Your daily Economy dose!
Has Barack Obamas mantra for change translated to foreign policy success one year after he became the US President? Obama promised to break away from his predecessor George Bushs polices and rebuild ties with disgruntled allies and reach out to the Muslim world
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Riz Khan – Obama’s foreign policy report card
Ryan Grim, in a posting January 21 on Huffington Post , states that “a recent poll [a Research 2000 National Poll] found that 47 percent of Americans think Bernanke cares more about Wall Street than Main Street, while only 20 percent think he works for Main Street. Independents, who swung heavily for Brown in Massachusetts, are even more opposed to Bernanke than Democrats or Republicans
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The Bernanke Confirmation Battle: Part II
Last Thursday, the L.A. Area Chamber’s annual Taste of the Chamber was yet again another delectable delight with delicious food from restaurants and caterers all over L.A.
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L.A. Area Chamber’s Taste of the Chamber Brings Together Restaurants and Caterers From All Over L.A.
Mérida, January 22 nd 2010 (Venezuelanalysis.com) – To curb price increases by businesses following a recent adjustment in the official exchange rate, the Venezuelan National Assembly passed a law reform on Thursday that will make it easier for the state to take custody of the provision of goods and services that are considered vital to the public welfare. By James Suggett – Venezuelanalysis.com read more
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[news] Venezuela Reforms Consumer Protection Law to Combat Price Increases
Bloomberg — Roubini Says Stock Rally May End Amid Muted Recovery (Click for Video ) Bloomberg — Nouriel Roubini, the New York University professor who accurately predicted the financial crisis, speaks in Hong Kong about the outlook for financial markets and a global economic recovery. Roubini said a rally in stocks may end in the second half of the year amid a muted recovery in the world’s largest economies and as deflationary pressures limit gains in corporate earnings
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Roubini Bloomberg Video and Report from the Asian Financial Forum in Hong Kong
Here are some of this week’s legislative updates from the Chamber Action Network blog: State Budget Flat, But Shaky Some initial thoughts on the state budget from Maryland Chamber Vice President of Government Affairs Ron Wineholt. UI Bill Hearing is Next Week The Maryland Chamber of Commerce opposes the Administration’s proposal to modify Maryland’s unemployment insurance (UI) system to permanently expand eligibility and benefits in order to obtain one-time federal stimulus funds.
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This Week in Annapolis – Jan. 22, 2010
The SEC has adopted its much-anticipated final rule relating to custody by investment advisers. The final rule omits the “pop quiz,” or surprise audit proposal, contained in the proposed rule for advisers who have custody solely by virtue of having the ability to deduct advisory fees.
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SEC Adopts New Custody Rules For Investment Advisers
Last night, Largest Mixer ® Events sponsored the Irvine Chamber of Commerce Business After Hours which was held at Paradise Perks Coffee House , a cozy and intimate setting perfect for creating new connections and friendships. Despite our recent downpour of rain, many local business friends came out for the first mixer of the year
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Irvine Chamber of Commerce Business After Hours at Paradise Perks Coffee House
February 2, 2010 Downsizing the American Dream 7-9pm PST The Hammer Museum/UCLA 10899 Wilshire Blvd Los Angeles, CA 90024 After the worst economic crisis since the Great Depression, Wall Street is back but Main Street still suffers. As the divide between rich and poor in America widens, will the middle class recover or be left out as the economy is restructured
There is little doubt, even among some opposition leaders (who normally oppose just about anything the government does), that the recent currency adjustment of the bolivar was economically necessary. It is a matter of basic math to realize that if inflation averaged 22% between 2005 and 2009 and each bolivar thereby lost about 72% of its purchasing power since the last currency adjustment, then maintaining the exchange rate at the same level during this entire period means imports become ever cheaper and Venezuelan-produced exports become ever more expensive in the rest of the world
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[analysis] Currency Adjustment: Necessary, but is it Socialist?
