) based on US mortgages Due to the bursting of the US housing bubble in 2007, many of the loans are very unlikely to be paid back by borrowers Investors desperately try to sell-off mortgages and mortgage-backed securities But as prices decline and investors realise the risk, potential buyers disappear, causing the market for these assets to seize up Wider impact: Banks stop lending to each other because their assets are worth less so they can't afford to do deals, and because the lack of clarity about value of these assets causes crisis of confidence Government plan aims to kick-start the market for these mortgage-related assets and get the wider financial system working Financial jargon explained Timeline: US government bail-outs

Mr Geithner added that the plan was needed because the US financial system as a whole was "still working against recovery" and "many banks, still burdened by bad lending decisions, are holding back on providing credit".

He said that encouraging the private sector to take part would be better for the taxpayer as the risks of purchasing toxic assets would be shared.

BBC business editor Robert Peston said the aim of the plan is to remove as many bad assets as possible from banks' balance sheets.

This should mean that banks become less anxious about future write-offs and become more confident that they have the capital resources to re-start lending.

It is an alternative approach to that taken by the UK Treasury, which has used taxpayers' money to insure Royal Bank of Scotland and Lloyds Banking Group against future losses on some £600bn of poor loans and investments, he added.

Stocks rise

The markets have been eagerly awaiting the details of the US plan to tackle bank's toxic assets, which have been seen as a drag on world recovery.

Stocks rose worldwide on hopes that the plan would go some way to cleaning up the world financial system. The FTSE 100 of leading UK shares was up 2.4%, or 42.31 points, at 3885.16.

In New York, the Dow Jones industrial average rallied 3.8% to 7,553.8 points.

The price of crude oil also hit its highest in almost four months at close to $53 a barrel on optimism the plan would help the US climb out of recession.

The plan was originally announced in February, shortly after Mr Geithner took up his post as Treasury Secretary but details were scant on how it would work.

The Bush administration abandoned its earlier plans to buy up toxic assets in October 2008, and decided instead to use funds from the Tarp programme to take stakes in banks.

Cheap prices 'lift US home sales'

Buyers have been snapping up bargains

US home sales rose last month, as buyers took advance of bargain priced houses that had previously been repossessed, industry data has shown.

Sales of existing homes grew 5.1% in February to an annual rate of 4.72 million, up from January's 4.49 million, the largest jump since 2003.

The average price fell 16% from a year earlier to $165,000 (£114,000), added the National Association of Realtors.

This was the second largest fall on record, said the estate agent body.

'Distressed homes'

Lawrence Yun, the organisation's chief executive said first-time buyers made up half of all existing home sales last month.

"Because entry-level buyers are shopping for bargains, distressed sales accounted for 40 to 45% of transactions in February," he said.

"Our analysis shows that distressed homes typically are selling for 20% less than the normal market price, and this naturally is drawing down the overall median price."

Last week the Commerce Department said US home construction soared 22% in February, from a year earlier, to a seasonally adjusted 583,000.

This was the first rise in seven months.

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Rich list hit by economic crisis

Mircrosoft founder Bill Gates has resumed his title as the world's richest

The financial crisis is taking its toll on the world's richest people, wiping 332 names off Forbes magazine's "rich list" of world billionaires.

Just 793 people can now lay claim to a place on the list, but on average they have lost 23% of their wealth.

The stock market collapse helped Microsoft founder Bill Gates regain the top spot, despite his wealth declining $18bn (£13.06bn) to $40bn.

He ousted investor Warren Buffet, whose fortune declined by $25bn to $37bn.

In 2008, Mr Buffet had managed to end Bill Gates' 13-year reign at the top as shares in his firm Berkshire Hathaway surged to a record of $150,000 per share just before Forbes formulated its 2008 ultra-rich list.

Declining fortunes

However, the financial crisis has since taken its toll on Berkshire Hathaway, with its share value sinking 50% over the past 12 months.

Indian businessman Anil Ambani experienced the biggest reversal of fortunes, slipping to number 34 on the list from number six last year, as his net worth sank by $31.9bn to $10.1bn over the past 12 months.

The declining health of the world economy meant that to make the top 20 on the Forbes list this year a net worth of just $14bn was needed - compared with $21bn in 2008.

And in the past year, only 44 people on the list managed to increase their fortunes, compared with 656 who lost money.

Mayor of New York Michael Bloomberg was the only member of the top 20 who managed to increase his net worth.

His wealth rose by $4.5bn after a re-evaluation of his financial data firm Bloomberg LP.

Discount success

But the credit crunch did prove to be a boon for some names on the rich list, with nine out of the top 20 boosting their fortunes from discount retailing.

Japan's Tadashi Yanai, founder of budget retailer Uniqlo, was one of the few newcomers to the 2009 list entering it at number 76 with a net worth of $6bn.

Meanwhile German Karl Albrecht moved up from number 10 to number six as his supermarket chain Aldi cashed in on its cut price credentials.

His rise in position came despite the fact that Mr Albrecht's net worth in absolute terms declined to $21.5bn from $27bn last year.

Regional shifts

In the regional stakes, countries like India and Russia lost ground this year to the US, which reasserted its dominance over the world's wealthy elite.

The three richest men in India all saw their fortunes plummet by more than half, while Russian billionaires lost a total of $369bn between them.

US citizens now lay claim to 10 of the top 20 spots - up from four last year - while the US is also the country with the most billionaires.

As a result New York has also toppled Moscow as home to the most names on the rich list with 55 billionaires.

The Russian capital itself has slipped to third place, with 27 members on the list, while London has edged into second place with 28 billionaires.

China's exports in sharp decline

China's exports are declining as world demand slows

Chinese exports plunged by more than a quarter in February from a year ago as the world's third-largest economy was hit by a drop in demand for its goods.

Exports dropped by 25.7% to $64.9bn (£47.3bn) compared with the same month a year earlier, while imports fell by 24.1% to $60.1bn, figures showed.

The country's trade surplus stood at $4.8bn in February, compared with $39.1bn the month before.

The dramatic drop in exports came as a surprise to many analysts.

"This is clearly worse than expected. We were looking for a rise of 1.2%," said Robert Subbaraman at Nomura International.

'Grim picture'

The continuing global economic downturn means that demand for Chinese goods around the world will continue to suffer, according the Chinese government.

The Chinese commerce minister said that the export slump is unlikely to end soon, warning of a "grim picture" for trade in the coming months.

"Exports will get worse before they get better. We could see contractions of up to 30%," said Ben Simpfendorfer at RBS.

"I do think the economy will struggle to bounce back," he added.

"The export figure is set to stay in the red so long as the major economies around the world remain in recession," agreed Sherman Chan at Moody's.

The drop in demand overseas has already caused a wave of factory closures and increased unemployment.

Boosting demand

These latest figures will increase pressure on the Chinese government to push through its stimulus package to boost domestic demand, analysts said.

It has already approved a plan of tax cuts and infrastructure spending worth 4 trillion yuan ($586bn).

And figures show that China's investment in roads, railways and power grids rose by 26.5% in January and February compared with the same months last year.

But such massive government spending may not be enough to stimulate the country's economic growth in the near term.

"There is no way the fiscal stimulus can prop up growth until the the second half of the year. The fall in private sector demand is too sharp," said Mr Simpfendorfer.

Premier Wen Jiabao has announced a target of 8% growth for China's economy in 2009, but many analysts believe the figure will be closer to 5%.

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