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MOMENTUM AND CONFIDENCE IS CRITICAL

Posted by Gilmour Poincaree on January 19, 2009

4:00AM Monday Jan 19, 2009

by Mike Moore

PUBLISHED BY ‘THE NEW ZEALAND HERALD’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE NEW ZEALAND HERALD’

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Posted in 'DOHA TALKS', AGRICULTURE, BANKING SYSTEMS, CHINA, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FARMING SUBSIDIES, FINANCIAL CRISIS 2008/2009, FOOD PRODUCTION (human), FOREIGN POLICIES, G20, GERMANY, INTERNATIONAL, INTERNATIONAL RELATIONS, JAPAN, NEW ZEALAND, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, UNITED KINGDOM, USA, WORLD TRADE ORGANIZATION | Leave a Comment »

ECONOMISTA PREGA PROTECIONISMO PARA DESENVOLVIMENTO DE PAÍSES POBRES

Posted by Gilmour Poincaree on January 14, 2009

12 de Janeiro de 2009 – 23h53

Vinicius Konchinski – Repórter da Agência Brasil

PUBLISHED BY ‘AGÊNCIA BRASIL’

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘AGÊNCIA BRASIL’

Posted in AFRICA, ASIA, BALANÇA COMERCIAL, BRASIL, CENTRAL AMERICA, COMÉRCIO - BRASIL, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO ECONÔMICA, FINANCIAL CRISIS 2008/2009, FLUXO DE CAPITAIS, FOREIGN POLICIES, INDÚSTRIAS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, LATIN AMERICA, MACROECONOMY, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, SOUTH AMERICA, STATE TARIFFS, THE FLOW OF INVESTMENTS | Leave a Comment »

SUGAR PRODUCERS: SCRAP WORLD ALLOCATION (Philippines)

Posted by Gilmour Poincaree on January 9, 2009

20:06:00 01/08/2009

by Carla Gomez – Visayas Bureau

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’ (Philippines)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE PHILIPPINE DAILY INQUIRER’ (Philippines)

Posted in AGRICULTURE, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOOD PRODUCTION (human), INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, PHILIPPINES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF THE PUBLIC SECTOR, SUGAR | 1 Comment »

EU’S NEW REGULATION MAY CAUSE PROBLEM – NO TEXTILE, FOOTWEAR ITEM CAN ENTER EU WITHOUT ‘REACH’ CERTIFICATION AFTER JULY 2009

Posted by Gilmour Poincaree on January 3, 2009

December 29, 2008

by Ismat Sabir

PUBLISHED BY ‘THE DAILY JANG’ (Pakistan)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE DAILY JANG’ (Pakistan)

Posted in COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, GARMENT INDUSTRIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, PAKISTAN, RECESSION, TEXTILE INDUSTRIES, THE EUROPEAN UNION | Leave a Comment »

LIMINAR BARRA LIBERAÇÃO DE TARIFAS DE VÔO INTERNACIONAL – MEDIDA JÁ ESTÁ EM VIGOR DESDE 1º DE SETEMBRO EM VÔOS PARA PAÍSES DA AMÉRICA DO SUL (Brazil)

Posted by Gilmour Poincaree on December 30, 2008

30/12/2008 – 08h04min

Agência Brasil

PUBLISHED BY ‘ZERO HORA’ (Brazil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘ZERO HORA’ (Brazil)

Posted in AÉREO, AIR TRANSPORT INDUSTRY, BRASIL, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDÚSTRIAS, INDUSTRIES, INTERNATIONAL, O SETOR DOS TRANSPORTES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, TRANSPORT INDUSTRIES | Leave a Comment »

WISDOM SERIES – ‘THIS IS ECONOMIC WAR!’ JARISLOWSKY WARNS

Posted by Gilmour Poincaree on December 30, 2008

Monday, December 29, 2008

Interview – Stephen Jarislowsky

PUBLISHED BY ‘THE NATIONAL POST’ (Canada)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE NATIONAL POST’ (Canada)

Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, BANKRUPTCIES - USA, COMMERCE, COMMERCIAL PROTECTIONISM, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, MACROECONOMY, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE WORK MARKET, USA | Leave a Comment »

IMPORTED GOODS TO FACE TOUGHER SCRUTINY (South Korea)

Posted by Gilmour Poincaree on December 27, 2008

Dec.26,2008 12:11 KST

Arirang News

PUBLISHED BY ‘THE CHOSUN ILBO’ (South Korea)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE CHOSUN ILBO’ (South Korea)

Posted in COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOOD INDUSTRIES, FOOD PRODUCTION (human), FOREIGN POLICIES, HEALTH SAFETY, INDUSTRIES, INTERNATIONAL, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, SOUTH KOREA | Leave a Comment »

