Category Archives: International

Business/Economics, International, U.S.

Corporate Incompetence: WalMart refuses to pay rent in China, since 2002, gets shut down for selling bad meat. Think your U.S. WalMart stores are bad?

WalMart is in trouble in China, because it hasn’t paid rent since 2002, and it lies about what it sells.

According to Chinese media, in 2002 WalMart signed a 15 year lease contract with the Wanguo Shopping Plaza in the northeastern coastal city of Dalian.  Problems occurred with the timely development of the property, and WalMart decided to move across the street.  The problem is that they signed a 15 year contract.

Wanguo Shopping Plaza has sued WalMart for back due rent.  Chinese courts have ruled that the lease contract is still binding.

WalMart had claimed that Wanguo Shopping Plaza lost its business license, and that the contract was terminated in 2007.  WalMart also claimed they paid about two years worth of rent.  The courts found that Wanguo Shopping Plaza never lost its license, there is no evidence the contract was terminated, and that WalMart paid a little more than one year of rent.

This is just the latest in bad things happening to WalMart in China.  In October, 13 Wal-Mart stores were shut down for 15 days for selling incorrectly labelled pork products.  WalMart had previously been penalized 21 times since 2006 for false advertising and selling expired food!

International, Technology, U.S.

World War 3: Israel develops ballistic missile, the target; Iran

November 3, Israel’s Defense Ministry said they had test fired a ballistic missile.  Observers say the latest test-firing is a warning against Iran’s nuclear program.

Israeli Prime Minister Benjamin Netanyahu warned of a “direct and heavy threat” posed by Iran’s nuclear program.

The testing of the ballistic missile was not announced in advance.  Some Israeli media sources say this is part of the Israeli government’s plan to attack Iran.  However officials in Netanyahu’s administration say regarding the missile test and Iran “The two things are separate”.

 

Business/Economics, International, U.S.

What Economic Recovery? Federal Reserve Bank revises growth forcast downward, blames Europe

No surprise, the U.S. Federal Reserve Bank revised its economic growth forecast downward.

Back in June the bank predicted U.S. growth at 2.9% (which is still bad, it needs to be above 3% to be good).  Now they revised it downward by one percent, to 1.9%.  Can you say stagnation?

Federal Reserve Chairman Ben Bernanke said the expanding crisis in Europe has made the future of the U.S. economy increasingly unclear.

Business/Economics, International, Technology, U.S.

What Economic Recovery? Sony blames $2 billion loss on the United States & Europe, no more Sony TVs for you

On November 3, Sony announced that its television division is likely to post a record loss of about U.S.$2.2 billion for 2011.  That makes eight straight years of losses!

Sony is blaming poor sales in the United States and Europe.  This is more proof that the U.S. is no longer the market place for the World’s manufacturers.

Sony Executive Deputy President Kazuo Hirai says there is no sign of any economic recovery, and the company will revise downward its mid-term sales target by half.  Sony will also cut way back on TVs sold in Europe and the U.S.

Panasonic and Sharp say they will do the same.

 

International, Technology

Government Incompetence: Inspectors screw up approval of nuclear fuel rods

The Japan Nuclear Energy Safety Organization admitted it allowed nuclear fuel rods to pass quality checks using a faulty factory manual.

Government inspectors used the manufacture’s manual to inspect four sets of fuel rods.  They approved three of the sets.  The problem is that the approved sets did not match up with the length stated in the manual.  The rods were four meters (13 feet) long, the manual said they should have been 5 centimeters shorter.

Government officials say they will correct future inspections.

Business/Economics, International, Technology

Government Incompetence: Japan will now study 1986 Chernobyl nuclear accident

In a classic example of too little too late, Japan will now spend big money to study the effects of the 1986 Chernobyl nuclear accident!

Japan will expand its Ukrainian embassy staff to include two nuclear specialists and three translators.  The staff will also be equipped with gear for dealing with radiation.  They will interview Ukrainian and former Soviet officials, and residents about the effects of radiation contamination, and how to deal with a nuclear disaster.

