The US government budget deficit hit 91.854 billion dollars in December, sharply higher from the same month a year earlier, Treasury figures showed Wednesday. The budget shortfall for last month compared with 51.754 billion dollars in December 2008, the figures showed. But it was less than 120.289 billion a month earlier. In the first three months of the US fiscal year, the accumulated deficit is 388.5 billion dollars, up from 332.5 billion in the same period a year earlier. The White House is forecasting a deficit for the full fiscal year of some 1.5 trillion dollars, which would eclipse the record of 1.416 trillion in the fiscal year ended September 30. … [Read more...] about US reports December budget deficit at 91.85 billion dollars
1 billion dollar house
Wealthy nations pledged some 22 billion dollars Wednesday to bankroll the war on global warming, delivering a huge shot in the arm to a UN climate summit marred by wrangling and violent protests. Japan led the way by promising to stump up a whopping 1.75 trillion yen (19.5 billion dollars), including 1.3 trillion in public funds, for developing nations on climate change if a comprehensive deal is reached at Copenhagen. It was also one of five countries -- along with Australia, Britain, France, Norway and the United States -- that said they would set up a fund to fight the loss of forests, a leading source of the rising temperatures that scientists warn will cause droughts, plagues and storms if unchecked. "Japan as a country takes very seriously its responsibility in the international community," Environment Minister Sakihito Ozawa said as he announced the biggest financial offer yet for climate change. Europe has already said it would give 7.2 billion euros (10.6 billion dollars) … [Read more...] about Ailing climate summit gets 22-billion-dollar boost
The United States stepped up its defenses against a deadly bird flu pandemic by awarding one billion dollars' worth of contracts to five drug companies to develop an influenza vaccine. The five-year contracts were given to Britain's GlaxoSmithKline PLC, MedImmune Inc., Swiss firm Novartis Vaccines and Diagnostics, DynPort Vaccine Co. and Solvay Pharmaceuticals of Belgium. The announcement came a day after the White House released an action plan to counter any avian flu pandemic, amid fears that an outbreak could kill as many as two million Americans and cause economic havoc. "We have the opportunity to be the first generation that prepares for pandemic," Health and Human Services (HHS) Secretary Mike Leavitt said in a statement. "Today, we're taking a step closer to preparedness by investing more than one billion dollars to develop vaccines more quickly and to produce them here in the United States," he said. A total of 31 prototype vaccines against strains of bird flu … [Read more...] about US awards one billion dollar bird flu vaccine contracts
The Vietnamese government on Monday won legislative support for a proposed budget of VND23 trillion ($1 billion) so that it can start securing a massive area of land needed for a new airport. Site clearance has been separated from the construction plan for Long Thanh International Airport, which will be the country’s biggest when it is finished. The decision will give authorities access to funding so they can relocate residents of Dong Nai Province, where the airport will be built, more quickly and efficiently, while discussions on how to build the massive airport continue. Currently, the state has only earmarked VND5 trillion for the project, or 21.7 percent of the projected cost. That figure includes money to build houses for around 5,000 displaced people. Vu Hong Thanh, chairman of the National Assembly’s Economics Committee, said at the Monday meeting that the increasing demand for air travel demand and constant overloading at Tan Son Nhat International … [Read more...] about Vietnam’s legislators approve to fast-track multi-billion-dollar airport
In the first 7 months of 2012, Vietnam attracted US$8.03 billion of foreign direct investment (FDI), in which, investment in industry accounted for nearly 70 percent of total registered capital, but most projects were small-scale. This situation makes many people wonder that whether Vietnam's industry is attractive enough for big projects. But Mr Phan Huu Thang, Director of Research Centre for Foreign Investment, asserted that industry in Vietnam is still attractive and in the future there will be billion-dollar projects invested in this sector. In recent years, registered FDI in Vietnam has continued to decline. What is the reason? Although FDI inflows into Vietnam in general are declining, implemented capital remains stable at an average of about US$11 billion a year, but it can no longer maintain the growth rate like the previous stage. There are a number of causes for this, including business environment, poor infrastructure, lack of skilled human resources, limited administrative … [Read more...] about Is Industry Capable of Billion-Dollar Projects?