Millionaires' numbers rise globally
New York: According to a report released Wednesday, the combined wealth of the world's richest rose by more than 11 percent to a grand total of $37.2 trillion (euro27.68 trillion) last year.

According to the 11th annual World Wealth Report compiled by Merrill Lynch & Co and the consulting firm Capgemini Group, the rise marks the first double-digit increase in seven years. Thanks to a strong global economy, 9.5 million people held at least $1 million (euro740,000 ) in financial assets excluding the value of their primary homes in 2006, up from 8.7 million in 2005.

The wealth gives these individuals control of about a quarter of the world's total wealth, or nearly three times the United States' gross domestic product.

Worldwide, gross-domestic-product growth and accelerating market capitalization or the value of corporations' outstanding shares in the global market fueled the generation of wealth, the report found.

Topping the list in both in the number of wealthy individuals and the sum of their accumulated assets was the United States followed by Japan.
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China to raise wages as prices rise
Beijing: China will raise minimum wages this year to offset the sharp rise in food prices that are impacting low-income families unfavourably, the Xinhua news agency said, citing the Ministry of Labour and Social Security.

Local governments have to raise minimum wages before the end of 2007 in regions where salaries have risen slowly or are markedly lower than the average.

China's inflation rate rose 3.4 per cent in May from a year earlier, higher than the government's annual target of 3.0 per cent. However, food prices accelerated at a much faster pace.

In China meat and poultry prices jumped by 26.5 per cent in May and the cost of eggs rose 37.1 per cent.

In China, minimum wage standards vary from region to region. At the end of last year, southern China's Shenzhen city had the highest minimum wage in the country at 810 yuan ($105) per month, while eastern Jiangxi province was bottom with a salary of 270 yuan, Xinhua said.
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Japanese economy shows mixed trends
Tokyo: The Japanese economy gave off mixed signals with deflationary pressures persisting despite a tightening labour market and rising consumer spending.

Japan's core consumer prices fell 0.1 per cent in May from a year earlier, falling for the fourth consecutive month and at the same pace as in April, the government said.

The core consumer price index (CPI) for Tokyo alone in June -- seen as a leading indicator for national price trends - was also down 0.1 per cent, dampening hopes of a near-term pick-up in the country-wide indicator.

The central bank of the country remains concerned over deflation, and last July raised interest rates for the first time in almost six years, followed by another quarter-point hike to 0.5 per cent in February.

On a more positive note, Japan's unemployment total declined by 190,000 in May from a year earlier to 2.85 million, a separate official report showed.

The jobless rate remained steady in May at a nine-year low of 3.8 pr cent, slightly better than market expectations for a rise to 3.9 per cent.

The ratio of job offers to job seekers rose from 1.05 in April to 1.06 in May, meaning 106 jobs were available for every 100 job seekers.
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