Showing posts with label trade. Show all posts
Showing posts with label trade. Show all posts

Sunday, March 30, 2014

Thousands in Taiwan protest China trade deal

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Thousands in Taiwan protest China trade deal

Thursday, March 20, 2014

Taiwan students occupy legislature over China trade deal

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Taiwan students occupy legislature over China trade deal

Thursday, February 13, 2014

Mainland China trade surplus rebounds in Jan. to US$31.86 bil.



By Kelly Olsen ,AFP
February 13, 2014, 12:02 am TWN





BEIJING — China’s trade surplus surged in January, according to data Wednesday showing exports strengthened markedly in a potentially brighter note for the world’s second-biggest economy after recent disappointments — although some economists suggested the numbers could be distorted.

The surplus rose 14.0 percent year-on-year in January to US$ 31.86 billion, the General Administration of Customs said, rebounding from a decline the previous month.


Exports jumped more than expected, increasing 10.6 percent to US$ 207.13 billion, while imports were up 10.0 percent at US$ 175.27 billion.


The median forecast in a survey of 11 economists by The Wall Street Journal predicted only a 0.1 percent increase in exports, which had risen 4.3 percent in December. In that month, the overall trade surplus fell 17.4 percent year-on-year to US$ 25.64 billion.


The strong results surprised economists, with some suggesting they were driven by disguised capital flows instead of real demand.


“We find this strong level of export growth puzzling,” Zhang Zhiwei, economist at Nomura International in Hong Kong, wrote in an analysis, adding it was “unclear to what extent” it indicates “true strength” in China’s economy.


“At this stage, we believe capital inflows may have contributed at least partly to January’s strong export growth numbers.”


Analysts have long taken Chinese economic statistics with more than a grain of salt.


Early last year unusual swings in trade figures were seen as driven by over-invoicing by exporters and importers in a bid to disguise capital flows, a practice the government is believed to have cracked down on later.


“While this could reflect an improving external demand, we suspect that export over-invoicing activities have re-emerged,” Liu Li-Gang and Zhou Hao of ANZ bank wrote on January’s trade data.


“It is important to note that China’s regional trading partners such as Taiwan and South Korea registered very weak January exports,” they added.


But other analysts endorsed the data. Economists at Barclays said in a research note that they “do not see clear evidence of fake trades.”





China Post Online – China News



Mainland China trade surplus rebounds in Jan. to US$31.86 bil.

Wednesday, February 12, 2014

Study finds global warming ‘pause’ comes from unusual Pacific Ocean trade winds


By The Guardian
Sunday, February 9, 2014 19:43 EST


A serene beach in Kiribati, which may soon vanish beneath the waves due to rising ocean levels. Screenshot via YouTube.


GUARDIAN NEWS SERVICE


A429291155


Oliver Milman, The Guardian


The contentious “pause” in global warming over the past decade is largely due to unusually strong trade winds in the Pacific ocean that have buried surface heat deep underwater, new research has found.


A joint Australian and US study analysed why the rise in the Earth’s global average surface temperature has slowed since 2001, after rapidly increasing from the 1970s.


The research shows that sharply accelerating trade winds in central and eastern areas of the Pacific have driven warm surface water to the ocean’s depths, reducing the amount of heat that flows into the atmosphere.


In turn, the lowering of sea surface temperatures in the Pacific triggers further cooling in other regions.


The study, which is published in the journal Nature Climate Change, calculated the net cooling effect on global average surface temperatures as between 0.1C and 0.2C (32.2F and 32.4F), accounting for much of the hiatus in surface warming. The study’s authors said there has been a 0.2C gap between models used to predict warming and actual observed warming since 2001.


The findings should provide fresh certainty about the reasons behind the warming hiatus, which has been claimed by critics of mainstream climate science as evidence that the models are flawed and predictions of rising temperatures have been exaggerated.


The UN’s Intergovernmental Panel on Climate Change (IPCC) addressed the warming pause issue in its 2013 climate report, pointing out that the Earth is going through a solar minimum and that more than 90% of the world’s extra heat is being soaked up by the oceans, rather than lingering on the surface.


Matthew England, a climate scientist at the University of New South Wales in Sydney, and leader of the research, said that while the solar minimum and aerosol particles have contributed to the slowdown, strong trade winds are the significant factor.


“Temperature models have an envelope of uncertainty but it is clear that the last decade has seen a much flatter temperature change compared to the 1980s and 1990s, when the increase was rapid,” he said.


“We found that the wind acceleration has been strong enough in the past 20 years to pump a lot of the heat into the ocean. Winds accelerated in this period more than at any time in the past century; it really is unprecedented and the models haven’t captured it all.”


The acceleration of Pacific trade winds has been twice as strong in the past 20 years compared with the prior 80 years, cooling the east Pacific and propagating the trend to other parts of the world.


The study suggests the warming hiatus could continue for much of the present decade if the trade winds continue; however, should the winds return to their long-term average speeds, rapid warming will resume.


“Even if the winds accelerate even further, sooner or later the impact of greenhouse gases will overwhelm the effect,” England said. “And if the winds relax, the heat will come out quickly. As we go through the 21st century, we are less and less likely to have a cooler decade. Greenhouse gases will certainly win out in the end.”


England said it was unclear what has caused the increase in Pacific trade winds, although warming in the Indian Ocean has been cited as a potential trigger.


Dr Steve Rintoul, research team leader at CSIRO Marine and Atmospheric Research, said the research shows that pauses in the rate of global warming are to be expected.


“The oceans have continued to warm unabated, even during the recent hiatus in warming of surface temperature,” he said.


“Natural variations of the climate system also mean that climate trends estimated over a short period are unlikely to reflect long-term changes. A decade or two of slower or faster warming does not tell us anything about long-term climate change.”


Richard Allan, professor of climate science at the University of Reading, said it is likely the current warming slowdown is only a temporary reprieve from brisk increases in global temperatures.


“This new research suggests that when the trade winds weaken again, the planet can expect rapid warming of the surface to resume, as greenhouse gas concentrations continue to rise,” he said.