GOLDEN TICKET TO GLOBAL EXPORT ARENA (Malaysia)

Posted by Gilmour Poincaree on December 25, 2008

Thursday December 25, 2008

by Hanim Adnan – Assistant News Editor – The Star

PUBLISHED BY ‘THE STAR’ (Malaysia)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STAR’ (Malaysia)

Posted in AGRICULTURE, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENVIRONMENT, EUROPE, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MALAYSIA, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, VEGETABLE OILS | 1 Comment »

CHINA URGES US TO PREVENT PROTECTIONISM AFTER BUSH ADMINISTRATION FILES TRADE CASE

Posted by Gilmour Poincaree on December 24, 2008

December 23, 2008 – 6:28 AM

Associated Press

PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)

Posted in CHINA, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, RECESSION, WORLD TRADE ORGANIZATION | Leave a Comment »

CORÉIA DO SUL ANUNCIA PACOTE PARA O SETOR IMOBILIÁRIO (South Korea)

Posted by Gilmour Poincaree on December 23, 2008

22/12/2008

Jornal Cruzeiro do Sul

PUBLISHED BY ‘JORNAL CRUZEIRO DO SUL’ (Brazil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘JORNAL CRUZEIRO DO SUL’ (Brazil)

Posted in BANKING SYSTEMS, COMMERCIAL PROTECTIONISM, CONSTRUCTION INDUSTRIES, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MACROECONOMY, NATIONAL WORK FORCES, RECESSION, SOUTH KOREA, THE FLOW OF INVESTMENTS | Leave a Comment »

ARGENTINA ANUNCIA MEDIDA PARA ELEVAR EXPORTAÇÃO DE CARNE EM MEIO À CRISE

Posted by Gilmour Poincaree on December 23, 2008

22/12/2008 17:17

Da France Press

PUBLISHED BY ‘CORREIO BRAZILIENSE’ (Brasil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘CORREIO BRAZILIENSE’ (Brasil)

Posted in ARGENTINA, CATTLE, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FOOD INDUSTRIES, FOOD PRODUCTION (human), INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MEAT, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

BRASIL E UE DEVEM ATUAR JUNTOS EM CÚPULA DO G20 (Brazil)

Posted by Gilmour Poincaree on December 23, 2008

22/12/2008 – 18:01

Da FolhaNews

PUBLISHED BY ‘CORREIO BRAZILIENSE’ (Brasil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘CORREIO BRAZILIENSE’ (Brasil)

Posted in AGRICULTURE, BRASIL, COMMERCIAL PROTECTIONISM, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EUROPE, FARMING SUBSIDIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, G20, INTERNATIONAL, INTERNATIONAL RELATIONS, POLÍTICA EXTERNA - BRASIL, RECESSION, RELAÇÕES COMERCIAIS INTERNACIONAIS - BRASIL, RELAÇÕES DIPLOMÁTICAS - BRASIL, RELAÇÕES INTERNACIONAIS - BRASIL | Leave a Comment »

CAFÉ:RESOLUÇÕES PUBLICADAS NO DIÁRIO OFICIAL BENEFICIAM PRODUTORES RURAIS (Brazil)

Posted by Gilmour Poincaree on December 21, 2008

19/12/2008 – 18:11

C. B. L.

PUBLISHED BY ‘SAFRAS & MERCADO’ (Brazil)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘SAFRAS & MERCADO’ (Brazil)

Posted in A PRESIDÊNCIA, AGRICULTURA, AGRICULTURE, AGRONEGÓCIOS, BRASIL, COFFEE, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIA - BRASIL, ECONOMIC CONJUNCTURE, ECONOMY, EXPANSÃO AGRÍCOLA, EXPANSÃO ECONÔMICA, FINANCIAL CRISIS 2008/2009, FLUXO DE CAPITAIS, INDUSTRIAL PRODUCTION, INTERNATIONAL, MACROECONOMY, O PODER EXECUTIVO FEDERAL, POLÍTICA REGIONAL, PROGRAMA DE ACELERAÇÃO DO CRESCIMENTO (PAC), RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, SC, SETOR EXPORTADOR, STATE TARIFFS | Leave a Comment »

BERRI WARNS BOTH SIDES TO RESPECT TERMS OF DOHA PACT

Posted by Gilmour Poincaree on December 17, 2008

Wednesday, December 17, 2008

Daily Star staff

PUBLISHED BY ‘THE DAILY STAR’ (Lebanon)

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE DAILY STAR’ (Lebanon)

Posted in 'DOHA TALKS', COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, RECESSION | Leave a Comment »

FOOD SAFETY ISSUES HINDER RICE EXPORTS – There are several problems facing the export of rice, one of the cash crops that local peasants prefer cultivating compared to cotton and wheat. Recently China has imposed a ban on imports of Egyptian rice

Posted by Gilmour Poincaree on December 13, 2008

December 10, 2008

by Amina Abdul Salam

PUBLISHED BY ‘THE EGYPTIAN GAZETTE’

The reasons behind the ban are related to the use of herbicides, in addition to safety procedures that should be taken in the last stage of the harvest, but which were not made, according to Chinese authorities.

