Chinese officials are encouraging automobile companies in China to shift their focus from producing more cars for sales, to producing fuel-efficient and technologically-advanced cars, such as hybrids and electric cars.
At a weekend conference in Tianjin, China, Chinese officials stressed the need for greater technological improvements in the world’s largest automobile market.
US Postmaster General Patrick Donahoe will address Congress today, during a Senate Homeland Security and Governmental Affairs committee hearing, in the hopes of persuading them to take emergency action in order to stabilize the finances of the United States Postal Service (USPS), which faces a possible default by the end of this month.
The USPS is said to be unable to meet a US$5.5 billion payment due at the end of the month, and will most likely have to shut down all operations for winter unless Congress steps in.
A quick summary of the key economic events for the week ahead. The highlight of the week is the address by U.S. Federal Reserve Chairman Ben Bernanke.
Monday, 5th September
World Bank president Robert Zoellick visits China
Global Economic Leaders Summit 2011 takes place in China
Trial of Egyptian former president Hosni Mubarak resumes in Cairo
United States president Barack Obama visits Detroit and will deliver remarks on the economy and his plan to spur job growth
Europe’s manufacturing industry shrank for the first time in almost two years in August as fresh fears arise over a possible double-dip recession.
The Markit/Cips manufacturing purchasing managers’ index (PMI) for the entire region fell from 50.4 in July to 49 last month – the weakest overall reading since June 2009. The result was also lower than the previously forecasted score of 49.7, and meant that the manufacturing sector saw its first contraction since September 2009. According to the PMI, any figure under 50 indicates a contraction in activity.
Apple created a stir last month when it revealed figures showing that it had cash equivalents and marketable securities of about US$76.2 billion. Likewise, General Electric boasted cash holdings of US$136.3 billion on its balance sheet for the last financial year, significantly more than the US$73.8 billion of operating cash balance held by the United States Department of Treasury at the end of July.
31 August 2011.
The future of energy in Europe is trapped in a political quagmire. As a result of the political bickering among opposing views in European parliaments, little is being done to address the energy problems for the future. Will a compromise be reached?
Are we over-dependent on digital technology? According to a recent report, 50 percent of Americans prefer to communicate digitally rather than having face-to-face communication.
Today, digital technology is now part of our daily lives, allowing us to continually connect to anyone we choose at anytime. However this has also seen a more pervasive influence for technology as individuals lean more and more on digital technology for daily tasks.
Exxon Mobil has signed an Arctic oil exploration deal with Russian state owned oil company, Rosneft, in a strategic move ahead of industry rivals, BP. As part of the deal, Rosneft will be allowed access to oil reserves in the Gulf of Mexico and elsewhere.
The venture seemingly extinguishes any remaining chance of BP reviving its own deal, which lapsed in May, reported the BBC.
Australia’s gold production climbed by 9.8 percent in the last fiscal year, as soaring gold prices drove the introduction of new gold mines and the revival of previously discontinued operations.
According to a report by Melbourne-based research house Surbiton Associates, gold production in Australia rose by 24 metric tons to 270 tons in the year ending June 30 2011, despite interruptions from severe weather during the first half of the year.
26 August 2011.
In the aftermath of the global financial crisis, many expected Western banks to abandon their foreign interests and refocus on their domestic markets. Yet today, the presence of foreign banks in local markets is much greater overall than it was a few years ago. According to a new report by Deutsche Bank Research, banks’ cross-border business – direct or via branches or subsidiaries – has now broadly stabilized. As such, the outlook for cross-border banking is positive.
