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Japan

Japanese New Deal? Tokyo Unveils Massive Stimulus To Boost Economy

DAILY YOMUIRI, KYODO (Japan), DOW JONES NEWSWIRES,AFP

Worldcrunch

TOKYO – The Japanese government has formally approved a massive 20.2 trillion yen ($227 billion) stimulus package during a cabinet meeting on Friday morning, reports the Daily Yomuiri.

The national government will spend 10.3 trillion yen ($116 billion), with nearly the same amount kicked in by local governments and the private sector, according to Kyodo.

"We need to say good-bye to the shrinking economy and aim to achieve a strong economy where innovation and new demand lead to more jobs and income," said Prime Minister Shinzo Abe during a press conference after the cabinet meeting.

According to Dow Jones Newswires, the stimulus package will focus heavily on upgrading ageing infrastructure and making more schools, hospitals, roads, bridges and tunnels earthquake-resistant. It also includes increased investment in reconstruction projects in the coastal region devastated by the March 2011 earthquake and tsunami.

The stimulus plan also includes beefing up Japan’s Self-Defense Forces, with 180.5 billion Yen ($2 billion) going to new missiles, fighter jets and helicopters, reports the AFP.

Japan’s Nikkei stock index jumped 1.5% following Abe’s announcement.

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Economy

Soft Power Or Sportwashing? What's Driving The Mega Saudi Image Makeover Play

Saudi Arabia suddenly now leads the world in golf, continues to attract top European soccer stars, and invests in culture and entertainment... Its "soft power" strategy is changing the kingdom's image through what critics bash as blatant "sportwashing."

Footballer Karim Benzema, in his Real Madrid kit

Karim Benzema during a football match at Santiago Bernabeu stadium on June 04, 2023, in Madrid, Spain.

Pierre Haski

-Analysis-

PARIS — A major announcement this week caused quite a stir in the world of professional golf. It wouldn't belong in the politics section were it not for the role played by Saudi Arabia. The three competing world circuits have announced their merger, putting an end to the "civil war" in the world of pro golf.

The Chairman of the new entity is Yassir Al-Rumayan, head of the Saudi Arabian Public Investment Fund. Add to this the fact that one of the major players in the world of golf is Donald Trump – three of the biggest tournaments are held on golf courses he owns – and it's easy to see what's at stake.

In the same week, we learned that two leading French footballers, Karim Benzema and N'Golo Kanté, were to join Saudi club Al-Ittihad, also owned by the Saudi sovereign wealth fund. The amount of the transfer is not known, but it is sure to be substantial. There, they will join other soccer stars such as Cristiano Ronaldo.

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