This has prompted Egyptian Minister of Agriculture Amin Abaza to ask the Central Administration of the Agriculture Quarantine to invite a formal Chinese delegation to discuss this issue with Chinese agencies.

A study, conducted by Egyptian agronomists Ali Abdul Rahman and Inas Saleh, has found that although international trade began to expand rapidly in the 1970s in the developed countries, developing countries have recently come to dominate a large part of the agricultural trade. Although fast growing, the international exchange trade has started to slow owing to fierce competition over agricultural production, according to the study. The slowdown is also related to an increase in restrictions representing in health conditions imposed by some countries, which aim at protecting their agricultural produce. Therefore, the health conditions have become legal obstacles, similar to the customs obstacles, many of which were unjustifiably imposed on global trade, the study noted. The study also showed that the previous restrictions were drawn up by some countries, not for the purpose of protecting their produce but in response to political activities practised by those who benefit from these curbs.

Therefore, recognition of the previous conditions led to a resistance of applying health specifications, which were one of the main topics of agenda of the trade negotiations, according to the same study. Otherwise, the exporting country has a right to object to health procedures drawn up by the importer in case the first part asserted the previous procedures had no scientific justification. The complainant should settle the issue with the other country. Rice accounts for around 40 per cent of Egypt’s farm exports.In a report on development and agricultural exports, leading Egyptian expert Abdul Salam Gomaa stressed the importance of paying more attention to organic agricultural products that depend on biological fertilizers so as to cope with market demands.

The report called for a gradual expansion of using organic fertilizers and the necessity of developing programmes of agrarian guidance and linking it with research as well as beginning transforming technology to old and new agricultural lands.Concerning new trends in using undated organic technology in the agricultural field, professor Magda Sabour at the Agricultural Research Centre believes that organic cultivation aims at preserving the environmental and biological safety of living creatures.

She notes that organic agriculture depending on biological methods can combat pests that destroy plants, in addition to producing healthy and safe food. On cereal storage, such as rice, a professor of entomology at the same centre in Giza, Shadia Abdul Aziz says that the peasant should protect his crop, following the harvest, not only to reduce waste, and it is his legal responsibility as well. As for destroying insects in cereals, she explains that the insects make the crop unfit for human consumption. “Therefore strict safety and protection measures should be followed at storehouses, taking into consideration the necessity of preventive steps against the occurrence of infection.”

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE EGYPTIAN GAZETTE’

Posted in AGRICULTURE, CHINA, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECOLOGICAL AGRICULTURE, ECONOMIC CONJUNCTURE, ECONOMY, EGYPT, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FOOD PRODUCTION (human), FOREIGN POLICIES, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RICE, THE FLOW OF INVESTMENTS | Leave a Comment »

ICELAND INCREASES TARIFFS ON WINE, TOBACCO AND OIL

Posted by Gilmour Poincaree on December 12, 2008

12/12/2008 – 11:59

PUBLISHED BY ‘ICELAND REVIEW’

Iceland’s Althingi parliament accepted new laws yesterday on increasing the tariffs on alcohol, tobacco, oil and automobiles by 12.5 percent as well as introducing a tax on driven kilometers and an excise tax on vehicles and fuel.

According to the budget bill, the aforementioned tariffs were going to increase by 11.5 percent next year, but now the increase is 12.5 percent and takes effect already today. The state treasury will as a consequence have an additional income of more than ISK 3.5 billion (USD 30 million, EUR 23 million) in 2009, Morgunbladid reports.

The State Alcohol and Tobacco Company of Iceland (ÁTVR) said the price of tobacco will increase immediately, but it will take some time before the price of alcoholic beverages increases.

Minister of Finance Árni M. Mathiesen said at Althingi yesterday that the state tariffs on these products had depreciated with the development of the consumer price index and that the current increase is meant to counter that development.

Minister for Foreign Affairs Ingibjörg Sólrún Gísladóttir explained that the purpose with the new laws is to protect those who have the lowest wages. Child benefits and interest relief will remain unchanged, she said, and personal exemption will increase by ISK 2,000 (USD 17.25, EUR 12.99) next year, Fréttabladid reports.

However, the tariffs will also influence indexation and increase loans. “It is obvious that this will go straight into our loans. It is a very controversial path to take because it will also have an impact on the highly indebted state treasury, no less than households. I doubt that the state treasury will benefit from this in the end,” President of the Confederation of Labor (ASÍ) Gylfi Arnbjörnsson told Morgunbladid.

