- CNTV English - CCTV News

Quakes slow Japan's economic recovery

03-15-2011 09:18 BJT Special Report:9.0 Magnitude Earthquake Rocks Japan |

On the first working day since Friday's devastating earthquake, Japan has started to count the financial cost of its worst catastrophe since World War Two. The insurance cost of the quake, which hammered the country's northeast coastline, could reach 35 billion U.S. dollars, even before the tsunami is taken into account. That's according to risk modelling company AIR Worldwide.

It's nearly as much as the global catastrophe toll on the insurance industry in 2010. A swathe of top-name Japanese manufacturers, including Sony, Toyota and Panasonic have shut down production lines, with restart efforts hampered by quake aftershocks. And then there's the worsening debt situation, Japan's political leaders are pushing for an emergency budget. This comes at a time when the government is already fiscally constrained by a public debt twice the size of the economy, the biggest among advanced economies.

And of course, there's also the industrial chain reaction. The temblor in Japan, a leading producer of electronics, will undoubtedly cause disruption in the global supply of electronic goods.

Related stories

Editor:Xiong Qu |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program