In The News

Chocolate-Fueled Growth

Kandeh K. Yumkella December 5, 2011
Poverty continues to linger in most Sub-Saharan countries, in large part due to the shortsighted nature of their export-based commodity economies. In an opinion essay for Project Syndicate, Kandeh Yumkella, director general of the UN Industrial Development Organization, suggests the time has come for these nations to upgrade their economies by focusing on ““value-added, agro-industrial...

America's Other 87 Deficits

Stephen S. Roach November 25, 2011
The US has trade deficits with 88 nations, and in 2010, China’s share was about 40 percent. The trade deficits are a consequence of the country’s own spending behavior – with reduced saving by individuals, business and the government – explains Stephen Roach of Yale University. As master of the world’s reserve currency, “the US borrowed surplus savings from abroad on very attractive terms,...

Latin America: Shift in Direction Fuels Growth Across Continent

John Paul Rathbone November 21, 2011
Latin America has remained largely immune to the global financial crisis sweeping through developed economies due to burgeoning trade ties with Asia, particularly China. In the last 10 years, trade between Latin America and China rose sixfold to $230 billion. China is the biggest trading partner for Brazil and Chile, according to the Inter-American Development Bank. This rapid rise is mainly...

Russian Industries May Rile WTO by Undermining Trade Pledges

November 18, 2011
For nearly 20 years, Russia has worked on its bid for membership in the World Trade Organization. If approved by trade ministers in December, its entry will be the biggest step in global trade liberalization since China’s admission, according to the World Bank. Russia’s economy grew by more than 4 percent in 2010 and WTO membership could expand that to 11 percent by 2020. Oil and gas account...

Obama: Hoping for Pacific Free Trade Plan by 2012

Elaine Kurtenbach November 14, 2011
Recession in Europe – Asia’s second most important trade partner after the US – was a concern for leaders of the Asia-Pacific Economic Cooperation forum. At the meeting in Hawaii, APEC leaders agreed that free trade and global cooperation could fend off recession in Europe, reports Elaine Kurtenbach for Businessweek. In an era of bilateral trade pacts, US President Barack Obama introduced a plan...

Indian Firms Jolted by China's Social Security Plan

Saibal Dasgupta November 10, 2011
The cost for foreign firms doing business in China will climb as the country extends social-security obligations to cover foreign companies and their employees, reports Saibal Dasgupta in the Times of India. The move may lead many firms to reconsider expansion plans in China. Employers will contribute 37 percent of salary and employees 11 percent for benefits including pensions, and health...

Exotic Pets: Why Do Americans Keep Dangerous Animals?

Louis Theroux November 2, 2011
Keepers of exotic pets may imagine they’re protecting species. Yet too often owners do not reflect on the long-term needs or behaviors of wild animals. Manageable, adorable chimp, tiger and bear cubs quickly become aggressive adults, disposable and dangerous. Exotic animal ownership is rampant in the US, writes Louis Theroux in an essay for BBC News. Trade is booming in unregulated jurisdictions...