Runólfur Ólafsson, managing director of the Icelandic Automobile Association (FÍB), is equally critical of the new laws; expenses for average-sized cars will increase by ISK 20,000 (USD 172, EUR 130) per year because of them.

The price of gasoline and diesel oil will also increase considerably, by ISK 7.70 and 6.40 (USD 0.07 and 0.06, EUR 0.05 and 0.04) per liter respectively, and Ólafsson said it is not good at all that the state is going to take advantage of the recent decrease in the price of fuel in such a way.

Arnbjörnsson told Fréttabladid that the government only plans to increase benefits to senior citizens and the disabled by 9.6 percent, but not in consistency with indexation. The benefits of these groups are indexed and should thus increase every month, he said.

“They are planning to take four billions [ISK 4 billion = USD 34 million, EUR 26 million] from the poorest people. It is so incredibly unjust that we cannot agree to it,” Arnbjörnsson said.

Minister for Social Affairs Jóhanna Sigurdardóttir said Arnbjörnsson is wrong in his assumptions.

“We added two billions to the social security system compared to what was estimated in the budget bill. Next year pension benefits will be higher than ever compared to the lowest salaries of ASÍ,” Sigurdardóttir explained.

Click here to read about other recent measures taken by the government.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘ICELAND REVIEW’

Posted in ALCOHOLIC BEVERAGES, AUTOMOTIVE INDUSTRY, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, ENERGY INDUSTRIES, FINANCIAL CRISIS 2008/2009, FUELS, GASOLINE, ICELAND, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, NATIONAL WORK FORCES, RECESSION, STATE TARIFFS, THE WORK MARKET, THE WORKERS, TOBACCO | Leave a Comment »

AER LINGUS CHIEF LOBBIES DUBLIN TO REPEL RYANAIR OFFER – THE CHIEF EXECUTIVE OF AER LINGUS BRANDED RYANAIR’S RENEWED TAKEOVER ATTEMPT AS “PATHETIC” YESTERDAY (Ireland)

Posted by Gilmour Poincaree on December 12, 2008

December 12, 2008

by Susan Thompson – The Times

PUBLISHED BY ‘THE TIMES’ (UK)

Dermot Mannion said that Ryanair’s €1.40 offer per share, made on December 1, fell far short of the Irish flag carrier’s true value. The offer puts a €748 million (£665 million) value on the former state-controlled airline. It is half the amount that Ryanair offered two years ago when it first made a bid.

Mr Mannion, who has been lobbying the Irish Government for its help to repel the hostile bid, called Ryanair’s offered price “a pathetic sum in the context of the €1.3 billion in cash on the group’s balance sheet, the substantial value of our fleet and the value of the Heathrow slots”.

Mr Mannion met Noel Dempsey, the Irish Transport Minister, yesterday to seek government assurances that it would not sell any shares to Ryanair. The Government holds 25 per cent of Aer Lingus, while Ryanair is the top shareholder with 30 per cent.

Firm opposition until now from the Government had helped to blunt Ryanair’s ambitions. So too had a June 2007 ruling by European competition regulators that a takeover would create a near-monopoly in European flights out of Dublin.

However, since December 1, the Government has wavered because it faces a financial crisis involving a sharp drop in tax revenues and soaring deficit spending, and could badly use the cash that Ryanair is offering. Mr Dempsey declined to comment.

Michael O’Leary, Ryanair’s chief executive, has admitted that the €1.40 offer, if successful, would mean that Ryanair acquired its rival for “almost nothing”. However, he argued that the spate of airline bankruptcies caused by the economic downturn had strengthened the company’s position.

Mr O’Leary claimed that Aer Lingus had no medium-term future in the face of competition from Ryanair and Europe’s rapidly consolidating flag-carrier airlines.

Ryanair has sought to defuse opposition to its bid by offering to recognise Aer Lingus’s unions, cut the airline’s short-haul fares by 5 per cent, scrap its fuel surcharge and give control of landing slots at Heathrow to the Irish Government. Mr O’Leary also pledged to increase Aer Lingus’s workforce by 1,000.

If Ryanair is to succeed it must win support from shareholders, including Aer Lingus’s employees. The crew and pilots own about 18 per cent of the airline and have expressed concern about job and pay cuts if they are acquired by the budget carrier.

