World economy talk

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Dow 12588.31 +45.93 +0.37%, Nasdaq 2853.13 +16.19 +0.57%, S&P 500 1359.88 +6.55 +0.48%

Nov. 16 (Bloomberg) -- House Speaker John Boehner offered a “framework” including new revenue to reduce the U.S. budget deficit during talks with President Barack Obama and Congress leaders on averting a year-end fiscal crisis.

Boehner joined White House Press Secretary Jay Carney in describing today’s meeting, the first in a series, as “constructive.” The session featured the same actors, including House Minority Leader Nancy Pelosi and Senate Majority Leader Harry Reid, both Democrats, who failed to reach a $4 trillion debt compromise in mid-2011.

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rockets hit Jerusalem, Tel Aviv

things are gonna get really serious from hereon

JERUSALEM (AFP) – The Israeli cabinet on Friday night gave its green light for the recruitment of up to 75,000 reservists, Channel 2 television said, amid signs that Israel was gearing up for a ground offensive in Gaza.

The decision was taken in a phone vote which was carried out as Israeli Prime Minister Benjamin Netanyahu held talks at the defence ministry in Tel Aviv with his inner circle, the Forum of Nine, the channel reported.

In practice, it means that up to 75,000 reserve soldiers can be drafted into action by the military at any point, as Israel appeared set to expand its relentless air campaign against Gaza militants.

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risk on!!

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land of the setting sun

Japan exports drop again, adds to recession concerns | Reuters

(Reuters) - Japan's exports fell in annual terms for a fifth month in October, hurt by fallout from a diplomatic row with China and feeble global demand, a further sign the economy has slipped into recession and adding weight to calls for policy easing.

Shipments to China, Japan's top export market, dropped an annual 11.6 percent last month after a 14.6 percent fall in September as a territorial row led to a consumer boycott of Japanese goods.

Total exports fell 6.5 in October from a year earlier, sharper than a 4.9 percent fall forecast by economists, leading to a fourth straight monthly trade deficit as the world's third -largest economy struggles with a strong yen and weak demand.

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Eurogroup fails to reach agreement on Greece

to meet again Monday

BRUSSELS (AP) — EU officials have failed to reach a deal on giving Greece more aid, prolonging uncertainty over the future of the euro.

Jean-Claude Juncker, chairman of the meeting of finance ministers from the 17 European Union countries that use the euro, says talks "will reconvene on Monday."

He said early Wednesday that the finance ministers "made progress in identifying a consistent package of credible initiatives" aimed at making a further substantial reduction in Greek government debt.

There has been disagreement among the ministers and the International Monetary Fund, Greece's other bailout creditor, on how to make Athens' debt manageable.

https://twitter.com/EuroWadhwa/statu...04986153373696

So? Abso-f***ing-lutely no agreement on Greece?!?!? I loose the will to live ...

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BRUSSELS (Reuters) - Greece's international lenders failed for the second week running to agree how to get the country's debt down to a sustainable level and will have a third go at resolving their most intractable problem in six days' time.

After nearly 12 hours of talks through the night during which myriad options were discussed, euro zone finance ministers, the International Monetary Fund and the European Central Bank failed to reach a consensus, without which emergency aid cannot be disbursed to Athens.

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Japan's stand on the islands not helping it's sinking economy...

Japanese export slump raises odds of recession

Pressure for more monetary easing escalates as shipments fall again and trade deficit widens
Thursday, 22 November, 2012, 12:00am

Japan is suffering its worst year for exports since 2009, as Europe's debt crisis, China's slowdown in economic growth and a diplomatic dispute with Beijing hurts manufacturers and deepens the risk of a recession.

Shipments totalled 53.5 trillion yen (HK$5.1 trillion) for the year's first 10 months, down 2.3 per cent from the same period last year, according to data compiled by Bloomberg from Finance Ministry figures released in Tokyo yesterday.

The trade deficit so far this year is a record 5.3 trillion yen.

The hollowing out of Japan's export champions, highlighted by a cut in Panasonic's debt rating to one step above junk status by Moody's Investors Service this week, indicates the urgency of kindling domestic demand.

Japan's political parties are facing off before an election next month on how hard to press the central bank for more stimulus.

"There's no doubt that Japan's economy is already in a recession," Kiichi Murashima, chief economist at Citigroup in Tokyo, said.

"Political pressure for further monetary easing is building, and we expect the [Bank of Japan] to take additional measures in January."

The Nikkei-225 Index closed up 0.87 per cent, its fifth gain in six days amid speculation that the opposition Liberal Democratic Party will form the next government and push the central bank into increased stimulus that weakens the yen.

Exports fell last month for a fifth month, down 6.5 per cent from a year earlier and leaving a trade deficit of 549 billion yen, the Finance Ministry said.

Shipments to China, Japan's largest export market, fell 11.6 per cent as a territorial spat over islands in the East China Sea takes its toll on the US$340 billion trade relationship between Asia's two biggest economies.

Exports to the European Union fell 20.1 per cent year on year, while those to the US were up 3.1 per cent.

"The slump in exports will probably continue this quarter," Yuichi Kodama, chief economist at Meiji Yasuda Life Insurance in Tokyo, said.

