And she says that strong cash flow generation points to further debt reduction and a reduced interest payment burden in 2012 and beyond.
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Today the implied move is for a reduction of 35 basis points.
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Foreign multinationals from high-tax countries that open subsidiaries in the U.S. lower their effective tax rate by maybe 0.5 percentage points, with most of that reduction going to Japanese multinationals simply because they are taxed even more back in Tokyo, the study found.
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Such delays are preventing Greece from hitting its targets of raising revenues by 5% and cutting the budget deficit as a share of GDP by another 2.2 points, after a six-point reduction in 2010.
Tackling these problems points to a strategy that delivers an overall reduction in traffic levels, not merely a redistribution of existing traffic levels.
The reduction in brick-and-mortar distribution points for magazines is likely to drive publishers further into the arms of Apple and Google which are offering up their growing smartphone and tablet platform bases as potential salvation for the publishing industry (for a price of course).
In the light of that outlook, the Committee judged at its October meeting that an immediate reduction in Bank Rate of 0.5 percentage points to 4.5% was necessary to meet the 2% target for CPI inflation in the medium term.
The third successive rate cut this year takes the total reduction in policy rates since April 2012 to 1.25 percentage points.
Thirteen of the 17 countries with enough observations to compute annual effective tax rates in both 2009 and 1999 experienced a reduction in their tax rate with a median decline of 5 percentage points.
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So the report calls on the Europeans, slow to open their purses (America spends more on co-operative threat-reduction in a year than Europeans have over the past ten, points out one impatient American official), to pay for the work at Russia's civilian nuclear sites, leaving America free to hurry up work at trickier military ones.
So deficit reduction of one percentage point could knock up to 1.7 percentage points off growth.
The RBI's third successive rate cut this year takes the total reduction in policy rates since April 2012 to one and a quarter percentage points.
From 2003 to 2007, the primary balance deficit was reduced from JPY 28 trillion to JPY 6 trillion, a reduction of JPY 22 trillion, equivalent to increasing the consumption tax by 9 percentage points.
Last month the Fed cut the federal funds rate (applied to money that banks lend to each other overnight to meet reserve requirements) by 1.25 percentage points, to 3%, in just eight days--the biggest one-month reduction in 25 years.
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