Parties pick candidates for finance board

Three of the finance board’s six seats are up for grabs in November and two of the incumbents — Democrat Tim Abbazia and Independent Kathleen Murphy — have said they will not run for re-election. The third incumbent, Republican Jerry Bosak , is seeking a second term. The finance board’s remaining seats are all held by Democrats, which means the party can only win one of the three open seats this November due to minority party representation rules. “I expect that Richard Freedman will be our main candidate there,” said DCC Chairman John Mallozzi .

Japan needs to raise sales tax next year: Finance Minister

A man holds paper bags with printed logos of NTT DoCoMo Inc, a mobile provider in Japan and a pioneer of the mobile internet, at Tokyo’s Ginza shopping district in Tokyo in this July 11, 2013 file photo. Credit: Reuters/Toru Hanai/Files By Kaori Kaneko and Yuko Yoshikawa TOKYO | Tue Jul 23, 2013 3:38am EDT TOKYO (Reuters) – Japan must raise its sales tax rate next year as scheduled to show it is serious about fixing up its tattered finances, the finance minister said on Tuesday as the government upgraded its view of the economy and said deflation was easing. The sales tax is due to rise to 8 percent from 5 percent next April, and then increase to 10 percent in October 2015. Prime Minister Shinzo Abe has said he will decide later this year whether to go ahead with the increase, citing concerns it could weaken the economy. Finance Minister Taro Aso said delaying the increase would go against commitments made to the G20 group of developed and developing nations that Japan would fix its finances, and said the government could take steps to mitigate any economic impact.

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