Japan's economy shrinks in second quarter

TOKYO — Japan's economy shrank in the second quarter, the government said Wednesday, as slowing exports and waning consumer demand pushed the world's No. 2 economy to the brink of recession.

Japan's gross domestic product, or the total value of the nation's goods and services, dropped at an annual pace of 2.4 percent in the April-June period, a marked downturn from a 4.0 percent rise registered in the January-March period.

The new numbers — the first negative reading in four quarters — bolstered growing evidence that Japan's six-year expansion was over.

On a quarterly basis, GDP contracted 0.6 percent, after a 0.8 percent increase in the January-March period, the Cabinet Office said. Private consumption, which accounts for more than half of inflation-adjusted GDP, dropped 0.5 percent from the previous quarter. Housing investment was down 3.4 percent.

Two main drivers of Japan's six-year economic recovery — business investment and exports — also deteriorated. Corporate capital investment in factories and equipment fell 0.2 percent from the previous quarter, while overall exports of goods and services slid 2.3 percent.

The latest figures, which had been widely expected, followed a series of sluggish economic indicators.

The government's monthly economic report for August released last week described the economy as "weakening." Although the Cabinet Office refrained from using the term "recession," it left out any reference to an economic "recovery" for the first time in more than six years.

Industrial production was down 2.2 percent in June from the previous month, and slowing demand overseas is battering Japanese exporters.

The country's top automaker, Toyota Motor Corp., said last week its fiscal first-quarter profit plummeted 28 percent, and the automaker stuck to its forecast that full-year profit will fall for the first time in seven years as it faces more problems from a weakening North American market and rising material costs.

Domestically, rising inflation is sapping consumer sentiment, with July's consumer confidence index falling to its lowest level since the government began tracking the data in 1982.

While many economists are already referring to the downturn as a recession, they also note that the contraction is likely to be shallow and short-lived.

Merrill Lynch economists Takuji Okubo and Masayuki Kichikawa said in a GDP preview report Monday that sound economic fundamentals, easing commodities prices and continued strength in Asian export markets should help Japan weather the current turbulence.

"Within Japan, there are little excesses in employment, capacity and corporate leverage," they write. "We do not see elements in the economy that would push the Japanese economy into a deeper recession."

Still, Japanese officials are worried.

The government on Monday released a draft framework of an emergency economic stimulus package designed to help the country cope with high fuel and commodity prices. Measures include financial assistance for small and midsize companies, subsidies for industry to improve energy efficiency and highway toll discounts.

It did not provide further details, including the scale and total value, or how the government planned to finance the package amid its larger goal of cutting spending.

More certain are the Bank of Japan's plans, which many economists agree are likely to factor in the slowing economy more so than rising inflation. When the central bank policy board meets next week, it is expected to keep its key interest rate unchanged at 0.5 percent.

Source: comcast.net

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Kite Festival - Uttarayan

Gujaraties are very much passionate about flying kites. Right from the morning they start flying kites, even in the night, they fly kite with the candles. They make small lamps using candles and fix it with the kite strings and fly it.

It look amazing and very excited, you can see fire-crackers in the sky and everybody enjoying this festival. We have enjoyed this festival very much, fly lots of kites, eat lots of sweets and chocolates.

International Kite Festival Ahmedabad India 2008

The International Kite Festival is celebrating at Ahmedabad (India) in month of January, to coincide with the festival of Uttarayan or Makar Sankranti. In other part of India it is know as Makar Sankranti. It is a wonderful day, with a bright sun, clear skies and breezes strong enough to lift inestimable kites aloft.

This festival indicates the end of winter, when the heat of summer is still to come. Peoples are crazy about to fly kites in all over Gujarat specially, Ahmedabad and Baroda become cities of kite-flyers. All markets are covered with kites and Manza can be purchased from any small and big shop.

We go to the J. D. Nagarwala police Ground, Ahmedabad to be part of this “Uttarayan” festival. We have seen people are coming from other countries for flying kites and huge crowd are watching this amazing big kites. We have covered some memorable moments of this festival so lets see….

Festival starts and singers, dancers, bands all performed different culture activities on this statge.
Indian kite flying high and huge crowed watching big and wonderful kites.

Look at these giant kites, Everybody is excited to watch these flying man and special kites. Foreigners are coming to Ahmedabad for flying kites and like this festival for its colors and vibrancy.

We have enjoyed very much and view this wonderful kites and colorful peoples....

Fastest Cars of 2007!!!

Fastest Cars of 2007

Get behind the wheel of a supercar and you'll have to redefine your idea of a fast car. On top of the fastest car class of 2006 is the 2006 Bugatti Veyron - an extreme machine with a top speed of more than 250 MPH which we have featured in March. Here is a list of the other nine fastest cars based on the quickest acceleration time.

Most of the vehicles on this list achieve these out-of-the-world speeds through a marvelous combination of high engine power and low vehicle weight. Some heavy vehicles, such as the 4,299-pound Veyron, still maintain a high power-to-weight ratio due to their massive engine output - the Bugatti supercar's 8.0-litre W16 produces 1,001 HP, which works out to 4.3 lb/HP.

