Beijing has outlined plans to shift its economy away from reliance on investment and exports by boosting domestic demand, as the ruling Communist Party attempts to introduce painful reforms meant to rebalance the world’s second largest economy.
The promise of freer transatlantic trade is potentially transformational and comes at a time when the West is increasingly dragged down by short-term disruptions and continued policy inertia. But its implementation prospects are far from promising – its challenges highlight how the proposal is subject to the dulling forces of 20th century mindsets and institutions that are too slow to adapt to 21st century challenges and opportunities.
Is climate change and global warming a threat for our generation or is it a challenge only for future generations? The answer is plain to see, as the extreme events of 2012 are what climate scientists have been warning of for 25 years.
China’s largest oil firm, the state-owned China National Petroleum Corp (CNPC), could purchase its first U.S. shale asset this year, according to Bloomberg on Wednesday, after the company set aside $40 billion to partake in the U.S.’s energy renaissance.
While Europe’s leaders shy away from the word, the reality is that much of the European Union is in depression. Indeed, it will now take a decade or more to recover from the losses incurred by misguided austerity policies – a process that may eventually force Europe to let the euro die in order to save itself.
NEW YORK – The outcome of the Italian elections should send a clear message to Europe’s leaders: the austerity policies that they have pursued are being rejected by voters.
China has provisionally overtaken the U.S. as the world’s largest net importer of oil, said the Financial Times on Tuesday, after the U.S. posted its lowest import figures since 1992 on the back of booming domestic oil production.
After last week’s inconclusive Italian general elections, as well as the United States’ failure to prevent steep automatic spending cuts, markets will be looking to see how central banks respond. Despite some speculation on further easing, the European Central Bank is unlikely to announce any policy changes when it meets on Thursday and economists have warned that the Bank’s current policy stance won’t be enough if the eurozone crisis is aggravated.
Monday, March 4
Italy’s president Giorgio Napolitano is considering the creation of a second technocratic government to run the country, amid signs that the nation’s key parties would not be able to reach an accord over last week’s election results, The Telegraph reported on Sunday.
The U.K. government is hoping to raise as much as $98,000 by selling off part of its vintage wine collection, which is normally served to foreign heads of state and prime ministers at 200 or more events a year, reported Reuters.
India announced on Thursday it would seek to impose an additional tax on the country’s wealthiest individuals as well as large business. Asia’s third largest economy has been hurt by both global and domestic factors and is expected to grow 5 percent this year, far below its previous projection of 7.6 percent.
Presenting the federal budget for the financial year starting April 1, Finance Minister P Chidambaram on Thursday vowed to cut India’s deficit as he unveiled new taxes targeting the rich as well as big businesses.
