Tag Archives: europe

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.

 

Business/Economics, International, U.S.

Global Economic War: What’s really going on with the possible China rescue deal for Europe? China pushing to be A Number 1, got burned bailing out U.S. banks

That’s right, it wasn’t just U.S. taxpayers and the U.S. central bank (Federal Reserve) that bailed out Corporate America’s big financial institutions in 2007/08.  China Investment Corporation played a part and lost.

So when it comes to bailing out European governments, China’s financial sector is willing but cautious: “The $3 trillion in reserves are the fruits of the hard work of the Chinese people.  We’re willing to work with those European countries in distress for a better solution.  But…we have to be accountable to the people.”-Jin Liqun, China Investment Corp

Both the U.S. media and the Chinese media are reporting that China wants nit picking details concerning any European bailout.  The Chinese think the European governments haven’t done enough when it comes to austerity measures.  They want to see more cuts, and more taxes imposed on the European people.

But there’s another reason China is taking its time with agreeing to any European bailout; they want to use the situation to bring China closer to being the A Number 1 economic and financial authority throughout the World: “It will also help China gain a greater say in the global financial system.”-Zhong Wei,  Financial Research Center at Beijing Normal University

In fact, today, October 28, China called on the G20 to become more united (under China?): “The opinions of emerging markets and developing countries should be taken seriously no matter when we talk on the reform of the international currency system, the global economic governance, or the price of commodities.  These countries’ presence and say should be increased.”–Cui Tiankai, Vice Foreign Minister of China

The next Group of 20 meeting is November 3-4 in the southern French city of Cannes.

 

Business/Economics, International, U.S.

What Economic Recovery? Greek businessman sets himself on fire, Greek Prime Minister cancels trip to U.S.

On September 16, in a scene reminiscent of what sparked the recent Tunisian Revolution, a Greek man who lost his business set himself on fire.  Police put out the fire and the man is in the hospital.

On September 17, Greek Prime Minister George Papandreou, suddenly canceled his trip to the United States.  He claims it’s to ensure that all of Greece’s bailout loan commitments are fulfilled.  That doesn’t make sense because those loans just didn’t suddenly materialize, they’ve been in the works for awhile now.  So why the sudden cancellation of his trip to the U.S.?

Some analysts think it’s because Greece is too close to default now: “It’s a sign that things are very tight. Papandreou’s presence is crucial to make sure there are no setbacks with issues that need to be resolved.”-Theodore Krintas, Attica Bank.

Business/Economics, International

Global Economic War: Europe raises tariffs on Chinese products, again & again & again, now as high as 69.7%

Chinese officials say the latest round of tariff increases in Europe have essentially closed off the European market to Chinese businesses.

On September 15, the EU placed tariffs on Chinese flooring tile, as high as 69.7%!  This will directly affect more than 1,000 Chinese businesses!

Chinese officials say the Europeans are raising their tariff rates to protect European tile makers, who’ve seen a 40% drop in sales since the debt crisis began.  Europeans says it’s to make up for ‘dumping’ of Chinese products on European markets.

 

 

Business/Economics, International, U.S.

What Economic Recovery? Out of desperation the European Central Bank will start using U.S. dollars

Starting with the October 12, and then the November 9 and December 7 loan tenders, the European Central Bank will make U.S. dollars available for three-month loans.

The Bank of England, the Bank of Japan and the Swiss National Bank made similar announcements.  This is being done in coordination with the U.S. Federal Reserve (the privately run central bank for the United States).

The European banks will trade their money (Euros, Pounds, Yen and Swiss Francs) for U.S. dollars, for a fixed exchange rate.  This is an attempt to prevent money markets in Europe and Japan from locking up.

International, Technology

Drug resistant TB affecting thousands of Europeans

“TB is an old disease that never went away, and now it is evolving with a vengeance.”-Zsuzsanna Jakab, UNWHO

The United Nations World Health Organization is warning European countries  to be alert against the extensively-resistant tuberculosis (XDR-TB), and multi-drug resistant tuberculosis (MDR-TB).

Estimates show 15 of the 27 countries with the highest burden of MDR-TB are in the European region.  More than 80,000 MDR-TB patients are diagnosed in the region annually.  London, U.K., has been the hardest hit capital city with 3,500 new cases diagnosed each year.

About half of the newly diagnosed MDR-TB patients are expected to die!

 

Business/Economics, International, Technology

Global Economic War: China accuses Europe & Japan of dumping steel products

The Chinese Ministry of Commerce is investigating claims that Europe and Japan are dumping steel tubes in China.

“Dumping can force established domestic producers out of a market and lead to monopolistic positions by the exporting nation.”-Wikipedia

China will look into the matter of “certain high-performance stainless steel seamless tubes” and calculate the loss suffered by domestic companies.

Business/Economics, International, U.S.

What Economic Recovery? U.S. citizens moving to Europe, say there’s no more opportunities in the United States

“I’m doing it as an exit strategy of sorts. I like knowing that I have another place to go if things get even worse here, or if I just get tired of running on the American mouse wheel.”-Amber Alfano

According to a Florida media source, the number of U.S. citizens who want to move to Europe has skyrocketed. The number one reason is economic: “With an EU passport, I can live and work in 27 countries. With a U.S. passport, I can live and work in one.”-Suzanne Mulvehill

Many U.S. citizens can qualify for European citizenship, if a parent or grand parent was a European national.  It’s estimated that more than 40 million U.S. citizens are eligible for dual citizenship.

“It’s definitely a really good thing to have on your résumé with business going so global. I probably never would have done it if it wasn’t for the EU, but at the same time I’ve always been extremely proud of my Greek heritage.”-Lauren Berg

“I understand the impulse: You can get a better deal over there.”-Stanley Renshon, City University of New York

Attorney’s say the number of people wanting legal help moving to another country has definitely gone up: “I have to say that over the past few years, calls I never would have received before have been made to the office. It’s not like a tidal wave, but it’s certainly more substantial, and it’s remarkable.”-Sam Levine, immigration attorney

“My dad was actually the one who put a bug in my ear about the whole citizenship thing. He said that Europeans are more interested in the quality of life than the quantity, and that it was a good place to have and raise children because of the way their social systems work. I don’t care much about the child-rearing part, but I would gladly trade in some of my material possessions for a little flat, a scooter and more vacation.”-Amber Alfano

 

 

 

Business/Economics, International, U.S.

Global Economic War: Iran says OPEC will not let oil prices fall

Iranian oil official, Mohammad Ali Khatibi, has just stated that OPEC will not allow oil prices to fall much further.

Iran currently holds the presidency of OPEC.  Khatibi says Iran will call an emergency OPEC meeting if oil prices fall too much.

Iran blames the United States, and Europe, for creating highly unstable markets, that do not reflect the true value of resources.

Business/Economics, International

Europe shoots self in foot by imposing oil embargo on Syria

The European Union has banned the importation of oil from Syria.  This is supposed to hurt Syria, but it will only hurt Europe.

90% (some sources say 95%) of the oil that comes from Syria, goes to Europe, so you can see it will only hurt Europe.  Unless this is part of some conspiracy to drive oil prices back up to $100.00 per barrel?

The EU decision was not unanimous, several European countries, like Cyprus, Greece and Italy expressed concerns that the embargo would not hurt the Syrian government.