In The News

Malaysia Gains from HSBC Jobs Shift

K.P. Lee October 18, 2003
HSBC is the latest in a series of financial institutions that are moving certain functions out of the US and UK and into areas that provide cheaper labor. Malaysia and India have become some of the most attractive relocation sites, given the preponderance of English speakers. Banks, as well as other businesses, are eager to cut costs by moving "call center" and "backroom...

Bolivia's Poor Proclaim Abiding Distrust of Globalization

Larry Rohter October 17, 2003
In a civil conflict that has already left more than 80 Bolivians dead this month, protestors have turned the issue of natural gas export through Chile to the United States into an indictment of globalization. Calling for the resignation of President Gonzalo Sánchez de Lozada, demonstrators are sending a powerful message – a resounding "no to the export of gas and other natural resources; no...

US Court System is Big Opening for Immigrants

Jesse Bogan October 14, 2003
Non-Mexican undocumented immigrants crossing the southern US border have a pretty easy out if they're apprehended by immigration authorities. By claiming to be from Honduras, Guatemala, or somewhere else, undocumented migrants from Central and South America are processed through the court system, not immediately turned back at the US-Mexico border. Short on money and space to house them,...

Canadian Film Industry Worries

Richard Blackwell October 9, 2003
With Arnold Schwarzenegger acting as California’s new governor, Canada is worried the superstar will flex his political muscles to keep movie productions in his home state. Schwarzenegger has often bragged that he shifted filming of Terminator 3 back to California from Vancouver, and Canadian producers worry he will create incentives and use his star power to encourage other productions to...

As It Tries to Cut Costs, Wall Street Looks to India

Saritha Rai October 8, 2003
In the latest development of the trend towards outsourcing US jobs to India, some Wall Street financial houses are looking to hire India-based researchers. J. P. Morgan, Lehman Bros., and Morgan Stanley are among the latest US investment firms to seek cheaper, well-educated labor in India. Merrill Lynch already has a technology center in the country, and Goldman Sachs has similar plans to...

Teenage Generation Is Biggest Ever

Shaoni Bhattacharya October 8, 2003
With 20 per cent of the world's population aged between ten and nineteen, Planet Earth's demography is witnessing the largest youth group ever. According to a new report from the UN Population Fund, about half of the world's population is now under the age of 25. This adolescent surge is posing an "economic opportunity" for countries, especially those in the developing...

Brown Tries to Put EU on Growth Path

Larry Elliott October 7, 2003
France, Germany, and Britain agree: The EU must embrace capitalism to create new jobs, foster investment, and boost economic performance across the continent. A letter drafted by British Chancellor of the Exchequer Gordon Brown with his French and German counterparts will seek to persuade Europe to reform its welfare state framework. Europe, the letter argues, needs to implement supply-side...