On 16 May 2016, Russia’s Deputy Prime Minister and Presidential Envoy to the Far Eastern district, Yury Trutnev, met with officials from Japanese and Russian energy and metallurgical companies. The meeting followed a summit between Japanese Prime Minister Shinzo Abe and Russian President Vladimir Putin to discuss enhancing bilateral ties.
In 2015, a handful of nations undertook a social experiment. Urged by groups, including the World Bank, who felt that combatting climate change required an economic incentive, these adventurous countries, and a number of states, regions, and cities, have begun charging companies that produce carbon as part of their operation. In just a year, the benefits of these programs have already begun to show.
The US dollar is winding down the week on a firm note, but still in a consolidative mode. The euro, yen, and Australian dollar are well within yesterday’s ranges while sterling and the Canadian dollar pushing through yesterday’s lows.
Asian shares were mostly higher, though Chinese markets closed with slight losses. The MSCI Asia-Pacific Index rose (~0.7%) for a third session and secured a 2% gain for the week. European bourses are seeing some profit taking ahead of the weekend, which trims their weekly gain.
More than half of jobs are found with the help of a social tie, whether a friend, relative or distant acquaintance. For example, a friend may tell you about a job opening at her firm or a parent may offer you an internship at his company.
President Barack Obama’s trip to Asia this week highlights how a key element of his would-be legacy is hanging by a precariously thin thread: the Trans-Pacific Partnership (TPP).
The G7 heads of state summit has begun. The host, Japan’s Prime Minister Abe began with doom and gloom. Accounts suggest he warned of the risk of a crisis on the scale of Lehman if appropriate policies are not taken. It is not clear to whom Abe was addressing. It may not have been the other heads of state. It may have been a domestic audience Abe had in mind.
At the end of this month, President Obama will become the first sitting US president to visit Hiroshima. The momentous visit is planned around Obama’s trip to nearby Ise-Shima for the G7 Summit. In light of the United States’ consistent pressure on Tokyo and Seoul to bury their own historical debate over the so-called ‘comfort women’, as well as Obama’s initiative to abolish the use of nuclear weapons, this visit is long overdue.
Greece has become the focus of a battle between European nations and the International Monetary Fund (IMF). The economically struggling nation that is drowning in debt will not receive any additional aid from the IMF, according to a senior International Monetary Fund official, unless Greece’s creditors in Europe agree to concise debt relief terms.
Unfortunately, for Greece, to date, those European creditors have refused to commit to such detailed debt relief plans, leaving Greece in the middle of a power struggle between the IMF and the Eurozone.
The US dollar is trading with a softer bias today after the momentum stalled yesterday. The pullback is shallow but could be extended a bit more in the North American session. The US reports weekly jobless claims, durable goods orders and pending home sales.
The big economic issue on the agenda at the G7 is the continued sluggish growth of the global economy. While the group of seven major advanced countries does not include rising powers such as India and China, it still accounts for more than a third of the world’s GDP. In addition, its limited membership of “like-minded countries” means it may be one of few meetings that can actually make a difference.
