Category: News Desk

Conference Closes with “Death of Doha and Birth of New WTO”


The World Trade Organization (WTO) closed its Nairobi Conference over the weekend with some agreements and new directions many — both in the negotiations and reporting on their outcome — found surprising. Indeed, some say the changes may have such significance that they could completely change the face of the WTO.

For the first time since 2001, when the Doha round launched, the WTO’s 164 members declined to “reaffirm” the Doha mandate. Moreover, the members agreed to discuss an array of new issues and focus on smaller, more incremental reforms.

Largest Economy Outside WTO Poised to Join


If given the option to choose an economy that is the largest non-World Trade Organization (WTO) member, most people would not guess Iran. Most people would be wrong.

Portuguese Migrants Flood Angola for New Opportunities


The Angolan government announced the construction of a detention center that will hold large numbers of illegal arrivals from Portugal, according to the New York Times. Migrants have been entering Angola in the tens of thousands to search for work and a better life. The migration started in 2010, when Portugal’s economy underwent an economic downturn, highlighting Angola’s status as a lucrative emerging market.

Corporate Credit Crisis Worsens in U.S.


In America, investors’ concern over the prospect of defaults that could emerge in the corporate credit world, which has swollen in value by trillions of dollars since the financial crisis, rose this year.

World Bank: Agricultural Aid to Uzbekistan Despite Slavery Concerns


Uzbekistan has been a known user of forced labor for agricultural projects, such as harvesting cotton. Nevertheless, the World Bank plans to provide more than $500 million in financing to the Uzbekistan government for agricultural projects. 

Turkish Economy Improves amid Russian Sanctions


According to government data, the economy grew 4.0 percent in 2015, the fastest pace since 2014, surpassing analyst expectations, according to AFP. The good news may prompt the central bank to raise rates unless Russian sanctions hamper economic progress. Prime Minister Ahmet Davutoglu promises such measures as pension reform, increasing the minimum wage and fostering a suitable business climate.

Janet Yellen Defends Rate Hike, Points to Strong Economy


The job market is strong and Americans are in great economic shape, Federal Reserve Chairwoman Janet Yellen said in a press conference yesterday.

After making a move that will make credit cards, mortgages, student loans, and many other forms of debt more expensive for Americans, Yellen said the move reflects how strong the economy is and how well positioned Americans are to pay more on their debt.

World Bank to Take On Corruption in Fragile Nation States


According to the World Bank, about 1.5 billion people currently live in conflict zones, 19.5 million people live as refugees from these areas, and 38 million people have been displaced within their own countries because of these disputes. Unfortunately, going hand-in-hand with so many people in desperate situations, corruption has become an enormous concern in these “fragile” conflict-zone countries.

Mexican Manufacturing Output Declines


Mexico’s industrial sector slid 0.1 percent in October, which fell below analyst expectations of 0.25 percent, and mining dropped 0.6 percent that same month, according to Reuters.  Slow oil production and low oil prices slammed Mexico, hurting President Pena Nieto’s desire to ramp up energy production to improve the economy. Factory production grew 0.1 percent, with the utility sector expanding 0.6 percent, but construction yielded no growth.

Inflation: Timing is Everything


The Federal Reserve Bank in Cleveland measured the median Consumer Price Index at a 2.1 percent annualized rate in November, above the Federal Reserve’s 2 percent inflation target. Meanwhile, the median CPI has risen 2.5 percent over the last 12 months and the CPI excluding food and energy, volatility components that often receive steep discounts, rose 2 percent.

Since the summer, only September saw a decline in CPI, which fell 0.2 percent. However, the trimmed-mean CPI, median CPI, and CPI less food and energy all posted sharp increases.