Japan's economy shrinks for the third straight quarter
Tokyo: Japan's economy contracted in the October-December quarter, making it the third straight quarter of decline, as exports dwindled and consumer spending dropped.

The numbers from the Cabinet Office showed the worst reading for Japan's gross domestic product, since the world's second largest economy recorded four straight quarters of contraction from April 2001 through March 2002.

During the quarter that ended December 31, 2004, Japan's economy shrank 0.1 percent from the previous quarter - or an annualized rate of 0. 5 percent - following a 0.2 percent contraction in the April-June quarter and a 0.3 percent contraction in July-September, the latest figures showed.

Although some economists technically define a recession as two or more consecutive quarters of contraction, such definitions vary, and the Japanese government takes other factors into account when declaring a recession.
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Kyoto Protocol in force from today
New Delhi: The Kyoto Protocol, which requires the industrialised countries to reduce their emissions of carbon dioxide and other greenhouse gases (GHGs), came into force today. India had ratified the protocol in 2002.

Under the protocol, the developed countries are required to reduce emissions of GHGs by an average of 5.2 per cent below 1990 levels by 2012.

This protocol was adopted in 1997 by the countries that ratified the United Nations Framework Convention on Climate Change (UNFCC). The Convention seeks to stabilise greenhouse gas concentrations in the atmosphere at a level that would minimise interference with the climate system.

The industrialised countries would need to accelerate the introduction of renewables to meet these requirements, as well as reduce energy consumption by promoting efficiency of energy end use, and enhance the absorption of carbon dioxide through greater afforestation.
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US: Kyoto protocol may cost millions of jobs
Washington: The conspicuous US absence from the treaty limits its impact when it takes effect today. While the 35 participating industrial nations have committed to reducing carbon dioxide, methane, nitrous oxide and other compounds to below their levels of 1990, the US is the single biggest source of greenhouse gases.

President Bush agreed in his 2000 campaign to regulate carbon dioxide as a pollutant but came to the view shortly afterward that its harm has yet to be scientifically proved.

The White House has contended that complying with the treaty's requirement could cost millions of jobs, many of them to Third World countries such as India and China, both signers of Kyoto but exempted from any limits on greenhouse gases.
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Boeing unveils the long range 777-200-L-R
Everett: Boeing has rolled out the 777-200-L-R, which it says will be the world's longest-range commercial airplane. The company says the 777 will carry up to 300 passengers on non-stop flights of more than 17,000 kilometres.

Such flights could take 20 hours in the air on routes such as New York-Sydney.

The range is about 500 miles further than the Airbus A340-500, which has been the longest-range jetliner in the world. In addition to the longer range, Boeing says the 777-200-L-R is superior because it is lighter and with two engines - instead of four on the Airbus - gets better fuel mileage.
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