Caracas, January 22 nd 2010 – This Friday, Venezuela celebrates the launching of its first and only English language newspaper, the Correo del Orinoco International. While in the past other English-language publications have existed, none remain in circulation today, and no others have been created during the Bolivarian Revolution. By Correo del Orinoco International read more
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[news] Announcing Venezuela’s First and Only English Language Newspaper, Correo del Orinoco International
John Jakobsen Managing Director LEGOLAND Parks – Merlin Entertainments As Managing Director of Merlin Entertainments’ LEGOLAND Operating Group John is not only responsible for the continued development of the company’s four existing Parks – in Denmark, Germany, UK and California, USA; but also for the identification and planning for new LEGOLAND Parks around the globe, primarily in partnership with local developers and leisure partners. This includes one scheduled to open in Winter Haven in 2011, Malaysia in 2012; and a second in Dubai – although this one is currently on hold which the Middle East recovers from the backlash of the current global economic downturn. Other possible locations, in the US and Far East, are also under discussion. The video below features highlights from Legoland California.
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Introducing John Jakobsen — the Man that Runs LEGOLAND Parks …
Since 2005, CIPE has worked with the Corporate Governance Association of Turkey (COGAT; Türkiye Kurumsal Yönetim Derneği ( TKYD )) on increasing awareness of good governance practices among Turkish directors; increasing the skills of current and prospective board members on how to construct a better governance structure within their organizations and in the Turkish private sector; and engendering a voluntary and broadly accepted culture of good governance amongst companies. Most recently, the work has also focused on preparing smaller and medium-sized businesses – particularly family-owned businesses – for compliance with new governance requirements in Turkey’s pending commercial code and encouraging Turkish firms to demonstrate their commitment to adopting best practices above and beyond those drafted into the amended code. COGAT’s efforts are being felt – since 2006, COGAT has reached 11, 027 people in 18 cities throughout Turkey through its awareness-raising and practical implementation workshops. COGAT has also worked with the Istanbul Stock Exchange and the Capital Market Board, helping to establish the Corporate Governance Index (CGI) which was launched in 2007
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A Culture of Good Governance Grows in Turkey
The Indian Economy Blog … A write-up of mine recently appeared in India Abroad and TCS Daily on Montek Singh Ahluwalia’s talk at the Peterson Institute of International Economics, during the PM’s visit in November. Here’s the link
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The Indian Economy Blog » My impressions of the India-US summit
by Edward Hugh: Barcelona While investors are generally aware of the dire state of the western economies’ accounts, quite a few of them are optimistic that these large budget deficits can be closed through a combination of fiscal discipline and expenses reduction.
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Does Anyone Really Know The Size Of The Greek 2009 Deficit?
The recent announcement of what I’ll call the “Volcker Plan” for regulating banks was sandwiched between two major political events: the election of a Republican Senator from Massachusetts and the Supreme Court’s decision “deregulating” corporate campaign contributions. The timing of the announcement in relation to the election of the Republican (Scott Bowen) is suspicious: it suggests a desire to change the subject and recapture the populist mandate by attacking the hated banks in a more dramatic fashion than by the proposal for a bank tax that I discussed in my last post .
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The Volcker Plan and the Politics of Financial Regulatory Reform
Aidan just might have an ear infection. He’s had an earache off and on for about a week but I think we’ve crossed into infection territory. I am still waiting to see and may take him in tomorrow. He missed three days of school this due to a fever and cold. I’m so tired of having sick kids. They need a break. I joined the Chamber of Commerce today to help with my business. By chance tonight was my first chamber event-Business After Hours. Basically a light dinner with drinks (all for free!) and major networking. I’m exhausted. I am terrible at these types of things. Next time I am taking Daniel with me
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Because Randomness is Sexy
Mérida, January 21 st 2010 (Venezuelanalysis.com) – A tense diplomatic exchange between Chilean President-Elect Sebastian Piñera and Venezuelan President Hugo Chavez this week highlighted the political differences between the two leaders on a continent where the terms of economic integration and relations with the United States are in hot dispute. By James Suggett – Venezuelanalysis.com read more
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[news] Chilean-Venezuelan Diplomatic Exchange Highlights Political Differences on Continent
A very happy new year to you all! Today, we announced the Cisco Infrastructure as a Service (IaaS) solution for service providers . Service providers are looking for new ways to enter the market for IaaS (providing compute-on-demand, network-on-demand and storage-on-demand for their customers) Cisco is working with Service Providers to provide them with the tools, design guides and advanced services to be able to “fast-track” the implementation of IaaS offerings. The benefit for our SP customers is that they are able to develop a service with greater confidence and are then able to realize revenues faster than would have otherwise been possible
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Announcing Cisco Infrastructure as a Service (IaaS) Solution for Service Providers
An Illinois-based pension fund has brought a shareholder’s derivative action seeking to recover billions of dollars in executive compensation paid by Goldman Sachs. This could be the first of many such suits, reported James Armstrong of Law360, “Goldman Pay Suit Could Signal New Wave of Litigation,” Jan
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Institutional Investors Are Fed Up With Wall Street Pay Excesses Too
Obama has again pulled Volcker into his photo ops, and is talking tough about putting limits on the size of banks, restoring the “spirit” of Glass-Steagall, and curtailing the giant banks’ prop trading operations. I’ll believe it when I see it (in the fine print). As Yves Smith reminds us , Obama and Congress talked tough about reining in derivatives, but did nothing.
