News & Commentary:

July 2001 Archives


Bretton Woods Update   Recommended!
Bretton Woods Project Jun/Jul 2001
From Seattle to Quebec City, antiglobalization protesters have complained that international institutions are illegitimate because they are undemocratic. To fight this perception, global organizations need to increase transparency, improve accountability, and think harder about norms for global governance.

BIS Review   Recommended!
BIS Jul 2001

German Chancellor Schroeder Sings the ECB Blues
DeRosa, D. (Bloomberg) Jul 1, 2001
Here is a choice specimen of economic double talk that came of out the mouth of Germany's Chancellor Gerhard Schroeder on Friday.

Rewriting Marx: China Allows Capitalists In on the Party
IHT Jul 2, 2001
In a significant reversal of policy, China's Communist Party leader, President Jiang Zemin, announced Sunday that private businessmen could join the party.

Singapore edges out HK
SCMP Jul 2, 2001
Hong Kong has come a narrow second to Singapore in a survey of the cost and ease of doing business in Asia.

There's no such thing as the New Economy
Times of India Jul 2, 2001
"There's nothing called the New Economy. The whole debate of New Economy versus Old Economy is pure semantics," says Sumantra Ghoshal, the management guru and founding dean of the Indian School of Business (ISB) in Hyderabad.

Yen Rallies on Report Koizumi Has 'No Intention' to Weaken It
Bloomberg Jul 2, 2001
The yen rose for a third day against the dollar after Japanese Prime Minister Junichiro Koizumi told the Financial Times that his government did not intend to 'consciously' guide the yen lower.

European Manufacturing Fell in June to Lowest Level in More Than Two Years
Bloomberg Jul 2, 2001
Manufacturing declined in June to its lowest level in more than two years in the dozen countries sharing the euro, increasing pressure on the European Central Bank to reduce interest rates.

Asia's $2 Trillion of Bad Loans Main Obstacle to Growth, Not Slow Exports
Bloomberg Jul 2, 2001
Asia has a $2 trillion problem: bad loans at banks that will keep the region from a sustainable economic rebound.

Becoming global by stealth?
Economist Jul 3, 2001
On July 5th, the European Central Bank will again review its interest-rate policy. The meeting will take place at a time of renewed euro volatility. Yet the currency's persistent weakness since its creation in January 1999 has not stopped it from having a global impact.

A turning point for trade?
Economist Jul 3, 2001
July could be a critical month for the future of global trade. As the process for admitting China to the World Trade Organisation seems to be nearing a conclusion, efforts to launch a new round of world trade negotiations later this year are gathering pace.

Rothschild's Macarounas on Yen and Australian Dollar: Comment
Bloomberg Jul 3, 2001
Paul Macarounas, associate director of foreign exchange at Rothschild & Sons., comments on the prospects for the yen and the Australian dollar.

Business Outlook Darkens in Japan
IHT Jul 3, 2001
Business confidence in Japan sank in the second quarter to its lowest level in more than a year, according to a survey released Monday, the latest sign that the world's second-biggest economy was tipping into recession.

Dutch Economy Teeters on Edge of Stagflation
IHT Jul 3, 2001
Is stagflation dead?

Online auctions hammered
Foley, K. (Nua) Jul 3, 2001
There are people who just love car boot sales, however, and for them the Internet is like car boot sale nirvana. There are legions of online auction sites, each promising better bargains than the last, all trying to emulate the great and glorious eBay.

Taylor Nelson Sofres: B2C increasingly popular around the world
Nua Jul 3, 2001
Fifteen percent of Internet users around the world shopped online in the past month, up from 10 percent a year ago, according to a new study from Taylor Nelson Sofres.

Euro RSCG: US to lose tech dominance
Nua Jul 3, 2001
The US will not dominate the Internet and tech sector by 2025, according to tech-savvy consumers polled in 19 countries by Euro RSCG Worldwide.

Whither the IMF? A Top-Down Reform Is Unlikely   Wall Street Journal Subscription Required
Melloan, G. (WSJ) Jul 3, 2001
Real change will have to come from the U.S. Congress.

The Sound of Globalization   Wall Street Journal Subscription Required
WSJ Europe Jul 3, 2001
The traveling circus goes to Salzburg.

The Right Way to Gold
Piraino, S. (Mises Daily) Jul 3, 2001
The advantages of a gold standard are familiar to supporters of the free market. Gold possesses all of the attributes of an ideal medium of exchange. It is durable, portable, malleable, valuable, and fungible, which is why the market chose it as the dominant money before the age of paper money.

