In The News

Cuba Plans Offshore Wells Banned in US Waters

Michael Janofsky May 10, 2006
The US and Cuba partitioned the waters of Florida Straits years ago, and the US never expected that Cuba would hurry to develop the underlying oil and gas fields. Cuba might not have immediate need for the energy supplies, but other nations do. So the Cuban government negotiated a partnership with emerging economic giants China and India to drill and extract oil and gas from the large underwater...

Can the Doha Round Be Salvaged?

Ernesto Zedillo May 9, 2006
The Doha Round began in 2001 as an attempt to eliminate trade barriers and encourage global commerce among developing nations. But countries submitted lengthy wish lists to the negotiators. With collective agreement required among 149 member countries of the World Trade Organization (WTO), it’s no surprise that the round has stalled. The Doha Round struggles from an inherent contradiction –...

Step 1 in Bolivian Takeover: Audit of Foreign Companies

Juan Forero May 9, 2006
Bolivia is taking steps to nationalize its natural gas industry, announcing plans to revise contracts with foreign energy firms and audit financial records. The multinationals have six months to negotiate new contracts or face takeover with compensation. Landlocked Bolivia has Latin America’s second largest gas reserves, which are largely undeveloped, with Brazil serving as the major market....

Sudan-Divestment Laws Draw Attacks From Fund Managers, Business Groups

Jane Spencer May 8, 2006
The UN accuses Sudan’s Khartoum government for the deaths of about 200,000 villagers in the Darfur region, and the US labels the atrocities as genocide. But a recent campaign to convince universities and public pension funds to divest any interests in companies with ties to Sudan has upset some business leaders. Pension-fund managers complain that such divestment policies or laws influence far...

Mideast Money Pinch

Yasmine El-Rashidi May 5, 2006
Middle East investors and shoppers are bypassing travel, education or health care in the US for friendlier opportunities in Asia and Europe. In March, the US rejected acquisition of operations for six US ports based on security concerns, but even before that, Saudi tourism to the US was down 75 percent in 2004 from 1999. Obtaining US visas has become more complicated for Arabs since 9/11, with...

Globalization Is a Story Still to Be Written

Sheldon W. Stahl May 3, 2006
Despite all the commentary on globalization, the ultimate question of whether the phenomenon enables progress or detracts from quality of life remains to be answered. Undeniably, globalization delivers tangible benefits, many visible in the US. A greater array of high-quality goods at lower prices is one benefit, while foreign direct investment can provide new employment opportunities. Such...

Time to Consider Pumping Money Into Infrastructure

Kenneth Rogoff May 3, 2006
Professor and economist Kenneth Rogoff argues that bouts of anxiety frequently accompany annual International Monetary Fund (IMF) meetings. Fear of any potential financial crisis is contagious and exerts paralysis even on world leaders. Many countries should stop piling up on safe investment such as US Treasury bills, Rogoff contends, and recognize that the global economy is actually enjoying a...