Japan's wholesale inflation has reached a 30 year high. At the same time, India warned that rising costs would hurt economic growth.

As commodity costs soared, wholesale price inflation in Japan hit a 27 year high, up 7.1% in July.

Kaoru Yosano, Minister of Finance and economics, said that the surge in food and oil prices has caused labor pains, but the destruction of energy may not last.

Yosano said that although there are signs that the Japanese economy may be on the brink of recession, he believes this is temporary.

In addition, India government officials said that in the current fiscal year, India's economic growth may slow down to 7.7%.

India's agricultural growth is expected to be 2%, much lower than the growth rate of 4.5% last year.

Last week, Chinese athlete Lining, as the last torch bearer of the Beijing Olympic Games, attracted the attention of the whole world, and the stock of Lining sportswear company rose sharply.

Officials of the Philippines Software Industry Association say that Philippines's software exports will reach nearly $1 billion by 2010, and exports will reach US $423 million last year.

Insiders say the company's main goal is the US market, and now the US companies are just beginning to develop the software development outsourcing business to foreign countries.