Aer Lingus shares slipped 0.7 per cent to €1.50. Ryanair shares fell 5.7 per cent to €3.04.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE TIMES’ (UK)

Posted in AIR TRANSPORT INDUSTRY, BANKING SYSTEMS, CENTRAL BANKS, COMMERCE, COMMERCIAL PROTECTIONISM, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, IRELAND, ISLAMIC BANKS, NATIONAL WORK FORCES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS | Leave a Comment »

EURO-ZONE’S TOP CENTRAL BANKER SAYS ECONOMY WOULD HAVE SLOWED WITHOUT FINANCIAL CRISIS

Posted by Gilmour Poincaree on December 9, 2008

Last update: December 8, 2008 – 10:58 AM

by Aoife White – Associated Press

PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)

BRUSSELS, Belgium – Don’t blame the financial crisis for the current economic downturn, says the euro-zone’s top central banker.

European Central Bank President Jean-Claude Trichet said Monday the slowdown was inevitable after high growth in recent years and a spike in oil prices that sent inflation soaring and braked business activity and household spending.

“Even without the financial crisis we would have had a slowing down in the economy after long years of very active growth at the global level and after the oil shocks that we had to cope with,” Trichet told the European Parliament’s economy committee in Brussels.

“That had a very powerful depressive effect on every economy in the world,” he said.

Oil prices hit a new record of $147 a barrel in July as demand for energy grew rapidly in emerging economies such as China and Brazil while suppliers remained tight. Prices have since sunk by two-thirds to hit a four-year low of $40.50 on Friday on worries of a world downturn.

The United States entered a recession last December, joined by the 15 nations that use the euro in the second quarter. Job losses are mounting and will likely rise further in coming months.

Trichet acknowledged that “exceptional tensions in the financial sphere” that froze bank lending had worsened the downturn.

He said the euro-zone central bank expects the global economy and “very sluggish” household demand to remain weak in the next few quarters — warning that a fragile recovery could be damaged by worse financial turmoil, protectionism and sudden changes to global account deficits.

He called on European governments to move fast to restore confidence in the banking sector by pushing forward with banking rescue plans that should ease lending. France said Monday it would start a recapitalization program within days after it won EU approval to give out large subsidies to banks.

Trichet did not give any hint of a future interest rate cut that would bring euro borrowing costs below the current 2.5 percent. The ECB reduced rates from 3.25 percent last week as falling inflation gave it more room to stoke growth in a slowing economy.

Economists speculate that the ECB may cut rates again in January to 2 percent. That would match current rates charged by the Bank of England and Sweden’s Riksbank.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE STAR TRIBUNE’ (USA)

Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, BRASIL, CENTRAL BANKS, CHINA, COMMERCIAL PROTECTIONISM, DEPRESSION, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, EUROPE, FARMING SUBSIDIES, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INTERNATIONAL, MACROECONOMY, RECESSION, STOCK MARKETS, THE EUROPEAN UNION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA | Leave a Comment »

WHY US HOLDS KEY TO GLOBAL RECOVERY

Posted by Gilmour Poincaree on December 8, 2008

8 Dec 2008, 0000 hrs IST, ET Bureau

Editorial

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

The conventional wisdom holds that economic ups and downs are transmitted across THE TRACKS OF A TROPICAL CYCLONEcountries by financial and trade flows. This does not seem sufficient to explain why, when the US economy fell of a cliff after October, other emerging market economies are falling off a cliff too. The bankruptcy of Lehman brothers was a watershed in the US. It suddenly created fear of counter-party risk, and financial markets of all sorts froze out of fear.

This freeze hit the real economy: producers could not get credit, and consumer credit plunged too. Fear of recession led consumers to cut spending, producing a sharp slump in GDP that still has some distance to go. Now, we in India were blase‚ when the US subprime mortgage problem arose in mid-2007. Our banks had virtually no subprime exposure, and the high leverage of the US financial sector had not been repeated here.

GDP growth continued strong, averaging almost 7.7% in the first half of the financial year. This was seen as evidence that our economy had decoupled from the west’s in substantial measure, though not wholly. That now looks a complete illusion. Since October, emerging markets have collapsed almost simultaneously with the US economy.

How do we explain the instant transmission of the US collapse globally? Had the transmission mechanism been trade or financial flows, we would have seen a time lag. In fact there was no time lag because of a new channel of transmission — fear. When Indian bankers heard that markets in the US had frozen, they feared the worst in India, and so virtually froze lending here too.

