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The Financial Times (July 19)

2010/ 07/ 20 by jd in Global News

What a difference a decade makes!  In 2009, China consumed 2,252 million tons of oil equivalent, approximately 4% more than the U.S. In 2000, the U.S. used twice as much energy as China! China has also replaced the U.S. as Saudi Arabia’s biggest oil customer and Japan as the world’s largest importer of coal.

What a difference a decade makes! China passed the U.S., consuming 2,252 million tons of oil equivalent in 2009, approximately 4% more than the U.S. In 2000, the U.S. used twice as much energy as China! China has also become the world’s largest importer of coal and Saudi Arabia’s biggest market for oil exports.

 

The Economist (July 15)The Economist (July 15)

2010/ 07/ 16 by jd in Global News

“The traditional census is dying, and a good thing too.” Statisticians now believe they can get more accurate (and less costly) data by mining existing government records, such as tax records and social security payments. Denmark started the trend, doing away with its traditional census decades ago. Sweden, Norway, Finland and Slovenia followed. And Germany plans to use this data-mining approach from 2011. This October, Japan will conduct a population census. Could it be the last?

“The traditional census is dying, and a good thing too.” Statisticians now believe they can get more accurate (and less costly) data by mining existing government records, such as tax records and social security payments. Denmark started the trend, doing away with its traditional census decades ago. Sweden, Norway, Finland and Slovenia followed. And Germany plans to use this data-mining approach from 2011. This October, Japan will conduct a population census. Could it be the last?

 

The New York Times (July 13)

2010/ 07/ 15 by jd in Global News

As BP inches toward stopping the massive oil leak in the Gulf of Mexico, the New York Times examines BP’s past performance. The newspaper draws a harsh conclusion. “In pursuit of growth and profits, BP has taken monumental risks and suffered the consequences. But its record shows that it has been unable or unwilling to learn from its expensive mistakes.”

 

The Telegraph (July 12)

2010/ 07/ 15 by jd in Global News

Dagong Global Credit Rating Co tossed its hat into the ratings ring, offering very different ratings than Fitch, S&P or Moody’s. Dagong is painting “a revolutionary picture of creditworthiness around the world,” exclaims the Telegraph. The Chinese rater puts Norway, Denmark, Switzerland, Australia, New Zealand and Singapore at AAA; China, Germany, the Netherlands and Canada at AA+; the U.S. at AA; Britain and France at AA-; and Belgium, Spain and Italy at A-. Meanwhile, another silent revolution has taken place. Emerging countries now hold $6.3 trillion or 75% of the world’s reserves.

 

The Chicago Tribune (July 12)

2010/ 07/ 14 by jd in Global News

Nearly 60 years ago, Hugh Hefner got his start in Chicago. The Tribune wishes “Hef” good luck in taking “what once was known as the Playboy empire” private. Hefner is offering $5.50 a share, a generous 40% premium given Playboy lost $51 million last year. The price, however, pales compared to its all time high of $32 in 1999.

 

Washington Post (July 12)

2010/ 07/ 13 by jd in Global News

The Great Recession has been the most “egalitarian” of the 11 most recent recessions to strike the U.S., according to Post columnist Robert J. Samuelson. Recessions often strike the poor the hardest, but no social class—rich or poor, educated or uneducated, professional or working class—has been insulated from the current recession. Jobs have been lost across the spectrum. House and portfolio values have fallen. High earners have had wages cropped. A recent survey shows 71% of Americans are now buying less expensive brands, 57% have reduced their vacation budgets, and 11% have delayed getting married or having kids. Only 45% of Americans now think their children will enjoy higher living standards in the future.

 

Wall Street Journal (July 10)

2010/ 07/ 12 by jd in Global News

Japan’s election results delivered a clear message from unhappy voters: “no tax hikes, please.” Had Prime Minister Naoto Kan stopped with his “idea of slashing Japan’s corporate-tax rate, the highest in the developed world, to attract investment,” the results of the election might have been different. Instead voters were “revolted” by his subsequent call to double the current 5% consumption tax “when government spending remains out of control and economic growth is weak.”

 

The Economist (July 8)

2010/ 07/ 09 by jd in Global News

French President Nicolas Sarkozy is wrapped in scandal. Two of his ministers resigned over expenses: one for claiming €12,000 of Cuban cigars, the other for chartering a €116,500 private jet. Now there are allegations his campaign accepted €150,000 in illegal contributions. The Economist says, “if Nicolas Sarkozy wants France to change, he needs to start at the top.” It adds, “Sarkozy has already been tried and convicted by public opinion of another crime: he has betrayed his promise to change France’s political culture.”

 

Financial Times (July 8)

2010/ 07/ 09 by jd in Global News

The year has been disappointing in terms of taking action against the serious threat of climate change. The Financial Times, however, promotes a twin opportunity. Governments can both repair their budgets and the climate. “As treasuries look for ways to raise more revenues, climate change activists should make the case for green taxes.”

 

The New York Times (July 6)

2010/ 07/ 07 by jd in Global News

Chinese workers need better pay, better working conditions and independent labor unions. In short, “they need China to stop being sweatshop to the world.” The New York Times says “China needs to move on” from its export strategy, which depends on cheap labor and a weak currency. This strategy helped the country develop quickly over the past decade, but it’s now time to pay more attention to the workers.

 

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