All of the vehicles mentioned here can vroom from stationary to 60 MPH in four seconds, or less.

Jet car: 2006 Bugatti Veyron 16.4

Rank: 1

0-to-60 MPH/0-to-100 kmh acceleration time: 2.5 seconds

Power-to-weight ratio: 4.3 lb/HP

Engine specs: 8.0-litre W16; 1,001 HP

Price: $1,357,000

The Veyron 16.4 could knock the leaves off of trees as it powers to top speeds faster than any other street-legal production car in the world. This is the most powerful and fastest car period. And it boasts of the maximum horsepower to prove it.

Just for perspective, this carbon-fiber- bodied, aerodynamic machine has about twice the power that of a Chevrolet Corvette Z06, or a Dodge Viper SRT 10. With a computer-controlled , seven-speed direct shift gearbox, sequential-manual transmission power is propelled into all four wheels. Because the 2006 Bugatti Veyron 16.4 was not adjusted by an aftermarket tuner, it is the first street-legal vehicle to come directly from the factory.

When the Veyron 16.4 reaches a speed higher than 137 MPH, hydraulics will lower the car to a minimal 3.5 inches above the road and a rear wing will deploy.Both the wing and the hydraulics are essential in order to generate enough aerodynamic down-force to keep the car from flying away at such extreme speed.

Cheetah on wheels: 2006 Saleen S7

Rank: 2

0-to-60 MPH acceleration time: 2.8 seconds

Power-to-weight ratio: 3.9 lb/HP

Engine specs: 7.0-litre V8; 750 HP

MSRP: $585,000

Barely missing the No. 1 spot by 0.3 seconds, the S7 is still a muscular cheetah on wheels. This hand-built supercar can even drive upside down! It will not only turn heads, but it will ruffle hair as the S7's turbocharged 750-HP engine roars to life. After receiving a 200-HP power boost in 2005, this lightweight sportscar can now outrace close competitors like the 2007 Lamborghini Murci?lago LP640.

The thunderous S7 is a two-seat, sans-airbags missile. It is race-inspired with a cockpit-like interior, allowing for snug sport seats that feel a bit cramped. The S7 is equipped with features such as a DVD player and a rearview video monitor to compensate for the lack of a large rear window.

Old war horse: 2006 Ford GT

Rank: 3

0-to-60 MPH acceleration time: 3.3 seconds

Power-to-weight ratio: 6.3 lb/HP

Engine specs: 5.4-litre V8; 550 HP

Price: $149,995

The Ford GT is an intimidating beast with an incredible acceleration time and a vintage racing look that is still completely modern. This vehicle marks the 40th anniversary of the original Ford GT race car beating the world's best in endurance racing at Le Mans in 1966.

The 2006 version is a unique reinterpretation of the original. A special Limited Edition exterior colour, Tungsten Grey, is offered to commemorate the 1966 victory. Similar to the 2005 Ford GT, the 2006 version boasts a 550-HP V8 engine, yet it shaved 0.4 seconds off its acceleration time. This car may be intended for the road, but it has race-like qualities, not unlike the original.

The GT will cease production in September this year and will soon be replaced by the Shelby GT500. This ultra-high-performa nce sports car is built on an aluminum space-frame chassis with super-plastic- formed aluminum body panels. The supercharged V8 engine produces 550 pound-feet of torque and the six-speed manual transmission delivers power to the rear wheels.

Italian bull: 2007 Lamborghini Murcielago LP640

Rank: 4

0-to-60 MPH acceleration time: 3.4 seconds

Power-to-weight ratio: 5.7 lb/HP

Engine specs: 6.5-litre V12; 640 HP

Price: $350,000

Set to make an entry in India through Exclusive Motors, this sleek, mean machine - named after the fighting bull - is the newest evolution of the Lamborghini Murcielago, replacing last year's coupe. The massive V12 engine located behind the cockpit blasts this bull to 62 MPH in 3.4 seconds. This powerful beast looks like a futuristic version of the 2006, with a large spoiler underneath the aggressive front bumper and a redesigned rear diffuser.

This Italian supercar has a permanent all-wheel-drive system with electronic traction control. The LP640 has a six-speed manual transmission along with an electronically controlled adaptive suspension.

With the signature steel scissor doors, the LP640 also brags striking carbon-fiber body panels and a steel roof that is lined with quilted leather upholstery, as are the door inserts and seats.

Bomber, recharged: 2007 Porsche 911 Turbo

Rank: 5

0-to-60 MPH acceleration time: 3.4 seconds

Power-to-weight ratio: 7.3 lb/HP

Engine specs: 3.6-litre boxer-six; 480 HP

Price: $122,990

The new 2007 Porsche 911 Turbo is quick, but you have to add the optional Tiptronic S five-speed automatic transmission to make the car race to 60 MPH in 3.4 seconds. The 2007 model has a few style updates on the front and rear that make this sporty racer almost futuristic.