Consumer fear swept across the world, and Indian consumers slashed spending as in the US. INDONESIAN FARMERS PROTESTING IN JAKARTA - 2007The internet, TV and other electronic channels transmitted fear from the US to the rest of the world instantly. The lesson: recovery from the recession is likely to be transmitted by global mood change too. Optimists think the recovery will begin first in a string of emerging markets like China and India. Maybe so, but the last two months suggest that the epicentre of economic transmission remains the US. Bernanke may determine our recovery more than Subbarao.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE ECONOMIC TIMES’ (India)

Posted in BANKING SYSTEM - USA, CENTRAL BANKS, CHINA, COMMERCE, COMMERCIAL PROTECTIONISM, CONSUMERS AND PSYCHOLOGICAL FACTORS, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, HOUSING CRISIS - USA, INDIA, INTERNATIONAL, MACROECONOMY, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE MEDIA (US AND FOREIGN), USA | Leave a Comment »

SWIMMING UP STREAM

Posted by Gilmour Poincaree on December 6, 2008

Friday, Dec 05, 2008

REFLECTIONS BY COMRADE FIDEL

PUBLISHED BY ‘PORTAL CUBA’

REFLECTIONS BY COMRADE FIDEL

Following Obama’s speech, on May 23 this year, to the Cuban American National Foundation established by Ronald Reagan, I wrote a reflection entitled “The Empire’s Hypocritical Policy”. It was dated on the 25th of the same month.

In that Reflection I quoted his exact words to the Miami annexationists:

“[…] together we will stand up for freedom in Cuba; this is my word and my commitment

[…] It’s time to let Cuban American money make their families less dependent upon the Castro regime.

[…] I will maintain the embargo.”

I then offered several arguments and unethical examples of the general behavior of the Presidents who preceded the one who would be elected to that position on the November 4 elections. I literally wrote:

“I find myself forced to raise various sensitive questions:

1 – Is it right for the President of the United States to order the assassination of any one person in the world, whatever the pretext may be?

2 – Is it ethical for the President of the United States to order the torture of other human beings?

3 – Should state terrorism be used by a country as powerful as the United States as an instrument to bring about peace on the planet?

4 – Is an Adjustment Act, applied as punishment on only one country, Cuba, in order to destabilize it, good and honorable, even when it costs innocent children and mothers their lives? If it is good, why is this right not automatically granted to Haitians, Dominicans, and other peoples of the Caribbean, and why isn’t the same Act applied to Mexicans and people from Central and South America, who die like flies against the Mexican border wall or in the waters of the Atlantic and the Pacific?

5 – Can the United States do without immigrants, who grow vegetables, fruits, almonds and other delicacies for Americans? Who would sweep their streets, work as servants in their homes or do the worst and lowest-paid jobs?

6 – Are crackdowns on illegal residents fair, even as they affect children born in the United States?

7 – Are the brain-drain and the continuous theft of the best scientific and intellectual minds in poor countries moral and justifiable?

8 – You state, as I pointed out at the beginning of this reflection, that your country had long ago warned European powers that it would not tolerate any intervention in the hemisphere, reiterating that this right be respected while demanding the right to intervene anywhere in the world with the aid of hundreds of military bases and naval, aerial and spatial forces distributed across the planet. I ask: is that the way in which the United States expresses its respect for freedom, democracy and human rights?

9 – Is it fair to stage pre-emptive attacks on sixty or more dark corners of the world, as Bush calls them, whatever the pretext may be?

10 – Is it honorable and sound to invest millions upon millions of dollars in the military industrial complex, to produce weapons that can destroy life on earth several times over?”

I could have included several other issues.

Despite the caustic questions, I was not unkind to the African American candidate. I perceived he had greater capacity and command of the art of politics than his adversaries, not only in the opposing party but in his own, too.

Last week, the American President-elect Barack Obama announced his Economic Recovery Program.

Monday, December 1st, he introduced his National Security and Foreign Policy teams.

“Vice President-elect Biden and I are pleased to announce our national security team […] old conflicts remain unresolved, and newly assertive powers have put strains on the international system. The spread of nuclear weapons raises the peril that the world’s deadliest technology could fall into dangerous hands. Our dependence on foreign oil empowers authoritarian governments and endangers our planet.”

“…our economic power must sustain our military strength, our diplomatic leverage, and our global leadership.”

“We will renew old alliances and forge new and enduring partnerships […] American values are America’s greatest export to the world.”

“…the team that we have assembled here today is uniquely suited to do just that.”

“…these men and women represent all of those elements of American power […] they have served in uniform and as diplomats […] they share my pragmatism about the use of power, and my sense of purpose about America’s role as a leader in the world.”

“I have known Hillary Clinton…,” he says.

I am mindful of the fact that she was President-elect Barack Obama’s rival and the wife of President Clinton, who signed the extraterritorial Torricelli and Helms Burton Acts against Cuba. During the presidential race she committed herself with these laws and with the economic blockade. I am not complaining, I am simply stating it for the record.

“I am proud that she will be our next Secretary of State,” said Obama. “[she] will command respect in every capitol; and who will clearly have the ability to advance our interests around the world. Hillary’s appointment is a sign to friend and foe of the seriousness of my commitment…”

“At a time when we face an unprecedented transition amidst two wars, I have asked Robert Gates to continue as Secretary of Defense…”

“[…] I will be giving Secretary Gates and our military a new mission as soon as I take office: responsibly ending the war in Iraq through a successful transition to Iraqi control.”