“We don’t know what is causing these unprecedented changes, but the implications could be substantial.”


guardian.co.uk © Guardian News and Media 2014




The Raw Story



Study finds global warming ‘pause’ comes from unusual Pacific Ocean trade winds

Thursday, February 6, 2014

Japan January trade deficit on track to reach record: MOF

Japan January trade deficit on track to reach record: MOF
http://s1.reutersmedia.net/resources/r/?m=02&d=20140207&t=2&i=836125695&w=580&fh=&fw=&ll=&pl=&r=CBREA160I3V00




TOKYO Fri Feb 7, 2014 1:31am EST



A worker stands in a container area at a port in Tokyo January 27, 2014. REUTERS/Toru Hanai

A worker stands in a container area at a port in Tokyo January 27, 2014.


Credit: Reuters/Toru Hanai




TOKYO (Reuters) – Japan is on track to post a record trade deficit in January, preliminary data showed on Friday, in a warning sign that consistently weak export demand could weigh on economic growth.


The data also provide further evidence that a weak yen is doing more to push up import costs than it is to boost exports as many Japanese manufacturers have shifted factories overseas.


A record trade deficit would also suggest that overseas demand may not be strong enough to offset the negative impact of a scheduled sales tax increase in April.


“It may be difficult to expect consumption to continue to lead growth as wages will not rise as fast as prices,” said Norio Miyagawa, senior economist at Mizuho Securities Research & Consulting Co.


“If external demand doesn’t pick up, the overall trend for growth would weaken.”


For the first 20 days of January, Japan’s trade deficit was 2 trillion yen ($ 19.6 billion), data from the finance ministry showed on Friday.


That would put it on track to surpass the current record high deficit, which was 1.6 trillion yen in January 2013. The finance ministry will release trade data for all of January on February 20.


Exports rose 11.3 percent in the first 20 days of January, compared with the same period a year ago. Imports, however, jumped an annual 30.2 percent.


The yen has fallen around 23 percent versus the dollar since late 2012 as Prime Minister Shinzo Abe’s government embarked on a bold plan to end 15 years of deflation with expanded quantitative easing from the Bank of Japan.


The yen’s decline has helped consumer prices rise as it pushes up import costs, which is contributing toward reaching the Bank of Japan’s 2 percent inflation target.


Many in the government also expected the yen’s fall to boost exports, but this has largely failed to materialize as Japanese companies are producing more goods outside of the country.


Growing signs of weakness in emerging market countries has also raised concerns that demand for Japanese exports could deteriorate further.


The economy is likely to boom until March as consumers rush to beat the sales tax hike, and many analysts agree with the BOJ’s view that the pain from the higher tax will be temporary.


However, weak exports could mean that the rebound is slower than some economists anticipate. ($ 1 = 101.8600 Japanese yen)


(Editing by Kim Coghill)






Reuters: Economic News




Read more about Japan January trade deficit on track to reach record: MOF and other interesting subjects concerning Economy at TheDailyNewsReport.com

Hong Kong Stocks Trade Higher, But Shanghai Weak


Hong Kong stocks rose in early trading Friday, with the Hang Seng Index up 0.4% at 21,505.21. Chinese developers were mixed, as a state-run newspaper reported sluggish property-market activity in China’s largest cities during the Lunar New Year holiday amid worries that the government may further tighten controls to cool real estate prices. Beijing North Star Co. Ltd. dropped 0.6%, China Overseas Land & Investment Ltd. lost 0.5%, and China Resources Land Ltd. fell 0.9%. Two of China’s largest residential developers — Vanke Property Overseas Ltd. and Poly Property Group Co. Ltd. advanced, with Poly Property up 1.9% and Vanke adding 1.1%. Mobile carriers rose, as China Telecom Corp. Ltd gained 0.3% after being raised to outperform by Credit Suisse. China Unicom (Hong Kong) Ltd climbed 2.2%, and China Mobile Ltd. tacked on 0.7%. On the mainland, the Shanghai Composite Index declined 0.8% on the first day of trading after a seven-day break for the Lunar New Year. During the holiday, China released its official manufacturing Purchasing Managers’ Index for January, which slipped to a six-month low.


Copyright © 2014 MarketWatch, Inc.




FOX Business



Hong Kong Stocks Trade Higher, But Shanghai Weak

Sunday, February 2, 2014

DPM: UK Deputy Prime Minister brings 40-strong business envoy on trade visit to Latin America



Deputy Prime Minister press release


UK Deputy Prime Minister brings 40-strong business envoy on trade visit to Latin America


UK Deputy Prime Minister Nick Clegg will embark on a trade and investment visit to Colombia and Mexico from Monday 3 to Wednesday 5 February 2014. He will be the most senior British government minister to visit Colombia since 1992.


Leading a high-level delegation, the Deputy Prime Minister will be accompanied by Trade and Investment Minister Lord Livingston, Mexico Trade Envoy Baroness Bonham-Carter and more than 40 UK business leaders representing a wide range of sectors including global big-hitters such as banking giants HSBC, engine manufacturers Rolls Royce, commercial banknote printer De La Rue, oil and energy firm Shell, and innovative architects and designer architects Zaha Hadid. He will also be joined by senior representatives from UK universities Dundee, Edinburgh and Warwick.


Speaking ahead of his visit, Deputy Prime Minister Nick Clegg said:


“The global influence of Colombia and Mexico, both politically and economically, is increasing at an incredible rate. It is by forging greater ties with countries like these that we can rebuild our economy; find new export markets for British businesses, identify new opportunities, and sign new contracts.


“The UK took its eye off the Latin American ball, and as a result we’ve fallen behind many of our other European competitors. Mexico and Colombia are two economies where the British presence has been too small, too reticent and too modest for far too long. There is so much we can do to catch up, and we’re making progress.


“Already we are major players as the second largest investor in Colombia and the fifth largest in Mexico. We’ve seen a 126% increase in the export relationship with Colombia between 2009-12, and a 9% increase in UK to Mexico exports in the last year alone.


“Yet despite all that progress, the commercial and trading relationship between our nations is still a fraction of what it could be. That’s why I’m so pleased to spearhead on behalf of the British government, a major delegation – the first of its kind to Colombia – from the UK from a huge diversity of sectors. This is a real message of intent.


“It’s been fashionable for a long time to talk about growth of major economies in Asia, but actually so much of new growth in the world economy will be in Latin America, in open, reforming economies such as Mexico and Colombia. Delegations and visits like this are important to the success of the relationship between Britain, Colombia and Mexico, and the long-term economic wellbeing to the UK for many years ahead.”


During his visit to Colombia the Deputy Prime Minister will meet with President Juan Manuel Santos to reinforce the increasingly strong political dialogue between the countries and discuss the growing economic relationship. In particular, there are growing science, innovation and education links between the UK and Colombia.


· UK goods and services exports to Colombia increased by 126% between 2009 and 2012, one of the highest growth rates in the world. This has helped towards the 2015 bilateral trade and investment target of £1.75 billion which has now been met.


· The Deputy Prime Minister will announce on his trip the new target of £4 billion of bilateral trade and investment by 2020.


In Mexico, the Deputy Prime Minister will meet with President Enrique Peña Nieto to reinforce bilateral relations built up from his previous visit in March 2011, and President Peña Nieto’s visit to the UK in June 2013. The legacy of this new era of UK-Mexico relations will bring the two societies even closer together with 2015 designated as the Year of the UK in Mexico and Year of Mexico in the UK.


* The trade and investment links between the UK and Mexico are well established; the UK is Mexico’s 5th largest investor, and in the first 11 months of 2013, UK export of goods to Mexico increased by 9% compared to the same period last year.


* The Deputy Prime Minister will be reiterating our commitment of reaching a bilateral trade target of £4.2 billion by the end of 2015, and announcing a new target to double the UK’s market share in Mexico to 1.5% by 2020.


Trade and Investment Minister Lord Livingston said:


“More and more British companies are exporting to Colombia and Mexico. UK exports of goods to Mexico increased by over 60% since 2009 and the export of services to Colombia has almost tripled since 2009.


“However, much more needs to be done to ensure UK companies can benefit from the huge opportunities these markets offer, particularly in the energy, infrastructure and education sectors. That is why we are taking one of the largest UK trade delegations so far to Mexico and Colombia.”




Press Releases



DPM: UK Deputy Prime Minister brings 40-strong business envoy on trade visit to Latin America

Thursday, January 16, 2014

Japan Remains Hotbed of TPP Protest as U.S. Tries to Fast-Track Trade Deal, Crush Environmental Laws



Transcript



This is a rush transcript. Copy may not be in its final form.



AMY GOODMAN: We just got this breaking news out of Hollywood: The Oscar nominees for best documentary have been named. Among them is Dirty Wars. It’s produced by Jeremy Scahill of Democracy Now!, Rick Rowley, the director, and co-written with David Riker, the remarkable film about U.S. secret wars in Somalia, as well as in Yemen, in Afghanistan, as well. It’s among the five named, also Act of Killing by Josh Oppenheimer; Cutie and the Boxer; The Square, about the Egyptian uprising; and 20 Feet from Stardom. Those are the five nominees for the Oscar. You can go to our website to see interviews with some of the directors of some of these films at democracynow.org.


Well, we are broadcasting from Tokyo. Japan has been a hotbed of protest against the Trans-Pacific Partnership, which would establish a free trade zone stretching from the United States to Chile to Japan, and encompass nearly 40 percent of the global economy. Now, new documents released by WikiLeaks show the White House may be ready to backtrack on a series of critical regulations in order to secure a deal on the trade pact. These include legally binding requirements for pollution limits, logging standards, and a ban on harvesting of shark fins. The draft version of the “environmental chapter” also reveals that the U.S. and 11 other Pacific Rim nations that are party to the TPP would rely on trade sanctions instead of fines if a country violates its obligations. The Sierra Club responded to the latest news, saying if the draft report were to be finalized, quote, “President Obama’s environmental trade record would be worse than George W. Bush’s.”


Well, all of this comes as hearings begin today in the U.S. Congress on legislation to establish Fast Track authority that would allow President Obama to sign the TPP before Congress votes on it.


For more, we’re joined here in our Tokyo studio by Nobuhiko Suto, a former member of the Japanese Diet. He was on the Committee on Foreign Affairs in Japan’s House of Representatives, where he was among the first legislators to point out the dangers of the TPP. He’s the secretary-general of the group Citizen’s Congress for Opposing the Transpacific Partnership.


Welcome to Democracy Now! It’s very good to have you with us.


NOBUHIKO SUTO: I’m very honored to be here.


AMY GOODMAN: Why are you so concerned about the TPP?


NOBUHIKO SUTO: Well, at the initial impression of the TPP, as a concept, it was—I think it was OK. You know, that sounds quite good. Since I was an economist by education, and I was a professor of a university, teaching international political economy, before joining politics, so my first impression was TPP is the enlargement of a free trade system—it is good.


But just before the opening of APEC meeting, which was held in Yokohama three years ago, there came our Indonesian delegation, composed of the minister of commerce and some others. And they asked me, knowing that I am a friend of the prime minister, to ask prime minister not to say joining to TPP negotiations. So I was very surprised and shocked. “Why? Why you say so?” They responded that Indonesia is a country of scattered islands, so they are composed of different ethnicities, the races, and so on and so forth, so this is a very sensitive issue. And they have a, you know, different strategy, different policies to each ethnicities. So, that will be undermined by participating into TPP, so that’s the reason why Indonesia will not participate into TPP. And I was very surprised, and started studying about the risk of TPP.


But simultaneously, there’s so many of my friends in South Korea, Korean politicians, also pointing out the, you know, problems of a free trade agreement with the United States. And because of the FTAA, you know, the Korean industries and Korean farming industries are all devastated. And when I visited the United States for discussing about the TPP issue, almost all representatives of USTR—Mr. Marantis and [inaudible], everyone—everyone said, “Please study about U.S.-Korea free trade agreement, and the TPP will be more—you know, higher standard to be charged to participating countries.” So, I really understood the difficulties of the TPP.


AMY GOODMAN: How, specifically, will TPP affect Japan?


NOBUHIKO SUTO: Well, at the initial stage, the widespread, you know, understanding of TPP is that, you know, if Japan take off any tax and duties on rice, and the Japanese rice is about seven times higher than international rice, so that, as a result, Japanese farming industries, farmers and especially rice croppers, they will be devastated. So, the government, you know, adverts that this TPP is an issue between the agriculture industry and export industry.


AMY GOODMAN: Nobuhiko Suto, we have Lori Wallach on the phone right now. She is in the U.S. Congress.


NOBUHIKO SUTO: Yes, sure.


AMY GOODMAN: And there is a hearing taking place right now. Lori, thank you so much for joining us. Lori Wallach is director of Public Citizen’s Global Trade Watch. In these last few minutes, can you talk about what’s happening today in Congress and why you’re so concerned about the Trans-Pacific Partnership that would extend from, well, where we are now, in Tokyo, Japan, all the way through to Chile?


LORI WALLACH: Well, the agreement is having some, I would say, interesting times in the Senate today, because there’s a hearing, the first hearing on Fast Track. Fast Track is the authority that President Obama is seeking to railroad the TPP through Congress. TPP has so many potentially damaging elements that would be bad for the U.S., as well, for most people here, that the president has decided he needs this dreadfully extreme, Nixon-era process that basically takes away all of Congress’s normal prerogatives concerning legislation, and railroads a trade agreement through. It’s rarely been used, but, for instance, it was used to push NAFTA through, over public and congressional objections. So, the first hearing on Fast Track, a bill got submitted last week to implement Fast Track again. It’s not been in effect, but for five years in the last 20, and now Obama is trying to get it back to be able to get TPP enacted. And that hearing is in the Senate Finance Committee.


AMY GOODMAN: And the significance, Lori Wallach, of the WikiLeaks release of the draft document?


LORI WALLACH: Explosive. That’s going to be a big part of this hearing, I suspect. So, what happened is, WikiLeaks has now made public the environmental chapter of TPP. It’s been a very secretive process. So when these chapters come out, it basically allows everyone for the first time to really see what’s being done.


And the enormous news, front page of The New York Times, is that the Obama administration, where they are, if this agreement is finalized the way it is now, it would roll back even what the Bush administration had done in its trade agreements on environmental standards. And specifically, all the other TPP countries are insisting that the environmental standards not be enforceable at the same level as, say, the commercial standards. And the chapter also falls direly short on a whole bunch of conservation measures, very important ones, having to do with timber and fisheries. So, the really startling development yesterday was not only Sierra Club, who has been leading the fight against—for the environmental groups against TPP and Fast Track, but they were joined by the environmental groups that supported NAFTA—so, World Wildlife Fund, NRDC. The environmental movement is basically unified, saying, “For God’s sakes, the Democratic president can’t roll back what the Republican president had on environment in trade agreements.”


AMY GOODMAN: Lori Wallach and Nobuhiko Suto, we’re going to have to leave it there, but I thank you both very much for being with us. Of course, we’ll continue to follow the Trans-Pacific Partnership. And that does it for our broadcast. We are here in Tokyo, Japan, and I hope people come out to a public lecture Saturday, January 18th. I’ll be speaking in Tokyo at Sophia University at 10:00 a.m. at the International Conference Room, No. 2 Building. Then on Sunday, I’ll be in Kyoto at 7:00 p.m. And on Monday, at the Foreign Correspondents Club of Japan for a noon talk. Special thanks to the NHK international crew. Go to our website at democracynow.org.




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Democracy Now!

Japan Remains Hotbed of TPP Protest as U.S. Tries to Fast-Track Trade Deal, Crush Environmental Laws

Tuesday, January 14, 2014

UPDATE 1-Fed considers new limits on banks in physical commodity trade

UPDATE 1-Fed considers new limits on banks in physical commodity trade
http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif




Tue Jan 14, 2014 2:15pm EST



By Anna Louie Sussman and Emily Stephenson


NEW YORK/WASHINGTON Jan 14 (Reuters) – The U.S. Federal Reserve on Tuesday took a first formal step toward restricting the role of Wall Street banks in physical commodities markets, seeking feedback on ways to limit the “catastrophic” risks of dealing with oil tanks or power plants.


In a 6-0 vote, the Fed board agreed to publish a preliminary notice laying out its concerns and potential remedies, following months of growing public and political pressure to check banks’ decade-long expansion into the raw materials supply chain.


Facing a clearly uneasy regulator, some banks like JPMorgan Chase & Co are already quitting the business.


In a 19-page document that included two dozen questions, the Fed offered a host of reasons for imposing new restrictions in the interests of protecting the safety and soundness of the banking system, invoking incidents among which were BP’s Deepwater Horizon disaster and last summer’s oil-train tragedy in Quebec.


“The recent catastrophes accent that the costs of preventing accidents are high and the costs and liability related to physical commodity activities can be difficult to limit and higher than expected,” the Fed said in the notice.


It is the Fed’s first detailed public discussion since it shocked the banking industry last July by announcing a “review” of its 2003 authorization that first allowed commercial banks such as Citigroup to handle physical commodities.


It comes just one day before a senior Fed director goes before a second Senate banking committee hearing on the matter.


Beyond the financial risks, the Fed is also seeking comment on potential conflicts of interest for banks, and the risks and benefits of additional capital requirements or other restrictions — measures that have been hinted at in the past.


The Fed said that new limits on all three means by which banks may deal in physical commodities were up for debate: the authority to trade raw materials as “complementary” to derivatives; the investment in commodity-related business as arm’s-length merchant banking deals; and the “grandfather” clause that has allowed Morgan Stanley and Goldman Sachs much wider latitude than their peers.


The “advance notice of proposed rulemaking,” which is an optional initial step in the sometimes years-long process of making new regulations, seeks comments until March 15.


The Fed also questioned several previously cited justifications for allowing banks to trade in physical commodities such as crude oil cargoes and copper pallets.


It said, for instance, that although most banks are not allowed to actually own infrastructure assets, those that lease storage tanks or own physical commodities held by third parties may nonetheless face a “sudden and severe” loss of public confidence if they are involved in a catastrophe.


They also said that several banks’ recent moves to sell all or parts of their physical trading operations “may suggest that the relationship between commodities derivatives and physical commodities markets … may not be as close as previously claimed or expected.”






Reuters: Financial Services and Real Estate




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Fed considers new limits on banks in physical commodity trade

Fed considers new limits on banks in physical commodity trade
http://s1.reutersmedia.net/resources/r/?m=02&d=20140114&t=2&i=829473282&w=580&fh=&fw=&ll=&pl=&r=CBREA0C1TC100





NEW YORK/WASHINGTON Tue Jan 14, 2014 2:49pm EST



U.S. Federal Reserve Vice Chair Janet Yellen testifies during a Senate Banking Committee confirmation hearing on her nomination to be the next chairman of the Federal Reserve, on Capitol Hill in Washington November 14, 2013. REUTERS/Jason Reed

U.S. Federal Reserve Vice Chair Janet Yellen testifies during a Senate Banking Committee confirmation hearing on her nomination to be the next chairman of the Federal Reserve, on Capitol Hill in Washington November 14, 2013.


Credit: Reuters/Jason Reed




NEW YORK/WASHINGTON (Reuters) – The U.S. Federal Reserve on Tuesday took a first formal step toward restricting the role of Wall Street banks in physical commodities markets, seeking feedback on ways to limit the “catastrophic” risks of dealing with oil tanks or power plants.


In a 6-0 vote, the Fed board agreed to publish a preliminary notice laying out its concerns and potential remedies, following months of growing public and political pressure to check banks’ decade-long expansion into the raw materials supply chain.


Facing a clearly uneasy regulator, some banks such as JPMorgan Chase & Co (JPM.N) are already quitting the commodity trade, a once-lucrative business that has reaped billions of dollars of revenue for Wall Street over the years but is now facing diminished margins and stiffer capital rules.


In a 19-page document that included two dozen questions, the Fed offered a host of reasons for imposing new restrictions in the interests of limiting potential conflicts of interest and protecting the safety and soundness of the banking system, invoking incidents including BP’s Deepwater Horizon disaster and last summer’s oil-train tragedy in Quebec.


“The recent catastrophes accent that the costs of preventing accidents are high and the costs and liability related to physical commodity activities can be difficult to limit and higher than expected,” the Fed said in the notice.


It is the Fed’s first detailed public discussion since it shocked the banking industry last July by announcing a “review” of its 2003 authorization that first allowed commercial banks such as Citigroup (C.N) to handle physical commodities.


It comes just one day before a senior Fed director goes before a second Senate banking committee hearing on the matter.


U.S. Senator Sherrod Brown of Ohio, who led the first such hearing last summer, said the measure was “overdue and insufficient”, warning that consumers and end-users risked paying higher commodity prices until new curbs are imposed.


CONFLICTS, RISKS AND CAPITAL


Beyond the financial risks, the Fed is also seeking comment on potential conflicts of interest for banks, and the risks and benefits of additional capital requirements or other restrictions – measures that have been hinted at in the past.


The Fed said that new limits on ways in which banks may deal in physical commodities were up for debate: the authority to trade raw materials as “complementary” to derivatives; the investment in commodity-related business as arm’s-length merchant banking deals; and the “grandfather” clause that has allowed Morgan Stanley (MS.N) and Goldman Sachs (GS.N) much wider latitude than their peers.


The “advance notice of proposed rulemaking,” which is an optional initial step in the sometimes years-long process of making new regulations, seeks comments until March 15.


The Fed also questioned several previously cited justifications for allowing banks to trade in physical commodities such as crude oil cargoes and copper pallets.


It said, for instance, that although most banks are not allowed to actually own infrastructure assets, those that lease storage tanks or own physical commodities held by third parties may nonetheless face a “sudden and severe” loss of public confidence if they are involved in a catastrophe.


They also said that several banks’ recent moves to sell all or parts of their physical trading operations “may suggest that the relationship between commodities derivatives and physical commodities markets … may not be as close as previously claimed or expected.”


(Reporting By Karey Van Hall and Emily Stephenson; Editing by Leslie Adler and Grant McCool)






Reuters: Business News




Read more about Fed considers new limits on banks in physical commodity trade and other interesting subjects concerning Business at TheDailyNewsReport.com

Thursday, January 9, 2014

China Dec export growth slows, 2013 trade target missed

China Dec export growth slows, 2013 trade target missed
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BEIJING Thu Jan 9, 2014 10:24pm EST



BEIJING (Reuters) – China’s export growth slowed more than expected in December due to a higher comparison base a year earlier and a clamp-down on speculative activities disguised as export deals, missing the official target on foreign trade.


But the outlook for 2014 is expected to be brighter as global demand picks up.


“Exports weakened dramatically, but were close to the consensus. The data is positive for China and Asia sentiment as it alleviates concerns that China is slowing too sharply,” said Dariusz Kowalczyk, a senior economist and strategist for Credit Agricole CIB in Hong Kong.


Exports rose 4.3 percent in December from a year earlier, the Customs Administration said on Friday, slowing from 12.7 percent in November and compared to market expectations of 4.9 percent.


Imports rose 8.3 percent, quickening from 5.3 percent in November and overshooting the same rate expected by the market, raising optimism that domestic demand may remain firm despite signs that the world’s second-largest economy is losing steam.


The December trade surplus fell 24.3 percent from a year earlier to $ 25.6 billion, missing the forecast of $ 31.2 billion.


For 2013, exports rose 7.9 percent and imports rose 7.3 percent, producing a trade surplus of $ 259.8 billion, up 12.4 percent from 2012.


BETTER 2014


Uncertain global demand, a stronger yuan currency and rising labor costs have taken their toll on Chinese exporters, but analysts believe sales could pick up modestly in 2014 due to improved demand from the United States and Europe.


China’s combined exports and imports rose 7.6 percent in 2013, below the official target of 8 percent. In 2012, China missed a 10 percent annual growth target. The government does not set any target on exports.


“China’s exporters are facing pressures from rising costs, including increasing labor costs and yuan currency appreciation,” customs spokesman Zheng Yuesheng told a news conference, adding that trade is entering a “stabilization and development stage” in 2014.


China’s Commerce Ministry has pledged to maintain steady trade growth this year and further balance the trade structure by increasing imports of raw materials and energy products.


“The biggest surprise is December imports. This suggests China’s domestic demand is continuing to improve,” said Sun Junwei, China economist at HSBC in Beijing.


“We expect exports to show further recovery in 2014, but the magnitude would be small and at around 10 percent. Imports could be supported by steady domestic demand and are likely to grow around 8 percent this year.”


China’s leaders want to wean the economy off its heavy reliance on investment and exports in favor of a more sustainable expansion in consumption and have unveiled the boldest economic and social reforms in nearly three decades to pursue that goal.


(Additional reporting by Aileen Wang; Editing by Kim Coghill)






Reuters: Business News




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Tuesday, December 31, 2013

NAFTA At 20: 1 Million Lost Jobs, 580% Increase In Trade Deficit



NAFTA was not just a "trade" agreement. Trade agreements focus on cutting tariffs and easing quotas and barriers to goods moving across borders. The report points out that NAFTA was much more, giving corporations special rights, incentivizing offshoring and limiting regulation.



Public Citizen’s Global Trade Watch has issued a new report, NAFTA at 20: One Million U.S. Jobs Lost, Mass Displacement and Instability in Mexico, Record Income Inequality, Scores of Corporate Attacks on Environmental and Health Laws.
















(Credit: Flickr)







read more





NAFTA At 20: 1 Million Lost Jobs, 580% Increase In Trade Deficit

Monday, December 2, 2013

Wednesday, November 20, 2013

Venture Capital: Free Trade or Hostile Takeover (E16)

Venture Capital: Free Trade or Hostile Takeover (E16)
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Venture Capital: Free Trade or Hostile Takeover (E16)

Talks recommenced on the transatlantic trade deal between the EU and US this week – which promises to be worth 150 billion dollars. But who will benefit, and…




Read more about Venture Capital: Free Trade or Hostile Takeover (E16) and other interesting subjects concerning World News Videos at TheDailyNewsReport.com

Thursday, November 14, 2013

U.S. trade, labor data underscore sluggish economy

U.S. trade, labor data underscore sluggish economy
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WASHINGTON Thu Nov 14, 2013 9:23am EST



A tug boat passes in front of a freighter at the Port of Oakland in Oakland, California November 12, 2013. REUTERS/Robert Galbraith

A tug boat passes in front of a freighter at the Port of Oakland in Oakland, California November 12, 2013.


Credit: Reuters/Robert Galbraith




WASHINGTON (Reuters) – The U.S. trade deficit widened more than expected in September as imports rose to their highest level in almost a year, which could probably see third-quarter growth estimates trimmed.


Other data on Thursday suggested the labor market continued to gradually improve in November. New applications for jobless benefits fell a bit last week, but the decline in claims for the week ended November 2 was less than previously reported.


The trade gap increased 8.0 percent to $ 41.8 billion, the largest since May, the Commerce Department said.


Economists polled by Reuters had expected the shortfall on the trade balance to widen a bit to $ 39.0 billion in September.


When adjusted for inflation, the trade gap widened to $ 50.4 billion, also the largest since May, from $ 47.4 billion the prior month. This measure goes into the calculation of gross domestic product.


The increase in the so-called real trade deficit in September suggested the government will probably lower its initial third-quarter GDP estimate.


Trade contributed 0.31 percentage point to the economy’s 2.8 percent annualized growth pace in the July-September quarter.


“Third-quarter GDP growth will need to be revised lower,” said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto.


The three-month moving average of the trade deficit, which irons out month-to- month volatility, increased to $ 39.7 billion in the three months to September from $ 37.3 billion in the prior period.


In a separate report, the Labor Department said initial claims for state unemployment benefits fell 2,000 to a seasonally adjusted 339,000. Claims for the prior week were revised to show 5,000 more applications received than previously reported.


Economists polled by Reuters had expected first-time applications to fall to 330,000 last week.


The four-week moving average for new claims, which irons out week-to-week volatility, dropped 5,750 to 344,000.


JOBS RECOVERY STILL GRADUAL


Lackluster domestic demand is preventing the labor market from generating stronger jobs growth that would decisively lower the unemployment rate.


Employers added 204,000 new jobs to payrolls last month, but a 16-day government shutdown temporarily pushed the jobless rate up by a tenth of a percentage point to 7.3 percent, the Labor Department reported last week.


U.S. financial markets were little moved by the reports as traders awaited a Senate panel confirmation hearing of Federal Reserve chairman nominee Janet Yellen.


The U.S. central bank last month stuck to its $ 85 billion monthly bond buying program aimed at stimulating the economy through low interest rates. No change is expected until early next year as the economy struggles to gain speed and inflation pressures remain benign.


In a second report the labor department said productivity rose at a 1.9 percent annual rate in the third quarter.


Unit labor costs – a gauge of the labor-related cost for any given unit of output – fell at a 0.6 percent rate in the third quarter, underscoring the lack of wage-related inflation pressures in the economy.


While trade has supported the economy’s recovery, slowing global demand is eroding export growth.


Exports of goods and services slipped 0.2 percent to $ 188.9 billion in September. That was the third straight month of declines.


In September, exports to the 27-nation European Union increased 5.6 percent. Exports to the EU in the first nine months of the year were down 2.7 percent compared to the same period in 2012.


Exports to China rose 3.4 percent. Exports to that country were up 5.0 percent for the first nine months of 2013.


Imports rose 1.2 percent to $ 230.7 billion, the highest level since November last year. Imports of automobiles and parts were the highest on record.


But with consumer spending having slowed significantly, some of the imported goods could end up piling up in warehouses.


That could make businesses reluctant to keep on rebuilding stocks and the slowdown in inventory accumulation would undercut fourth-quarter GDP growth.


Imports from China increased in September, lifting the contentious U.S. trade deficit with China to a record $ 30.5 billion.


(Reporting By Lucia Mutikani; Editing by Andrea Ricci)






Reuters: Business News




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Friday, October 18, 2013

EU-Canada trade deal gateway to "super" no-tariff zone



Published time: October 18, 2013 16:18

European Commission President Jose Manuel Barroso welcomes Canadian Prime Minister Stephen Harper (L) ahead of a meeting at the EU Commission headquarters in Brussels October 18, 2013 (Reuters / Francois Lenoir)

European Commission President Jose Manuel Barroso welcomes Canadian Prime Minister Stephen Harper (L) ahead of a meeting at the EU Commission headquarters in Brussels October 18, 2013 (Reuters / Francois Lenoir)




The European Union and Canada have signed a landmark free-trade agreement, that’ll boost growth and create jobs. The deal also paves the way for Europe to create an even bigger no-tariff zone with the US, that’ll represent half of the global economy.


After four years of negotiations, that were stalled for months over quotas for Canadian beef and EU cheese, the tentative deal was finally signed by Canadian Prime Minister Stephen Harper and European Commission President Jose Manuel Barroso. Now the deal is subject to approval by the European Parliament, EU member nations and from Canada on federal and provincial levels.


With 98 percent of EU tariffs eliminated, the agreement will make it easier for Canadian companies to invest in and sell to the 28-member EU and its 500 million consumers, and vice versa. The deal will also streamline regulation and cut red tape that used to hamper trade. On top of that, the deal will also help reduce the dependence of Canada’s $ 1.8 trillion economy on imports from the US.


The government in Ottawa called the deal the most important trade agreement for the country since the 1987 free trade deal with the US, Associated Press reports.


“This trade agreement is an historic win for Canada,” said Prime Minister Harper. “It represents thousands of new jobs for Canadians, and a half-billion new customers for Canadian businesses.”


The European Union, a $ 17 trillion economy, is Canada’s second-largest trading partner after the US. For the EU, Canada is only the 12th most important trading partner, but the agreement will provide new momentum to the nascent free trade talks between the EU and the US.


Officials on both sides of the Atlantic hope to agree on the outline of a broader EU-US agreement, set to become the world’s largest free trade deal, as early as by the end of next year. The two economic giants combined represent just under half of the global economy.


A study by the EU estimates a US deal could add about 120 billion euros to the EU’s gross domestic product and 95 billion euros to US GDP.


After the agreement between Brussels and Washington is achieved, the parties will be able to set standards for many industries, which would then become de facto global standards, handing firms in both economies a competitive advantage over rivals in Asia and elsewhere.


The talks with the US suffered a minor setback this month when Barack Obama had to cancel a long-planned negotiation round in Brussels because of the government shutdown. The next round is likely to take place next month.




RT – Business



EU-Canada trade deal gateway to "super" no-tariff zone

Thursday, September 26, 2013

Kerry Signs UN Arms Trade Treaty — Civilian Disarmament Advancing


Kerry Signs UN Arms Trade Treaty — Civilian Disarmament AdvancingThe New American – by Joe Wolverton, II, J.D.


Secretary of State John Kerry signed the United Nations Arms Trade Treaty Wednesday. Upon adding his signature, Kerry addressed the world body:


On behalf of President Obama and the United States of America, I am very pleased to have signed this treaty here today. I signed it because President Obama knows that from decades of efforts that at any time that we work with — cooperatively to address the illicit trade in conventional weapons, we make the world a safer place. And this treaty is a significant step in that effort.  


Promptly, Secretary-General Ban Ki-moon thanked Kerry and Obama for their complicity in consolidating UN control over weapons and ammunition:


Today, a number of countries signed the Arms Trade Treaty, pushing the total number of signatures to more than half of all Member States.


The Secretary-General, as the depository of the Treaty, welcomes every signature to this important treaty.  At the same time, it is of particular significance that the largest arms exporting country in the world, the United States, is now also among those countries who have committed themselves to a global regulation of the arms trade.  He believes this will contribute to efforts to reduce insecurity and suffering for people on all continents. He calls upon other countries to follow suit.


On Monday, a source inside the State Department alerted The New American that Secretary Kerry would commit this act of treason. What’s more, we were told that key members of the Senate were informed Tuesday that Kerry intended to sign the treaty and that the reaction from senators was one of disinterest.


In fairness, a few senators have spoken out today (Wednesday), warning President Obama not to try to bypass the Senate in his fervor to enforce the terms of this globalist gun grab.


Senator Bob Corker (R-Tenn.), the ranking member of the Senate Foreign Relations Committee, sent the president a letterreminding him that:


As you know, Article II, Section 2 of the United States Constitution requires the United States Senate to provide its advice and consent before a treaty becomes binding under United States law.  The Senate has not yet provided its advice and consent, and may not provide such consent.  As a result, the Executive Branch is not authorized to take any steps to implement the treaty.


President Obama knows this and he also knows that in March, 53 senators voted “to uphold Second Amendment rights and prevent the United States from entering into the United Nations Arms Trade Treaty.”


Americans know something, too. They know that this administration has never failed to use every murderous act of armed violence as a pretext for tyranny. From Newtown to the Navy Yard, President Obama has issued scores of executive orders directly violating the Constitution’s explicit prohibition on the infringement of the right to keep and bear arms.


John Kerry’s signing of the Arms Trade Treaty demonstrates that he and his boss will continue along this treasonous trajectory until control of all weapons and ammunition is consolidated into the UN and its client governments.


There is so much wrong and so much unconstitutional about the Arms Trade Treaty that it is difficult to describe it all. The following summary of the agreement should be sufficient, however, to call to action all constitutionalists, gun owners, and lovers of liberty. Senators, President Obama, and Secretary of State John Kerry must know that we will not sit idly by while they surrender our sovereignty and plot to confiscate our weapons.


First, the Arms Trade Treaty grants a monopoly over all weaponry in the hands of the very entity (approved regimes) responsible for over 300 million murders in the 20th century.


Furthermore, the treaty leaves private citizens powerless to oppose future slaughters.


An irrefutable fact of armed violence unaddressed by the UN in its gun grab is that all the murders committed by all the serial killers in history don’t amount to a fraction of the brutal killings committed by “authorized state parties” using the very weapons over which they will exercise absolute control under the terms of the Arms Trade Treaty.


Article 2 of the treaty defines the scope of the treaty’s prohibitions. The right to own, buy, sell, trade, or transfer all means of armed resistance, including handguns, is denied to civilians by this section of the Arms Trade Treaty.


Article 3 places the “ammunition/munitions fired, launched or delivered by the conventional arms covered under Article 2” within the scope of the treaty’s prohibitions, as well.


Article 4 rounds out the regulations, also placing all “parts and components” of weapons within the scheme.


Perhaps the most immediate threat to the rights of gun owners in the Arms Trade Treaty is found in Article 5. Under the title of “General Implementation,” Article 5 mandates that all countries participating in the treaty “shall establish and maintain a national control system, including a national control list.”


This list should “apply the provisions of this Treaty to the broadest range of conventional arms.”


Mark it down: If the treaty is ratified by the United States or if its provisions are enforced by executive order, within months the federal government (likely under the management of the Department of Homeland Security) would begin compiling a list of who owns, buys, sells, trades, or transfers any firearm, as well as the ammunition, parts, and components of those weapons.


After creating this database, the federal government would be required under the provisions of Article 5(4) of the Arms Trade Treaty to “provide its national control list to the Secretariat, which shall make it available to other States Parties.”


That’s right. The UN treaty demands that the list of gun and ammunition owners not only be in the hands of our own government, but be sent to foreign regimes, as well. This provision would guarantee that should an American owner of a legally purchased firearm decide to emigrate, he will be on the radar of the ruling regime in his new home.


Americans are right to recognize this registry as the first step toward confiscation. Without such a registry, it would be impossible to monitor weapons transfers effectively because governments can’t track weapons exchanges and transfers unless they know who has them to begin with.


Article 12 adds to the record-keeping requirement, mandating that the list include “the quantity, value, model/type, authorized international transfers of conventional arms,” as well as the identity of the “end users” of these items.


In very clear terms, ratification of the Arms Trade Treaty by the United States would require that the U.S. government force gun owners to add their names to the national registry. Citizens would be required to report the amount and type of all firearms and ammunition they possess.


Section 4 of Article 12 of the treaty requires that the list be kept for at least 10 years.


Finally, the agreement demands that national governments take “appropriate measures” to enforce the terms of the treaty, including civilian disarmament. If these countries can’t get this done on their own, however, Article 16 provides for UN assistance, specifically including help with the enforcement of “stockpile management, disarmament, demobilization and reintegration programmes.”


In fact, a “voluntary trust fund” will be established to assist those countries that need help from UN peacekeepers or other regional forces to disarm their citizens.


Arguably, the Arms Trade Treaty would become the law of the United States if the Senate were to ratify the treaty.


While that is the process that the Constitution establishes for the implementation of treaties, fundamental principles of construction and constitutional law dictate that no treaty that violates the Constitution can become the supreme law of the land.


In the case of the UN’s Arms Trade Treaty, there is no doubt that regardless of presidential signatures or congressional consent, this treaty cannot pass constitutional muster and therefore will never be the valid law of the land.


Unless, of course, Americans once again acquiesce to President Obama’s assumption of illegal authority and relinquish their rights and weapons regardless of the reasons they should not do so.


Finally, citizens must understand a very important nuance of Secretary Kerry’s assurance in his speech that the Arms Trade Treaty isn’t about taking away freedom, “it is about keeping weapons out of the hands of terrorists and rogue actors.” Americans must remember that Kerry, Obama, and the UN consider gun owners to be “terrorists” and “rogue actors,” thus subject to seizure of their firearms in the name of “international peace and global security.”


For John Kerry and Barack Obama, the confiscation of weapons from civilians is an act of, as Kerry said Wednesday, “advancing important humanitarian goals.”


For Americans, however, it is a giant leap toward enslavement.


Americans would be wise at this critical time to remember the words of George Washington, who advised:


A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government.


 


Joe A. Wolverton, II, J.D. is a correspondent for The New American and travels frequently nationwide speaking on topics of nullification, the NDAA, and the surveillance state.  He is the host of The New American Review radio show that is simulcast on Youtube every Monday. He can be reached at [email protected]


http://www.thenewamerican.com/usnews/constitution/item/16618-kerry-signs-un-arms-trade-treaty-civilian-disarmament-advancing






Kerry Signs UN Arms Trade Treaty — Civilian Disarmament Advancing

Tuesday, September 24, 2013

"Flush the TPP!": Protesters Scale Trade Building in Protest of Secretive Deal


Those negotiations, which have been brokered entirely behind closed doors, are certain to put corporate profits ahead of both human rights and environmental concerns, opponents of the pact have argued.


Today’s banner drop comes as part of a series of actions that started with a rally on Fridayoutside of the trade office and will continue throughout the next several days.


Groups involved in the ongoing protests include FlushTheTPP.org, CODEPINK, Veterans for Peace, Earth First!, Communications Workers of America, Friends of the Earth, Food and Water Watch and Public Citizen’s Global Trade Watch.


“Regulating Wall Street is what we need. It’s time to flush the TPP,” Melinda St. Louis, international campaigns director for Public Citizen, said to the crowd on Friday as she stood in front of a large cardboard-constructed roll of toilet paper labeled the TPP Death Star.


“Protecting workers is what we need,” she said.


“Americans cannot afford another back-room deal that offshores manufacturing and service jobs, reduces tax revenues and pushes down wages and benefits in the jobs that remain,” Arthur Stamoulis, executive director of Citizens Trade Campaign said Friday. “Unless exposed to the light of day and real public participation, the TPP is poised to enrich corporate interests at the expense of the economy, the environment and public health at home and abroad.”


While the U.S. public and the press have been locked out of TPP meetings, corporate “trade advisers” have participated and been given copies of the agreement.


President Barack Obama announced Thursday he will push fast-track legislation, otherwise known as Trade Promotion Authority, which will allow him to push through trade agreements while taking away congressional powers to amend.


“This is the grand-daddy of trade deals, a very destructive project, and it is happening completely under the radar,” Chris Townsend, political director for United Electrical, Radio and Machine Workers of America (UE), told Common Dreams on Friday.


Watch below for an interview with Public Citizen’s Melinda St. Louis at the protest on Friday.


(Photo provided by protest organizers)




BlackListedNews.com



"Flush the TPP!": Protesters Scale Trade Building in Protest of Secretive Deal