ECB President Wim Duisenberg Says Interest Rates at 'Appropriate Level'
Bloomberg Jul 3, 2001
European Central Bank President Wim Duisenberg said interest rates in the dozen countries that share the euro are at an 'appropriate level.'

Expert Panel Calls for WTO Reform And Launch Of 'Development Round'   Recommended!
BRIDGES Weekly Trade News Digest - Vol. 5, Number 25 Jul 3, 2001

GM Labelling Update: Asia
BRIDGES Weekly Trade News Digest - Vol. 5, Number 25 Jul 3, 2001

News From The Regions: The Balkans, Mercosur-EU
BRIDGES Weekly Trade News Digest - Vol. 5, Number 25 Jul 3, 2001

The Evil Empire
Wanniski, J. (Polyconomics) Jul 4, 2001
Your Tuesday column, "Whither the IMF?" asks some of the right questions and comes to some of the right conclusions, George, but I am afraid you still do not see that the evils perpetrated by the IMF are the result of a greenback world.

Timetable rules out WTO this year
SCMP Jul 4, 2001
China will not join the World Trade Organisation before next year, according to a timetable announced by the China working party yesterday.

Officials square-off for tough talks
SCMP Jul 4, 2001
Negotiators have finally begun talks over a rankling trade dispute between Japan and China after weeks of increasingly tough rhetoric between the Asian trading giants.

Baghdad Flexes Its Oil-Money Muscle
IHT Jul 4, 2001
For more than four years, France has been the world's largest beneficiary of trade with Iraq through a United Nations-sponsored humanitarian aid program, signing sales deals for more than $3 billion on Peugeot minibuses, Renault garbage trucks, Alcatel communications equipment and other products.

China caught in WTO insurance crossfire
Asia Times Jul 4, 2001
The end of China's 15-year saga to join the World Trade Organization is closer following further agreement in Geneva this week over Beijing's multilateral commitments. However, the hard bargain the United States is driving over insurance companies operating in China has ruffled European Union feathers.

Forest for the trees
Asia Times Jul 4, 2001
Violent protests against reforms proposed by international monetary agencies highlight the divisions that exist in Papua New Guinea, a nation with a deep forest culture that places preeminence on universal land use. While the country certainly needs direction for sustainable economic development, there is a strong case for allowing the region to develop at its own speed, rather than at a pace based on Western paradigms.

No entry
Economist Jul 4, 2001
A 12-year-long effort to ease cross-border corporate takeovers and mergers in the European Union has been rejected by the European Parliament. This is a bitter blow for liberalisers, who saw it as the key to sharpening competition.

Let's See Who Blinks First, Turkey Or the IMF
DeRosa, D. (Bloomberg) Jul 4, 2001
Turkey has brought upon itself the ire of the International Monetary Fund with its foot-dragging on promised economic reforms. Yesterday, the IMF announced it was delaying a $1.5 billion loan because of Turkey's noncompliance with conditions attached to its latest round of financial assistance.

Koizumi Trip May Raise Credibility, Lower Yen: Currency Focus   Recommended!
Bloomberg Jul 5, 2001
Japanese Prime Minister Junichiro Koizumi returns to Tokyo today from his first official trip abroad. Investors in the yen may wish he'd stayed home.

Australian Dollar May Rise by Sept.: Bloomberg Survey
Bloomberg Jul 5, 2001
The Australian dollar is expected to rise against the U.S. dollar, gaining to an average of 52.4 U.S. cents by the end of September and to 55.1 U.S. cents by year-end, according to the average forecast of 17 analysts surveyed by Bloomberg News. The Australian dollar traded at 51.9 U.S. cents in local trading recently.

EU Parliament Rejects Bill to Ease Takeovers
IHT Jul 5, 2001
European lawmakers on Wednesday effectively killed a groundbreaking measure that would have made it easier to mount corporate takeovers, a blow to efforts to instill a more free-wheeling business culture in Europe.

Rules for Global Business Are Blurry   Recommended!
IHT Jul 5, 2001
The conflicting American and European rulings on General Electric Co.'s proposed acquisition of Honeywell International Inc. have exposed one of the dirty little secrets about the global economy: In many areas, there still are no global rules to govern the behavior of global companies.

China-Japan Talks Fail to End Trade Dispute
IHT Jul 5, 2001
After two days of talks here, Chinese and Japanese trade officials failed to agree Wednesday on how to end a dispute over tariffs that threatens commerce between the two largest economies in Asia.

