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USA Today (July 30)

2010/ 07/ 31 by jd in Global News

North American players sometimes get upset when facing criticism. They should “just give thanks that they don’t live in North Korea.” For failing to advance beyond the first round in the World Cup, the North Korean soccer team was humiliated publically for six hours. Their coach has been sent to do construction work and kicked out of the Workers’ Party. USA Today notes the irony. “They make him a blue collar guy, but won’t let him be in the Workers’ Party? Go figure.”

 

Los Angeles Times (July 29)Los Angeles Times (July 29)

2010/ 07/ 31 by jd in Global News

Japan is “a bright spot.” While the media often focuses on Japan’s lost decade, Japan is actually “a country from which Americans might learn a thing or two.” Japan has 5% unemployment (versus 10% in the U.S.), universal healthcare (versus 47 million uninsured), low crime (versus high), and Japan’s list of virtues goes on. “Americans should be so lucky as to experience a Japanese-style lost decade.”

Japan is “a bright spot.” While the media often focuses on Japan’s lost decade, Japan is actually “a country from which Americans might learn a thing or two.” Japan has 5% unemployment (versus 10% in the U.S.), universal healthcare (versus 47 million uninsured), low crime (versus high), and Japan’s list of virtues goes on. “Americans should be so lucky as to experience a Japanese-style lost decade.”

 

Time (July 27)

2010/ 07/ 27 by jd in Global News

The outlook for Japan is “clouded.” Time examines Japan’s 20-year funk and the current atmosphere of “suffocating hopelessness,” remarking that “Japan seems to be on the wrong continent.” While the rest of Asia races ahead energetically, Japan stands still. There are some bright spots, but no clear fix to reenergize Japan. The “clouded” outlook is especially relevant to the U.S. and Western Europe where similar issues, including government debt and graying populations, are expected to arise.

 

Guardian (July 26)

2010/ 07/ 27 by jd in Global News

“British, American and Norwegian engineers are in a race to design and build the holy grail of wind turbines.” They are competing to build massive 10MW offshore turbines “that could transform the global energy market.” Currently the largest turbines are in the 3MW range, but within 3 years the Guardian believes three different 10MW designs will be operational.

 

Wall Street Journal (July 24)

2010/ 07/ 26 by jd in Global News

The European bank stress tests leave one “not much wiser.” For fear of suggesting the EU’s bailout package is insufficient, the stresses did not include a test for a sovereign default. The tests were restricted to more modest (and less revealing) shocks. The tests, however, could have been even less useful. Germany opposed the public release of results for individual banks. In the end, Spain and several other countries won this argument so bank-by-bank data is available.

The European bank stress tests leave one “not much wiser.” For fear of suggesting the EU’s bailout package is insufficient, the stresses did not include a test for a sovereign default. The tests were restricted to more modest (and less revealing) shocks. The tests, however, could have been even less useful. Germany opposed the public release of results for individual banks. In the end, Spain and several other countries won this argument so bank by bank data is available.

 

The Economist (July 23)

2010/ 07/ 26 by jd in Global News

With bank stress tests complete in Europe, Japan breathed a sigh of relief. Perhaps the euro would strengthen and the yen finally weaken. The Economist suggests otherwise. Based on the Big Mac index, the magazine believes the Euro is overvalued by 14% versus the dollar, while the yen is slightly undervalued and should rise to 85.7 versus the dollar. More extreme still, the yuan appears undervalued by 48% versus the dollar. The Big Mac index is based on the concept that wherever you are, standard goods like a burger should cost the same amount.

 

Forbes (July 22)

2010/ 07/ 23 by jd in Global News

The media falsely created “the runaway-Toyota scare.” Fact checking is now showing there were very few actual cases of sudden acceleration. And most of these were caused by sliding floor mats or drivers mistakenly hitting the gas pedal. The media alarmed car buyers and Congress, reporting that anywhere from 52 to 93 crashes had been caused by sudden acceleration. The National Highway Traffic Safety Administration (NHTSA) now believes only 5 deaths were linked to an acceleration defect.

 

The Guardian (July 22)

2010/ 07/ 22 by jd in Global News

The Guardian predicts some very dirty laundry will be hung out Friday evening. That’s when the results of stress tests on European banks will be released. At least “a few of the 91 institutions” will be found “unsound.” Otherwise, nobody will trust the tests. But if too many banks are declared sick, watch out for stormy markets on Monday.

 

The Financial Times (July 20)

2010/ 07/ 22 by jd in Global News

Executives from 27 companies wrote to support stricter emission standards. They want the EU to cut emissions by 30%, rather than 20%, by 2020. They believe Europe needs stricter standards to be competitive in the green market. Stricter standards will provide companies with the assurance they need to invest in low-carbon technologies. Among the companies signing the letter were Allianz, Asda, Deutsche Telekom, Lloyds Banking Group, L’Oreal, Nestlé, Royal Philips Electronics, Vodafone and Tesco.

 

The Wall Street Journal (July 20)

2010/ 07/ 20 by jd in Global News

The U.S. unemployment rate stands at 9.5%. Nearly 45.5% of those without jobs, a record 6.7 million, have been out of work for six months or longer. President Obama is calling on Congress to extend unemployment benefits. The Wall Street Journal, however, objects. Extending benefits keeps “people out of the job market” by encouraging them to wait for better jobs.

 

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