It strikes me that Gates is a Republican, not a Democrat. He is the only one who has been Defense Secretary and Director of the Central Intelligence Agency, that is, he has occupied these positions under both Democratic and Republican Administrations. Gates, who is aware of his popularity, has said that first made sure that the President-elect was choosing him for as long as necessary.

On the other hand, while Condoleezza Rice was traveling to India and Pakistan under Bush’s instructions to mediate in the tense relations between these two countries, two days ago, the minister of Defense from Brazil gave the green light to a Brazilian company to manufacture MAR-1 missiles, but instead of one a month, as it had been the case until now, it will produce five every month. One hundred of these missiles will be sold to Pakistan at an estimated cost of 85 million euros.

In a public statement, the minister said that “these missiles that can be attached to planes have been designed to locate ground radars. They allow the effective monitoring of both the ground and air space.”

As for Obama, he continued unflappable his Monday statement: “And going forward, we will continue to make the investments necessary to strengthen our military and increase our ground forces to defeat the threats of the 21st century.”

On Janet Napolitano, he indicated: “[she] offers the experience and executive skill that we need in the next Secretary of Homeland Security…”

“Janet assumes this critical role having learned the lessons – some of them painful – of the last several years, from 9/11 to Katrina […] She understands as well as anyone the danger of an insecure border. And she will be a leader who can reform a sprawling Department while safeguarding our homeland.”

This familiar figure had been appointed a District Attorney in Arizona by Clinton in 1993, and then promoted to State Attorney General in 1998. Later on, in 2002, she became a Democratic Party candidate and then governor of that bordering state which is the most common incoming route used by illegal immigrants. She was elected governor in 2006.

About Susan Elizabeth Rice, he said: “Susan knows that the global challenges we face demand global institutions that work… We need the UN to be more effective as a venue for collective action – against terror and proliferation; climate change and genocide; poverty and disease.”

On National Security Advisor James Jones he said: “[…] I am convinced that General James Jones is uniquely suited to be a strong and skilled National Security Advisor. Generations of Joneses have served heroically on the battlefield – from the beaches of Tarawa in World War II, to Foxtrot Ridge in Vietnam. Jim’s Silver Star is a proud part of that legacy […] He has commanded a platoon in battle, served as Supreme Allied Commander in a time of war, (he means NATO and the Gulf War) and worked on behalf of peace in the Middle East.”

“Jim is focused on the threats of today and the future. He understands the connection between energy and national security, and has worked on the frontlines of global instability – from Kosovo to northern Iraq to Afghanistan.”

“He will advise me and work effectively to integrate our efforts across the government, so that we are effectively using all elements of American power to defeat unconventional threats and promote our values.”

“I am confident that this is the team that we need to make a new beginning for American national security.”

Obama is somebody we can talk to anywhere he wishes since we do not preach violence or war. He should be reminded, though, that the stick and carrot doctrine will have no place in our country.

None of the phrases in his latest speech shows any element of response to the questions I raised last May 25, just six months ago.

I will not say now that Obama is any less smart. On the contrary, he is showing the mental faculties that enabled me to see and compare his capacity with that of his mediocre adversary, John McCain, who was almost rewarded for his “exploits” merely due to the traditions of the American society. If it had not been for the economic crisis, television and the Internet, Obama would not have won the elections against the omnipotent racism. It also helped that he studied first in the University of Columbia, where he graduated in Political Sciences, and then in Harvard where he graduated as a lawyer. This enabled him to become a member of the modestly rich class with only several million dollars. He is certainly not Abraham Lincoln, nor are these times similar to those. That society is today a consumer society where the saving habits have been lost while the spending habit has multiplied.

Somebody had to offer a calm and serene response even though this will have to swim up the powerful stream of hopes raised by Obama in the international public opinion.

I only have two more press dispatches left to analyze. They all carry news from everywhere. I have estimated that only the United States will be spending in this economic crisis over $6 trillion in paper money, an amount that can only be assessed by the rest of the peoples of the world with their sweat and hunger, their suffering and blood.

Our principles are the same as those of Baraguá. The empire should know that our Homeland can be turned to dust but the sovereign rights of the Cuban people are not negotiable.

