U.S. sporting goods giant Nike on Tuesday said that it would be launching an immediate investigation into its manufacturers in Indonesia, reported AFP, after reports emerged that Nike-contracted factories had hired military officers to intimidate workers into waiving their rights to the country’s newly enforced minimum wage.
Chairman of the Federal Reserve Ben Bernanke yesterday urged Congress to raise the nation’s borrowing limit to avoid a potential default on U.S. debt, warning that the economy is still at risk from political gridlock over the deficit.
Speaking at the University of Michigan, Bernanke likened Congress to a family arguing that it can improve its credit rating by not paying its bills and also pointed out that raising the country’s legal borrowing limit did not constitute an authorisation for new government spending.
U.K. citizens are likely to face another ten years of austerity as the government struggles to bring down the national debt level, said a leading economics think-tank on Tuesday, calling it “almost impossible” for Britain to maintain its AAA credit rating status despite government pledges to the contrary.
The U.K. will not oppose any oil and gas drilling that are currently underway in the Arctic region, said a government report published on Tuesday, rejecting a parliamentary committee call last September to impose an immediate exploration ban – until more robust measures were put in place to address spill risks.
As we begin a new year we wanted to take a look at the current energy landscape and see what the future holds for the global economy, America’s oil and gas boom, whether renewables will continue to be a favourite amongst investors and whether we should be focusing more attention on conservation and energy efficiency rather than our continuous effort to increase supply.
Corporate earnings will take the spotlight this week with major Wall Street banks reporting their earnings for the last quarter. Of the 27 S&P500 companies that have already posted earnings, 81 percent surpassed analysts’ estimates and 67 percent reported a profit increase, according to data compiled by Bloomberg.
Monday, January 14
As the European Union mulls another year of economic stagnation and the United States a year of lacklustre and uncertain economic recovery, will emerging markets take the lead in global economic recovery?
The European Union should not be blamed for the tough austerity policies adopted by its member nations, said European Commission President Jose Manuel Barroso on Thursday, describing the links between the EU and fiscal consolidation as a “myth”, while expressing sympathy for those who may have suffered under slower economic growth.
Newly appointed Japanese Prime Minister Shinzo Abe on Friday criticised the Chinese government for their failure to protect Japanese businesses operating in their country, and placed full blame on China for any deterioration in their bilateral business ties, after violent anti-Japan rallies broke out over the Senkaku/Diaoyu territorial dispute.
Japanese foreign minister Fumio Kishida on Thursday called for stronger bilateral ties with the Philippines to help ensure regional peace amid an intense territorial dispute with China. Both countries are locked in separate disputes with China.
On his first official visit as Foreign Minister, Kishida told an audience in Manila that deeper bilateral cooperation between Japan and ASEAN has been dictated by “significant” changes in the region’s security equation.
