News Update: China Tops Japan as World’s #2 Economy and more…

China Tops Japan as World’s No. 2 Economy

China surpassed Japan as the world’s second-largest economy last quarter, capping the nation’s three- decade rise from Communist isolation to emerging superpower.

Japan’s nominal gross domestic product for the second quarter totaled $1.288 trillion, less than China’s $1.337 trillion, the Japanese Cabinet Office said today. Japan remained bigger in the first half of 2010, the government agency said. Japan’s annual GDP is $5.07 trillion, while China’s is more than $4.9 trillion.

Fed plans mortgage payment disclosure rule

The provision, which is an interim rule that would take effect on Jan. 30, 2011, seeks to make sure borrowers are alerted to the risks of payment increases before they take out mortgage loans with variable rates or payments, such as adjustable rate mortgages.

Gates to Leave Pentagon by End of 2011

Defense Secretary Robert Gates announced Monday he will retire by the end of 2011, Fox News confirmed.

Gates, the only Bush holdover in President Obama’s Cabinet, made the announcement in an interview conducted at the Pentagon with Foreign Policy magazine on July 12 that was published Monday.

Gates has been expected to leave the administration before the 2012 election.

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