Markets Archives - Page 605 of 782

US Rejects EU’s Planned Robin Hood Tax

The United States has criticised the European Commission’s proposal to introduce an international financial trading tax, arguing that the so-called Robin Hood tax overreaches borders and flouts international treaties on global trade.

The European Commission on Thursday unveiled a 35 billion euros ($47 billion) levy on financial transactions which will be collected by 11 of the eurozone’s largest economies, including Germany and France, but applies to all trades in the world’s main financial centres.

Limits To Growth – Do Higher Oil Prices Cause Lower Wages?: Gail Tverberg

As high oil prices continue to increase costs for businesses and governments worldwide, downward pressures may cause a reduction in jobs and wages. The result is a mismatch between what citizens can afford, and the cost to manufacture and transport product.

U.S. Tax Whistleblowers Snag Record $125.4 Million In Payouts Last Year

The U.S. Internal Revenue Service (IRS) last year paid a record $125.4 million to whistleblowers who provided evidence of tax cheating, reported Reuters on Wednesday, though most of the sum went to a former UBS banker who reported on his firm’s misdeeds.

According to an IRS statement, 332 whistleblowers had come forward in fiscal year 2012, compared to 312 the year before, though the number was still well below the high water mark of 472 in 2009.

Shale Oil to Boost Global Economy by $2.7tn Annually

Shale oil production could add $2.7 trillion to the global economy annual by 2035 while pushing global oil prices down by as much as 40 percent, according to a report.

The extra supply provided by shale could reach up to 12 percent of global oil production, or 14 million barrels a day, from around 1 percent now, as production expands from its U.S. base over the next two decades, added PricewaterhouseCoopers.

Turkey Moves Closer to EU Membership Talks

France on Tuesday said it was ready to resume EU accession talks with Turkey, marking a warming of ties after a long period of bilateral tension under former President Nicolas Sarkozy.

Speaking at the sidelines of a conference on Libya on Tuesday, French foreign minister Laurent Fabius told his Turkish counterpart Ahmet Davutoglu that Paris is ready to unblock European Union membership talks on the subject of regional policy.

G-7 Nations Pledge To Avoid Currency War

Finance Ministers and central bank governors from the Group of Seven industrial nations (G-7) on Tuesday vowed to allow foreign exchange markets to determine the value of their currencies, in a statement seen as an attempt to defuse speculation of a potential ‘currency war’.

The G-7, which counts the U.S., Japan, Canada, France, Italy, the U.K. and Germany as its members, said that “excessive volatility” in exchange markets undermined stability; reaffirming their commitment that central-bank policy should focus solely on domestic objectives.

Returning The Reserves: Why Japan Must Focus On Consumption Not Investment

Despite recent rhetoric by Japanese Prime Minister Shinzo Abe, the Japanese economy remains in dire straits – with ‘Abenomics’ simply the past LDP neo-Keynesian policies on steroids. The time is right for Japan to redistribute its reserves back to its people. Not utilizing the reserves now is like not opening the umbrella in your hand when you are in a downpour.

Infographic: Why Are Foreign Brands So Costly in China?

While the cost of living in China is relatively low when compared with advanced economies like Hong Kong or London, the truth is Chinese consumers often pay a hefty premium for foreign brands.

Anyone who has been to China would have noticed how much more expensive foreign goods cost there. From Starbucks to Nike, Haagen Dazs to Prada, foreign brands are often sold at a hefty premium in the Mainland.

China Bans Luxury Gift Ads in Austerity Drive

China has banned the broadcast of advertisements for luxury items on its state radio and television stations as part of a campaign against corruption and extravagance. The timing coincides with the Lunar New Year preparations and festivities, where the giving of gifts, often to gain favour with state officials, is a norm.

The Davos Disappointment – Growing Complacency in a Leaderless World?: Joseph Stiglitz

Despite the global economy’s myriad of problems, leaders at the World Economic Forum in Davos, particularly those from Europe, seemed more interested in celebrating the euro’s survival, rather than in tackling long-term concerns. Over the last 25 years, our world has moved from one dominated by two superpowers to being dominated by just one, and now to a leaderless, multi-polar world. While we may talk about the G-7, or G-8, or G-20, the more apt description is G-0.