Biotechnology Isn't the Key to Feeding the World
Lappe, F.M. (IHT) Jul 5, 2001
Democracy, not hunger, is the solution to poverty.

The IMF and World Bank delay loans   Economist Subscription Required
Economist Jul 5, 2001
Turkey is playing politics with its recovery programme, says the IMF.

Pull up the drawbridge   Recommended!
Economist Jul 5, 2001
Efforts to make it easier for companies to be taken over in Europe have fallen at the last minute.

Falling (again)   Recommended!
Economist Jul 5, 2001
A new strain of economic contagion is spreading through East Asia.

The cutting blob of ethical politics
Economist Jul 5, 2001
America's complicated argument about stem-cell research could be a forerunner of bigger fights to come.

Dollar Holds Gains; U.S. Seen Rebounding, Europe, Japan Sliding
Bloomberg Jul 5, 2001
The dollar traded at an eight- month high against the euro and a three-month high versus the yen on growing confidence the U.S. economy will rebound, while growth in Europe and Japan slows.

The European Economy: A Recession of the Mind   Wall Street Journal Subscription Required
Roche, D. (WSJE) Jul 5, 2001
State of the Union: What ails Europe is a lack of self-confidence in the face of globalization.

Running out of Steam
Economist Jul 5, 2001
As the European Central Bank yet again decided against a cut in European interest rates on July 5th, there was a small crumb of comfort for the German government: news of an unexpected rise in manufacturing orders in May. But unemployment remained stubbornly high, and the outlook for the German economy shaky, compared with only a few months ago. What has gone wrong for Europe's growth engine?

Sanwa International Beats Rivals in Currency Survey   Recommended!
Bloomberg Jul 5, 2001
Sanwa International's market strategy group, headed by Kirit Shah, beat 55 analysts, investors and traders in predicting second-quarter foreign-exchange rates in a Bloomberg News survey.

China gambles on trumping cold warriors
Asia Times Jul 5, 2001
The Chinese leadership is taking one of the biggest gambles in China's modern history over the World Trade Organization and the Olympic Games issues: it is giving the country a timetable for both economic and political reforms. If the gamble succeeds, the anti-China containment policies of US cold warriors will become untenable. Hard-nosed realists in the US administration, hopefully, are coming to realize this, and to see the need for a broader, more complex US strategy.

Bank Keeps Key Rate Unchanged in Europe
IHT Jul 6, 2001
The European Central Bank signaled Thursday that it would not lower interest rates "for some time to come," sending the euro tumbling and raising the likelihood of a backlash among European political leaders.

Piercing China's Internet Wall
IHT Jul 6, 2001
Tapping away at one of his computers in a cramped two-room apartment in western Beijing, Lloyd Zhao is engaged in an extraordinarily dangerous endeavor -- searching through the night for holes in the electronic wall that the government has built to keep Chinese from seeing Web sites of Falun Gong, the outlawed spiritual movement.

Groping for Global Ethical Guidelines
IHT Jul 6, 2001
Four centuries ago, Dutch companies hired religious advisers to judge the morality of their ventures around the world - so powerful were the twin Calvinist commitments to the Bible and the purse. Today's multinational corporations are usually chastised for over-attachment to the purse. But the Bible is coming back.

The Anti-Globalization Spoilers Are Going Global   Recommended!
Lewis, F. (IHT) Jul 6, 2001
The 'anti-globalization' circuit is becoming global. Governments which used to consider important international summit meetings events to welcome eagerly for the attention and prestige they brought now worry about how to avoid the tumult. Meetings in Seattle, Washington, Davos, Prague, Nice, Gothenburg, Salzburg and (this month) Genoa attract mobs of demonstrators and groups of devastators out to disrupt international organization of the world economy.

Call for foreign exchange stores
SCMP Jul 6, 2001
China should set up foreign exchange funds to give its citizens a legal way to buy foreign stocks, allow them more investment alternatives and reduce the outflow of foreign capital, according to the chief economist of BNP Paribas Peregrine.

MAS blocked HSBC stake bid
SCMP Jul 6, 2001
A bid by HSBC to build a strategic stake in Singapore banking group Keppel Capital Holdings (KCH), was blocked by the city state's banking regulator, the Monetary Authority of Singapore (MAS).

Africa's plan to save itself
Economist Jul 6, 2001
Gathering for the summit of the Organisation of African Unity, the continent's leaders are promising reform, and asking the rest of the world to back a recovery plan.

