Saturday, 07 May, 2005

News from the front - Atlanta Themes in today's news - businesses are economic entities with profit as its purpose for existence. The potential demise of a viable (largest company in its niche) company because of unrestrained social programs makes the point. What if part of the UAW retirement was put into an individual or even union managed 401k instead a burden on future corporate revenue, how profitable would GM be today?! FYI - our economic and news search is based upon GEM's Economic Rankings of Economies, we monitor and report news sources from the top two countires on each continent. BTW the United States has slipped from 4th to 11th in the last year - inspiring news. Sunday morning commentary - a new feature - reviews the same publications' editorial sections as well as my short list of thought leaders. For specific business news and commentary visit our sites: hyper-growth center for inspired performance growth project Have a great business day - success, wealth & health - Ciao 8:14:01 AM    comment []

India to ease business rules After the article on Europe we have India and their mixed track record of dealing with economic reality India will introduce Chinese-style special economic zones and scrap the ceiling on voting rights in private sector banks in an attempt to attract foreign direct investment and liberalise its financial services sector. The SEZ bill, which will go before parliament, is intended to extend to India's export-oriented manufacturing companies the fiscal and labour advantages that have been enjoyed by the country's world-class information technology sector. 8:02:13 AM    comment []

Concern that Europe is losing business edge What else to say? Truth hurst and political spin is simply a short-term drug. FRANKFURT In the fierce global battle for jobs and capital, Western Europe just lost another round.   IBM's announcement that it plans to cut between 10,000 and 13,000 jobs will fall heaviest on Germany, France, Britain, and Italy, where the costs are high and growth prospects have recently been dim. 7:58:01 AM    comment []

S&P cuts GM and Ford to junk status It has been the view of this news source that socialism (command econmics) has only worked in the corporate world. The largest automotive manufacturer in the world pays more in retirement benefits than steel for each car produced. This is exactly the situation the US government is facing except one - GM is required to show these costs on the books - Congress has excluded itself from the same accounting rules. NEW YORK (Reuters) - Standard & Poor's on Thursday cut its ratings on about $290 billion of General Motors Corp. (GM.N: Quote, Profile, Research) and Ford Motor Co. (F.N: Quote, Profile, Research) bonds to junk, jolting financial markets and further hampering the automakers as they grapple with brutal competition. 7:49:21 AM    comment []

Modest gain for FTSE after Labour win Tony Blair deserves our support and respect, but his economic policies do not. To his credit, he copied as much of Thatcher's economics as possible - but even the Tories of today are tainted with the cirrhosis of command economics. The London market ended the election week in positive territory, rising for the sixth consecutive session, its most sustained performance for eight months. Investors were largely unmoved by Labour’s general election victory, even if Tony Blair’s commons majority will be less than the City had expected. Trading was also subdued, with only 2.5bn shares changing hands. 7:39:52 AM    comment []

Singapore tops English confidence survey Long a theme of this news source - Singapore is one a few free-market oasis around the world. Singapore has widened the English proficiency gap with Hong Kong, the author of a survey has said, striking a blow to the Chinese territory's hopes of remaining the region's global hub. Singaporeans came out on top in almost all measures of Asians' English confidence levels, the survey of more than 16,000 people in seven countries, conducted by international language school the Wall Street Institute, found. 7:31:00 AM    comment []

Poll: 40 percent of Estonians never heard of EU constitution Great news, Eurpoe's freest market economy might vote NO to the EU and become a Hong Kong on Euorpean soil. Someone needs to step in and replace Great Britian as a bastion for capitalism. In the poll, conducted by TNS Emor last month, 55 percent of all respondents said they had heard at least something about the EU constitutional treaty, while 40 percent said they had never heard of it. Of respondents aged 15-74, 45 percent saw the treaty as advantageous for Estonia, while 15 percent saw it as disadvantageous for the country. Forty percent had no opinion. 7:20:23 AM    comment []

Nigeria economy on right path About time, Nigeria like Argentina, is a country with incredible potential run into the ground by cronyism. Lets hope they can make this news story true and provide economic hope to Africa's most populated nation. afrol News, 4 May - Latest statistics on Nigeria's economy show that the country is experiencing a strong and healthy growth. For the fist time in decades, the non-oil sectors are growing significantly faster than the oil sector. Successful and credible economic reforms last year had re-established confidence in Nigeria as a foreign investment location........ Challenges however remained formidable, the IMF noted. "Nigeria continues to suffer from the legacy of decades of misguided policies. Corruption, the poor state of basic infrastructure, and weak institutions remain the major deterrents to investment, sustainable growth, and improvements in social welfare. The reform programme still meets resistance from entrenched interests which may make it difficult to pass crucial legislation," the Fund said. 7:04:19 AM    comment []

Asian countries vow to double swap deal size Interesting solution to currency speculation... (ISTANBUL) Top Asian finance ministers pledged to boost by up to 100 per cent the size of currency swap agreements designed to cushion Asian economies from the instability that helped trigger the region's 1997-98 economic crisis. 6:37:43 AM    comment []

The Linux of the telecom world Very Interesting - many of us are surfing this wave - check out our flobble comments from yesterday Who is Mark Spencer and why should the large telecom equipment-makers be worried about him? Although little-known, Mr. Spencer has developed open-source software called Asterisk that lets businesses install telephone switches that are much less expensive than systems sold by suppliers such as Alcatel SA, Nortel Networks Corp. and Avaya Inc. 6:34:28 AM    comment []

Moderate Dems Oppose Trade Agreement Another example of the dearth of economic acumen rampant in American politics. You need economic development first, then you get protective legislation (you have something to protect) - if you create the legislation first, economic development goes someplace else. Get It? WASHINGTON (AP) -- Four Democratic moderates who are crucial swing votes in Republican efforts to win approval of a free trade pact with Central America said Wednesday they would oppose the agreement because of what they consider weak labor provisions. "As ardent supporters of fair trade, (BS - my words) we cannot support the existing proposal and we call upon the president to go back to the drawing board," said Rep. Ellen Tauscher, D-Calif., chair of the centrist group New Democrat Coalition. 6:26:56 AM    comment []

So many tax havens and so little time Interesting news, when are politicians and their weapon - government going to get it. We all have a limit or what we consider to be fair - the line is around 20%. In other words when the government over reaches when picking our pockets, tax avoidance becomes tax evasion. FEELING jaded after the election? Looking to escape higher tax? And desperate to avoid the Holyrood election in just two years’ time? Then join what may well be Scotland’s fastest-growing club this morning: the Escape Club. There are no fees or dues. Membership simply comprises those looking for a quick exit and prepared to travel to the furthest corners of the world. High on the escape list must be the South American republic of Paraguay, a haven, of sorts, for political refugees in the past. 6:19:40 AM    comment []

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