"China's economy probably hit a bottom in the July-September period, but its recovery may be limited this quarter, and there's no sign that Chinese consumers will stop boycotting Japanese cars."

Japan's motor vehicle exports to China fell 82 per cent year on year, the largest monthly drop since October 2001, the ministry said.

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HSBC Flash China Manufacturing PMI 50.4 (Nov) vs 49.5 (Oct)

first time above 50 in 13 months

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A day after Americans thank the maker for the blessings their great nation has recieved...

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Bad time to have a strike...

Los Angeles port strike triggers fears, lobbying by businesses

(Reuters) - A national coalition of U.S. business groups is urging an end to a strike at the twin California ports of Los Angeles and Long Beach amid fears that a prolonged stand-off will cost the American economy many billions of dollars, and could even spread to the east coast.

Trade groups led by the National Retail Federation have sent letters to U.S. President Barack Obama and leading members of Congress asking them to intervene and help end the strike at America's two busiest container harbor facilities. Those industry groups say the strike, which entered its sixth day on Sunday, is already costing $1 billion a day.

The labor dispute has been triggered by 500 clerical workers at the ports, members of the relatively small Office of Clerical Union Workers. Their industrial action and clout has been significantly strengthened because some 10,000 members of the International Longshore and Warehouse Union have supported them, refusing to cross the clerical workers' picket lines.

Their action has effectively shut down 10 of the two ports' combined 14 container terminals. Four other container terminals have remained opened, along with facilities for handling break-bulk cargo such as raw steel and tanker traffic.

Industry groups say they have fresh memories of a 10-day lockout at West Coast ports in 2002. They estimate that dispute cost the U.S. economy $1 billion a day and that it took six months before the supply chains fully recovered.

Groups are also warily monitoring an ongoing labor dispute between the International Longshoremen's Association and the U.S. Maritime Alliance which could affect ports from Maine to Texas.

The employment contract between the two groups expired at the end of September without a new agreement. The contract was temporarily extended for 90 days, until the end of this year. A federal mediator has stepped in to oversee negotiations to try an avert a strike that would hit at least 14 ports along the East and Gulf coasts.

"Our members are very nervous and very upset about the impact of the (Los Angeles) strike on their businesses," said Jonathan Gold, vice president of supply chain and customs policy at the National Retail Federation.

"We have had a lot of feedback. They have very fresh memories of what happened in 2002 and what is happening on the east coast."

Gold said his organization has been working with groups including the American Apparel and Footwear Association, the Retail Industry Leaders Industry Association and the Harbor Truckers Association to pressure lawmakers in Washington to end the stand-off.

The NRF sent a letter to Obama last week asking him to intervene. Barbara Boxer and Diane Feinstein, California's two Democratic senators, have also urged both sides to resolve the dispute.

Negotiations ran late into Saturday and continued Sunday. The clerks had been without a contract for more than two years when labor talks with management broke off on Monday. The chief stumbling block has been the future of union representation for jobs that are lost through retirement.

ILWU leaders are demanding that jobs traditionally performed by their members remain classified as union work and subject to the union's contract terms, even after individuals holding those jobs retire. They accuse the management of seeking to outsource union clerical jobs to overseas workers paid far less in wages and benefits.

The Port of Los Angeles, the nation's busiest container harbor facility, and second-ranked Long Beach together handled more than $400 billion in goods arriving or leaving the West Coast by ship, L.A. port spokesman Philip Sanfield said.

(Editing by Cynthia Osterman)
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[CVT]

A day after Americans thank the maker for the blessings their great nation has recieved...

Talagang naghihirap ang bansang Amerika...

Aba e,- parang mani kung bilhin ang handphones...

17.5K:bruce_lee:

[Ry_Tower]

^ hehe, oo nga eh.

BTT: China overtaking US as global trader | Inquirer Business

http://lifestyle.inquirer.net/79155/...n-the-hot-seat

- ano kaya mangyayari sa hedgefund niya?

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^^^

naturally coz China is the world's factory -- strong demand for raw materials and parts so everyone sends raw materials and parts to China

China’s imports of oil and raw materials for its factories propelled resource booms in parts of Asia, Africa and Latin America. China’s demand for steel for manufacturing and construction grew so fast that its mills now consume half the world’s output of iron ore.

China is #1 in manufacturing pero talo sila sa US pagdating sa innovation

China’s competitive edge remains low labor and other costs, while the US is the world’s center for innovation in autos, aerospace, computers, medicine, munitions, finance and pharmaceuticals.

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the world's top brands are Western brands

Best Global Brands | Brand Profiles & Valuations of the World

China makes a lot of stuff but they don't have branding power

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US spends nearly twice in Research & Development than the next country in the list...

[fourtheboys96]

US spends nearly twice in Research & Development than the next country in the list...

Nung highschool ako, at least 0.2% ng GDP dapat daw ay sa R&D. Ganun pa din ba?

Ilang percent kaya ng ating GDP ang alotted sa R&D?

[Ry_Tower]

Nung highschool ako, at least 0.2% ng GDP dapat daw ay sa R&D. Ganun pa din ba?

Ilang percent kaya ng ating GDP ang alotted sa R&D?

Malamang nagbago na ngayon kasi mas heavy na reliance sa technology eh. Globalization speeds up improvement and intensifies competition kasi.