Federal Reserve Chairman Ben Bernanke told Congress on Wednesday that the outlook for the economy remains “unusually uncertain” as the US gauge of future economic activity dropped in June, the second decline in past 3 months, suggesting the economic recovery is weakening.
Indonesia is brining a case against the United States over the ban on clove cigarettes. The Americans claim the ban is meant to improve the health of young people. The Indonesians claim it is discriminatory as the ban specifically does not cover menthol cigarettes. This might have something to do with the strong tobacco lobby […]
Last month the WTO ruled against Airbus, stating that they had illegally received loans from European governments, giving them an unfair advantage over Boeing. This decision was obviously celebrated by the Americans. As with most legal cases however, this is not the end. The Europeans will appeal the case and say they will not stop […]
The U.S. Senate this week passed a sweeping bank regulation bill that will make major changes to the U.S. financial system. The legislation cracks down on banks and Wall Street in the hopes of avoiding another major financial meltdown.
Perhaps one of the most interesting and underreported news items of the past year has been the progression of the China-Taiwan Free Trade Agreement (also know by the very Chinese sounding mouth-full of a name Economic Co-operation Framework Agreement or ECFA). It was less than twenty years ago that President Clinton had to send the […]
The last two years has been the dark ages for global trade. The combination of the economic downturn, a new American administration not inherently included to embrace free trade, and the stalled Doha Development Round has meant a lot of early night and long weekends at the World Trade Organization – nothing much has been […]
In the book, ‘This Time is Different,’ by Ken Rogoff & Carmen Reinhart of Harvard and Univ of Maryland, respectively, arrogance and ignorance has been the driving themes leading up to severe financial and economic crises over 800 years of availalble data.
The City of Toronto, Canada – a truly international destination – was undoubtly proud to be the host of the G-20 Summit this past weekend, 26-27 June. As one of the very few developed nations hit hard by the global financial crisis, Canada grasped the opportunity to spruce up its image by investing more than $1Bn […]
G-8 Leaders — composed of the world’s eight major industrialized countries, as well as representatives of the European Union and heads of state from the ten leading Emerging Nations such as Brazil, India, Mexico and South Africa, among others, discussed a wide range of challenges related to financial markets, international trade, development and global peace and stability.
The BP Gulf oil spill threatens to undermine the ‘special relationship in trade and global leadership between the U.S. and U.K. With the British press and even some officials increasingly seeing attacks on Britain itself in President Obama and his Administration’s criticisms of BP, PM Cameron has sought to calm the waters. During a visit to Afghanistan two weeks ago, he said the gulf oil spill was just one item in what was described by his spinmeisters as a “routine” phone conversation with President Obama, but he dodged direct questions about any perception of an “anti-British” side to the criticisms of BP.
State and local government are frantically scrambling to meet huge budget deficits and revenue shortfalls as the anemic corporate sector (except, of course, Wall Street and Big Oil) and as constrained businesses hold back on capital expenditures, employment decisions stagnate causing high unemployment and shaky consumer spending and confidence, which mean less income tax and smaller sales tax revenue for government treasuries.
S&P, a premier global credit rating agency, is growing increasingly concerned that many companies in the United States could find it difficult to refinance their enormous debt loads in the coming years, possibly leading to an explosion of defaults and bankruptcies.
As wages rise in China, US dependent export products may become more expensive at a time least convenient to the struggling, fragile U.S. economy.
Political and sovereign debt risks in Spain, conflict in the Korean peninsula and US economic uncertainty send global markets tumbling in May.
U.S. administration officials arrived in Beijing today (Monday) for high-level talks between America and China, Beijing officials sought ahead of the newly formed annual strategic summit to avoid open disagreement on the Democratic People’s Republic of Korea (North Korea) apparent sinking of a South Korean warship, exchange rates, currency reforms and other big issues that divide the two nations.