Fidel Castro Ruz

December 4, 2008 – 5:28p.m.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘PORTAL CUBA’

Posted in BANKING SYSTEM - USA, BANKING SYSTEMS, BARACK HUSSEIN OBAMA -(DEC. 2008/JAN. 2009), CENTRAL BANKS, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, CUBA, DEFENCE TREATIES, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, ENVIRONMENT, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, FOREIGN POLICIES - USA, FOREIGN WORK FORCE - ILLEGAL, FREEDOM OF SPEECH AND CONSCIENCE, HOUSING CRISIS - USA, HUMAN RIGHTS, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, INTERNATIONAL RELATIONS, MIGRATION AND IMMIGRATION, MILITARY CONTRACTS, RECESSION, THE ARMS INDUSTRY, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE MEDIA (US AND FOREIGN), THE OCCUPATION WAR IN IRAQ, THE WORK MARKET, USA, WAR IN AFGHANISTAN, WARS AND ARMED CONFLICTS | Leave a Comment »

PROTECTIONISM REARS ITS HEAD AS WTO TRIES TO WRAP UP DOHA – CONGRESSMEN TELL BUSH TO REJECT TABLED TRADE DEAL – SUMMIT TO END SEVEN YEARS OF TALKS PUT IN DOUBT

Posted by Gilmour Poincaree on December 5, 2008

Thursday December 4 2008

by Larry Elliott, Economics Editor – The Guardian

PUBLISHED BY ‘THE GUARDIAN’ (UK)

A sign that the current crisis is fanning a desire for protectionism emerged yesterday when members of Congress warned George Bush against trying to fast-track a trade deal for the end of the year.

Pascal Lamy, director general of the World Trade Organisation, is considering calling trade ministers to Geneva to conclude the Doha liberalisation talks.

“Unfortunately, the negotiating texts currently on the table would provide little if any new market access for US goods, and important advanced developing countries are demanding even further concessions from the US,” said a bipartisan letter from Charles Rangel, Max Baucus, Jim McCrery and Charles Grassley. Democrats Rangel and Baucus chair the Ways and Means and the Finance committees respectively, while McCrery and Grassley are the ranking Republican members.

“We see no tangible progress, and in fact believe that some of our trading partners have become even further entrenched in their unacceptable positions.”

Lamy wants to bring more than seven years of acrimonious talks to an end with a meeting next weekend, after last month’s summit of G20 leaders in Washington instructed trade ministers to settle differences over agriculture and manufactured goods. Some officials believe it would become more difficult to conclude any deal once Barack Obama is sworn in next month.

WTO sources last night talked of a meeting on December 13, although Lamy was more cautious. In a fax to the WTO’s 153 members, he said he had yet to decide whether there had been enough progress since talks broke down in July: “As we all know, we still have a number of outstanding issues. But the reality is the relevance of what we are doing to the financial crisis,” he said. “If we fail we have a problem; but although there remains the risk of failure, the risks involved in not trying are higher.”

He is concerned that economic distress in the US, Europe and Asia is already prompting countries to use protectionist weapons yet to be outlawed by the WTO – raising tariffs to the maximum permitted, and introducing anti-dumping regulations.

US agriculture secretary Ed Schafer said he was confident a deal could be done, and confirmed that Washington was ready to make a big cut in its agreed ceiling for agriculture subsidies if other countries opened their markets further to US farm produce. “We in the US remain confident we can see a successful completion to the Doha round this year,” he told reporters in Beijing.

However, the Congressmen warned Bush against being rushed into a deal that would be rejected on Capitol Hill. “We strongly urge you not to allow the calendar to drive the negotiations through efforts to hastily schedule a ministerial meeting, without adequate groundwork having been laid.

“Developed and advanced developing countries must commit to provide meaningful new market access opportunities if Congress is to support a deal.’

“Achieving the necessary flexibility from our trading partners could require new thinking … and our negotiators should be given time to explore such options. Otherwise, the likely result will be a deal that Congress cannot support – an outcome that would be detrimental to US farmers, workers and firms, the global economy, and the WTO itself.”

Amy Barry, trade spokeswoman for Oxfam, said: “This round of talks was meant to be primarily about development, not about market access for US farmers and companies. Yet Oxfam is hearing that the US, with tacit support from the European Union, Australia and others, has now put extra demands on the table, mostly about further prising open the markets of major emerging economies.

“These come as China has seen a major fall in its exports, leading to many enterprises closing and huge numbers laid off to go back onto the land … India has lost 20% of its exports in a year, with 1.2m job losses in textiles and clothing alone … It is difficult to understand why anyone would seriously expect China and India to agree to yet more trade concessions.”

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE GUARDIAN’ (UK)

Posted in 'DOHA TALKS', AGRICULTURE, CHINA, COMMERCE, COMMERCIAL PROTECTIONISM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, EUROPE, FARMING SUBSIDIES, FINANCIAL CRISIS 2008/2009, FOREIGN POLICIES, G20, G8, INDIA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE EUROPEAN UNION, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, USA, WORLD TRADE ORGANIZATION | 1 Comment »