This sixth generation of the 911 models, the 2007 911 Turbo, has a new electronically controlled multidisc clutch, the standard six-speed manual transmission or the optional five-speed automatic transmission as well as an optional ceramic-composite brake system.

The 911 Turbo's 3.6-litre boxer-six engine produces 480 HP, which is 60 HP more than its predecessor, raising the output to an all-time high of 133 HP per litre. This engine's torque curve is even more impressive with peak torque rising to 457 pound-feet and spanning a range from 1,900 to 5,000 RPM.

Curious supercar: 2007 Ferrari 599 GTB Fiorano

Rank: 6

0-to-60 MPH acceleration time: 3.7 seconds

Power-to-weight ratio: 6.0 lb/HP

Engine specs: 6.0-litre V12; 620 HP

Talk of Top 10 fastest and no mention of Ferrari? Not possible. However, a Ferrari figures only at No. 6. Taking the place of the 575M Maranello, the GTB Fiorano coupe has a mid-front V12 engine derived from the Enzo Ferrari supercar. With a top speed of 205 MPH, the six-speed manual transmission produces 620 HP. An all-aluminum construction technology encompasses the body and the chassis of the GTB.

This pure sports car is built similar to the 575M that it is replacing and is aerodynamic to reach extreme performance levels and can rocket from zero to 60 MPH in 3.7 seconds. The exterior looks aggressive and elegant at the same time, making this Ferrari an exquisite vehicle.

Light, mean GM: 2006 Chevrolet Corvette Z06

Rank: 7

0-to-60 MPH acceleration time: 3.7 seconds

Power-to-weight ratio: 6.2 lb/HP

Engine specs: 7.0-litre V8; 505 HP

Price: $65,690

The exotic Chevrolet Corvette offers an even hotter variant, the Z06, which is the most affordable race-inspired car you could own. Coming in at No. 7 on our list, this car cannot be forgotten. The Z06 resembles the C6-R race car and is a "fastback" with a rear hatch, which makes it more aerodynamic, like a racing car.

The Z06's hand-built LS7 aluminum-block V8 engine contains racing-derived components such as an eight-quart dry-sump lubrication system and titanium connecting rods. This affordable muscle car also has a six-speed manual transmission and four-wheel disc anti-lock brakes. Weighing 49 pounds less than t

Classy act: 2006 Mercedes-Benz SLR McLaren

Rank: 8

0-to-60 MPH acceleration time: 3.8 seconds

Power-to-weight ratio: 5.6 lb/HP

Engine specs: 5.5-litre V8; 671 HP

Price: $450,000

This year's McLaren has wings that fly it to a top speed of 200 MPH. With only 500 of these vehicles hand-built each year, they sell out very quickly. The 722 is an homage by Mercedes-Benz to the memorable victory won by British racing legend Stirling Moss and his co-driver Dennis Jenkinson in a Mercedes-Benz 300 SLR at the Mille Miglia in 1955.

The SLR McLaren comes with a supercharged 5.5-litre V8 engine, dry-sump lubrication, carbon-fiber reinforced, lightweight ceramic brakes and a body shell and chassis that are fully made of high-strength carbon fiber, normally used only in racing cars. This Formula One-inspired racer has an arrow-shaped nose and a twin-fin front spoiler.

Speed demon: 2006 Dodge Viper SRT 10 Coupe

Rank: 9

0-to-60 MPH acceleration time: 3.8 seconds

Power-to-weight ratio: 6.9 lb/HP

Engine specs: 8.3-litre V10; 500 HP

Price: $86,995

This new companion to the SRT 10 Convertible has an 8.3-litre V10 engine that hisses out 500 HP and 525 pound-feet of torque. This hardtop version of the Viper has double bubbles for added headroom and carves a menacing profile.

Although the current-generation models are much improved in terms of ride and handling from the roadster that debuted in 1992, the Viper is still a lot to handle - especially at high speeds. Fortunately, the car's massive brake rotors (14 inches in diameter) with anti-lock capability do their part to scrub speed and add a measure of safety.

Turnaround specialist: 2006 Ferrari F430 Spider

Rank: 10

0-to-60 MPH acceleration time: 4.0 seconds

Power-to-weight ratio: 6.8 lb/HP

Engine specs: 4.3-litre V8; 490 HP

Price: $187,927

This exotic head-turner had a two-year-long waitlist before the first model arrived in the US in summer of 2005.One look at this luscious piece of art on wheels reveals why. The low-slung F430 convertible' s body was designed to be more curvaceous and aerodynamic than the 360 model that it replaced.

The F430 Spider comes with a metal-gated six-speed manual transmission; however, you can purchase the optional F1 transmission for an extra $10,740. This sequential-manual gearbox acts like a manual transmission, but doesn't require a clutch pedal or stick shift in order to change gears.

The F430 makes an appearance in the film Miami Vice.