European Parliament Backs Management
DeRosa, D. (Bloomberg) Jul 6, 2001
The European parliament Wednesday voted down important legislation designed to prevent corporate management from thwarting hostile takeover bids, even though those bids might be in shareholders' interests. In simple terms, parliament sided with management, and in so doing, stuck it to shareholders.

Washington Should Heed Bond Market
Pesek Jr., W. (Bloomberg) Jul 6, 2001
If his first six months in office are any guide, George W. Bush's presidency may be no less poll-driven than that of his famously Gallup-beholden predecessor, Bill Clinton. Bush might be wise to heed the free advice being offered by the polling place known as the bond market.

Currency Scorecard: Korean Won Only Gainer vs Dollar This Week
Bloomberg Jul 6, 2001
The Korean won posted the only gain against the U.S. dollar this week among major currencies. The following table shows the best- and worst- performing major currencies against the dollar for the week.

Dollar May Fall Victim to U.S. Trade Deficit: Currency Outlook   Recommended!
Bloomberg Jul 6, 2001
The U.S. trade deficit, which failed to stem the dollar's ascent in recent months, may yet pose a threat, Citibank said.

Australian Overseas Push May Drive Aussie Lower: Currency Focus
Bloomberg Jul 6, 2001
The Australian dollar just surrendered its place as the top-performing currency of the past quarter, and it may fall more as companies planning $22 billion of overseas acquisitions convert their money into foreign funds.

Group of Seven Struggles to Paper Over Policy Disputes at Rome Meeting
Bloomberg Jul 6, 2001
Finance ministers from the Group of Seven industrial nations, meeting in Rome tomorrow, are finding it increasingly difficult to paper over diverging fiscal and monetary policies in a slowing economy.

ECB's Noyer Sees Interest Rates on Hold, Still Concerned About Inflation
Bloomberg Jul 6, 2001
The European Central Bank is unlikely to lower interest rates for the dozen nations sharing the euro as long as it is concerned about inflation, the bank's vice president said.

Indonesia Plans to Sign IMF Accord Within a Week to Restart Loan Program
Bloomberg Jul 6, 2001
The Indonesian government plans to sign an agreement with the International Monetary Fund within a week to restart the agency's loan program, said Dipo Alam, deputy to the top economics minister, Burhanuddin Abdullah.

The Euro Remains as Unfashionable as Ever
Pesek Jr., W. (Bloomberg) Jul 6, 2001
Money, the old saying goes, changes everything, including fashion trends. Now, Europe's most prestigious designers are taking this concept to another level: designing new purses to accommodate the continent's single currency.

Open Societies, Freedom, Development and Trade
Moore, M. (WTO) Jul 6, 2001
Director-General Mike Moore, in a speech on 6 July 2001 opening the first WTO Symposium on Issues Confronting the World Trading System, said "civilized discourse" with NGOs will help the WTO do a better job. He said such gatherings with NGOs and civil society should become a regular feature of WTO activities.

Foreign entry to bad-loan market backed by Zhu
SCMP Jul 7, 2001
Premier Zhu Rongji has backed plans to encourage foreign investment in state-owned banks' non-performing loans through asset managers.

Chips down at high-tech firms
SCMP Jul 7, 2001
Leading high-technology firms are slashing semiconductor production and halting some operations due to a worse than expected slump in demand in the information technology (IT) sector.

Dollar dilemma
USAT Jul 7, 2001
Treasury Secretary Paul O'Neill, in Rome during the weekend for a summit of leading economic nations, wasn't the only American in Europe who has noted how far the dollar stretches these days. Tourists are noticing, and back home, so are consumers buying foreign goods.

A Strong Dollar Clouds Prospects for Quick Rebound
NYT Jul 8, 2001
More than six months after the Federal Reserve began battling to reverse the economic slowdown in the United States, an unexpected rise in the value of the dollar is complicating the prospects for a rebound.

On How Brazil Failed to Con the Currency Markets
DeRosa, D. (Bloomberg) Jul 8, 2001
Brazilian central bank chief Arminio Fraga has given a new twist to foreign exchange intervention. On Thursday, he announced he would sell $6 billion to buy Brazilian reals in evenly spaced installments over the rest of the year.

Washington Should Heed Bond Market   Recommended!
Smith, P. (Bloomberg) Jul 8, 2001
'We must build on what already exists rather than demolish the present structure and try to restart from the ruins.' That's Goh Keng Swee, Singapore's great administrative architect and head of just about everything at one time or another, speaking a quarter of a century ago. Goh is gone, but his thinking is a good guide to the current frenzy of offers and counter-offers going back and forth among Singapore's banks.

