In The News

Light Bulb Factory Closes; End of Era for US Means More Jobs Overseas

Peter Whoriskey September 10, 2010
The original light bulb has a long history with many nations and patents – starting with an English chemist in 1809 and perfected over the years by Scottish, German, American and Russian scientists – before Thomas Edison purchased some patents and devised the long-lasting filaments in 1879 and 1880. His name is associated forever with light bulbs. The last major GE factory making traditional...

If Only China Were More Like Japan

John Lee September 8, 2010
Rapid economic growth, an over-reliance on exports, can lead to troublesome bubbles. And national leaders are wise to strengthen institutions that provide economic security against such developments. As China overtakes Japan as the world’s second largest economy, John Lee compares the two nations for Businessweek. During Japan’s heady period of growth followed by a decade of stagnation, Lee...

Illegal Immigration to US Slows Sharply

Miriam Jordan September 8, 2010
Because of recession and high jobless rates, illegal immigration to the US has contracted sharply, by more than half, in recent years, suggests the nonpartisan Pew Hispanic Center. “The mortgage crisis and ensuing economic slump have slashed jobs in construction, tourism and other sectors that are the mainstay for low-skilled Latin Americans,” writes Miriam Jordan for the Wall Street Journal. “...

Silicon Valley Expats Spur Innovation in India

Sean Randolph September 2, 2010
As the US tech industry saw rapid growth during the 1990s, immigrating students and workers from Asia heeded innovation’s call. Engineers and programmers from India settled in Silicon Valley and enjoyed immediate success. About one out of six tech startups was launched by immigrants from India. Now some of these tech workers return to India, explains author and trade specialist Sean Randolph....

Banks Back Switch to Renminbi for Trade

Robert Cookson September 1, 2010
As China’s economy continues to grow, the largest banks from around the globe seek favor and rapid profits there. HSBC relocated its chief executive from London to Hong Kong and, along with Citigroup and some other banks, HSBC offers discounts for companies that use the renminbi rather than the dollar for trading. “With renminbi trade settlement volumes expected to increase rapidly, banks are...

A Cash-Strapped US Faces Diminished Political Clout

Michael Mandelbaum August 31, 2010
The US continues to confront record budget deficits, high unemployment rates, stagnant revenues and global recession – with no clear end in sight. Individual citizens, worried about rising taxes and health-care costs as well as cuts to traditional programs for the elderly, want to cut spending. Naturally, such a bleak economic outlook results in reduced US expenditures on foreign products or...

Western Profits Wilt on China's Surging Wages

Ambrose Evans-Pritchard August 31, 2010
As wages rise in China, companies of the West recognize that they cannot pass higher costs of manufacturing electronics or clothing onto their consumers who hold their purses tightly, amidst worries about the recession. “Reliance on Chinese plants is suddenly proving double-edged,” observes Ambrose Evans-Pritchard for the Telegraph. Some companies plan for reduced profits or shifting production...