The Japanese government said they will spend about U.S.$2 million on the project.  You’d think a country that got so involved with nuclear power would have included, as part of its nuclear disaster preparedness, a detailed study of the 1986 Chernobyl disaster!

Business/Economics, International

Global Economic War: China to make business deals with Austria, avoid tariffs

In an effort to avoid the outrageously high tariffs that many European Union members have put on Chinese products, Chinese President Hu Jintao is in Austria hoping to make new trade deals.

Xinhua News said “The two countries should also expand their mutually beneficial economic and trade relations and make concerted efforts to fight trade protectionism and encourage mutual investment.”

Many EU countries have enforced high tariffs on Chinese products, some have even boycotted Chinese products all together.  Austria is one of a few EU countries still open to Chinese imports.

In fact, Austria’s President Heinz Fischer, said Austria will play an active role in seeking the EU’s recognition of China’s full market economy status.

Over the past 40 years, the China-Austria relations have developed continuously, with China becoming Austria’s biggest trading partner, outside Europe, in 2010.

It’s interesting that many EU members are enforcing high tariffs and trade embargoes on Chinese products, yet are hoping China will bail them out of their economic mess.


 

International

World War 3: Israel to speed up construction of illegal settlements

November 1, Israeli Prime Minister Benjamin Netanyahu ordered speeding up construction of 2,000 illegal housing units in East Jerusalem (al Quds), Ma’aleh Adumim, and Gush Etaion.

This is a response to the United Nations making Palestine the 195th member of the UN.  Other retaliations planned by the Israelis include; curbing VIP status of senior Palestinian officials to cross Israeli checkpoints, greenlighting more settlement construction, and halting the transfer of tax money that Israel steals, I mean collects for the Palestinians.

If you think Israel will turn to violence then you’re too late.  For months now Israel has launched ground raids, and air strikes into Gaza and the West Bank, yet where’s the western media’s coverage of it?

Business/Economics, International, U.S.

What Economic Recovery? U.S. officials say Asia is our only hope; then all is lost

“If we are going to move out of this recession, Asia is going to be part of that equation. Asia is where we are going to grow.”–Ernest Bower, Southeast Asia Program at the Center for Strategic and International Studies

Next week the 21 members of the Asia Pacific Economic Cooperation (APEC) will meet in Hawaii.  There U.S. officials are expected to bend over to make economic deals with Asia countries, that’s how desperate the situation is for the United States.

Ron Kirk, U.S. Trade Representative, said the main concern for the U.S. is resolving issues that affect U.S. exporters.

Last week the U.S. Congress approved a free trade deal with South Korea, however, the people of South Korea are against it and have been protesting ever since.  It’s obvious governments are not going to do what their people want.

If the United States is hoping that the countries of Asia, and the Pacific Rim, are going to pull us out of the ‘recession’ then all is lost:  Japan’s economy is a house of cards that’s already collapsed. China is focused on controlling inflation which is reducing consumer spending there. Vietnam, India, China, Japan and Philippines are facing off in what could turn into a war over oil rights in the South China Sea.  Australia’s main economic partner is China, and Australia is expanding its naval power in the hopes that the U.S. Navy will be forced out of the region due to economic hardship.  Japan and Russia are nudging closer to war over islands just north of Hokkaido.  And the U.S. has already lost it’s economic advantage in South America.


Business/Economics, International, U.S.

What Economic Recovery? Honda to slash North American production, Toyota cutting work hours

Honda wants to cut north American production by 50%, and they’re blaming the latest flooding in Thailand.

Output at all six of its factories in the United States and Canada will be cut in half from November 2 through 10.  Also, they will stop all production in North America for one day on November 11.

Toyota announced they will cut overtime hours at all 13 north American factories, again because of a lack of parts caused by flooding in Thailand.