U.S. Treasury Chief Upbeat
IHT Jul 9, 2001
Treasury Secretary Paul O'Neill said over the weekend that the United States was poised for a significant economic upturn later this year that should help revive the world economy, provided that Europe and Japan do their share to stave off recession.

G-7 Seeks Impetus as Fears Grow
IHT Jul 9, 2001
Finance ministers from the big industrial nations who met here over the weekend showed dark concern over the prospect that their economies could continue to lose steam. The bright side was that they agreed steps could be taken to restore growth.

Koizumi warns of pain
SCMP Jul 9, 2001
Japanese Prime Minister Junichiro Koizumi has vowed to push ahead with tough reforms to revive the world's second-biggest economy, telling his people that pain was inevitable - with or without change.

ECB's Duisenberg, Belgium's Reynders Optimistic on Global Growth After G-7
Bloomberg Jul 9, 2001
European Central Bank President Wim Duisenberg said he expects the global economy will avoid a recession as U.S. growth accelerates later this year.

G-7 Sees Global Economic Rebound After U.S. Rate Reductions and Tax Cuts   Recommended!
Bloomberg Jul 9, 2001
The Group of Seven industrial nations said they expect a global economic rebound by the end of the year, led by the U.S.

IMF Lowers Forecast for German Growth to 1.25% This Year, From 1.9%
Bloomberg Jul 9, 2001
Germany's economic growth will slow to 1.25 percent this year, the International Monetary Fund said, in a sign the IMF now expects the global slump to last longer and inflict more damage than it previously forecast.

Handheld PC bridges digital divide
Guardian Jul 9, 2001
Indian scientists invent cheap device enabling poor and illiterate to surf the Internet.

Economic Slowdown Forces Europe to Scale Back Ambitions
IHT Jul 10, 2001
As Europe's big economic ambitions for 2001 have declined, so for the time being have its promises to become more autonomous in defense, more open and modern in its business culture, and more effective in foreign policy.

Boston Consulting Group: B2C booming in Asia-Pacific
Nua Jul 10, 2001
B2C revenues in Asia-Pacific more than doubled last year, and are set to double again this year, according to the Boston Consulting Group (BCG).

GfK: Europe still lags in B2C
Nua Jul 10, 2001
A major study from GfK has found that only one in five European Internet users have bought anything online in the past six months.

The Industry Standard: IT sales forecast revised downwards   Recommended!
Nua Jul 10, 2001
IDC will substantially reduce its forecasts for worldwide IT spending between 2001 and 2003, if the downturn in Western Europe turn out to be more severe than previously thought.

Bad year for growth funds
West Australian Jul 10, 2001
Weak international stockmarkets have left big growth fund managers with the prospect of reporting their worst annual result since the 1987 share crash.

George warning on dollar
Times Jul 10, 2001
The Governor of the Bank of England has given warning that the strong dollar is damaging the global economy by hurting American exporters and fuelling inflation in the eurozone.

Singapore Dollar May Fall, Regardless of Policy
Bloomberg Jul 10, 2001
Singapore will probably say it's sticking to its plan to strengthen the currency when it issues its annual policy report this week. What the Monetary Authority says and what it does, though, may be at odds.

Citi's Funatsuki Says U.S. Won't Alter Strong Dollar: Comment
Bloomberg Jul 10, 2001
Shingo Funatsuki, head of global foreign exchange at Citibank N.A., comments on Bank of England Governor Edward George, who said yesterday that the strong dollar has a ``perverse'' influence on the euro-zone, and a column in the New York Times on Sunday, which said the dollar's gains may derail a U.S. economic recovery.

Slobo's 'That's Your Problem' Is Worth Pondering   Wall Street Journal Subscription Required
Melloan, G. (WSJE) Jul 10, 2001
International courts are not the cure-all for tyrannical governments.

How the ECB Can Regain Its Credibility   Wall Street Journal Subscription Required
Mackie, D. (WSJE) Jul 10, 2001
Europe's central bank should take its head out of the sand and call a spade a spade.

Lamy Sees Potential of Mercosur on Multilateral Stage
EC DGT Jul 10, 2001
Consolidating Mercosur will give Brazil and its partners in the regional grouping more political weight in international negotiations, EU Trade Commissioner Pascal Lamy said Tuesday. Speaking to the Federacao das Industrias do Estado de Sao Paulo, