In a tripartite challenge against China's export restrictions on rare earth materials, the US, European Union, and Japan filed a complaint with the World Trade Organization.
After Russian elections on Sunday, expect what amounts to a fourth term for Putin. But Putin 4.0 faces a tough choice. His KGB officer instincts call for tightening the grip. But Russia's future – and thousands of protesters – demand greater freedom and reforms.
Europe is struggling to find its place in the new global economy because of 'domestic' issues, not external factors (like a rising China or trade disadvantages). On the contrary, the external climate favors European growth – if Europe can improve competitiveness and find its niche.
It is economic nonsense to continue to calculate bilateral trade balances – like those between the US and China – the way we do today. What we need to monitor is the effective added value in each country, not the overall value of goods and services imported and exported.
The French parliament is expected to pass a bill Thursday dealing with the 1915 killing of Armenians in present-day Turkey. Any denial could result in a one-year jail term and a $58,000 fine. Turkey is furious.
US retailers and economists hail the Christmas shopping season, but consumers' binging on holiday gifts will produce more red ink than growth and jobs. Their purchases are nearly all imports – most from China. For real recovery, the US must regain its manufacturing market share.
China's entry into the World Trade Organization (WTO) a decade ago primed it for high-speed growth. Other countries have seen benefits as well – but say China has also become adept at getting around the rules.
New York police are out in force Thursday in the vicinity of the New York Stock Exchange, as Occupy Wall Street protesters vow to shut it down. Protest is slated to spread to other sites later in the day.