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I’ll Believe It When I See It (In the Fine Print)
It’s official. Representatives from Merlin Entertainments confirmed this morning that their company will construct their second U.S.
The long-awaited Supreme Court decision striking down most campaign finance laws – Citizens United v. Federal Election Commission – happened today.
Long-term CIPE partner the Lebanese Transparency Association (LTA) just released their 2009-2010 documentary on YouTube . The piece highlights LTA’s anti-corruption, anti-bribery, and corporate governance programs and activities in both Arabic and English
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Anti-Corruption Programs Highlighted in CIPE Partner’s YouTube Documentary
by Edward Hugh: Barcelona I couldn’t help being struck earlier this week by the following statement in an interview the Financial Times had with Hungarian Finance Minister, Peter Oszkó : “Structural reforms of the pension and social welfare systems, plus a rebalancing of the tax system, should allow the government to report a 3.9 per cent budget deficit in 2009, on a par with the preceding year and in line with IMF requirements”. “Structural reforms”, I asked myself, “exactly which structural reforms are we talking about here?” Certainly the EU Commission and the OECD have been pounding away at the Hungarian authorities on the pressing need for major changes in the health and pension systems (these areas – and the way they are rising as the population ages – are, after all, the underlying cause of the structural deficit in the Hungarian budget).
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Hungary Isn’t Another Greece……..Now Is It?
From China Daily : Spain will propose that the European Union (EU) consider lifting an arms embargo on China and grant full market economy status to the country, Madrid's top envoy to Beijing has said. Elaborating on Spain's tasks during the six months it holds the EU rotating presidency, Carlos Blasco Villa told China Daily that Madrid will also promote the signing of a comprehensive cooperative partnership between China and the EU
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Market Economy Status and Arms Trade in Exchange for Chinese Currency Revaluation?
by Edward Hugh: Barcelona Pressure on Greek finances continues unabated. According to European Voice this morning the EU Commission and Finance Ministers remain most reluctant to call in the IMF (which I think would be the best solution ) but they are themselves actively comtemplating providing some kind of IMF-type “straightjacket loan”
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The EU Is Reportedly Exploring Making a Loan To Greece
Today’s Daily Angle comes from Wikinvest Wire member Saj Karsan of BarelKarsan.com. You can read the full article on Saj’s blog . Flash Player 9 or higher is required to view the chart Click here to download Flash Player now View the full NASDAQ:AAPL chart at Wikinvest The P/E ratio is one of the most useful metrics for determining how cheaply a company may be purchased.
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Making the P/E Meaningful
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Economic weather report: 24.2% of NZ-born graduates live overseas, highest in OCED
Caracas, January 20 th , 2009 (venezuelanalysis.com) – Venezuela has stepped up its aid effort to Haiti as a second earthquake rocked the Caribbean country again today. This follows a 7.3 magnitude earthquake which destroyed the Haitian capital, port-au-Prince last week leaving at least 75,000 people confirmed dead, 250,000 injured and millions homeless. By Kiraz Janicke – Venezuelanalysis.com read more
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[news] Venezuela Steps Up Aid Effort to Haiti, Questions U.S. Military Deployment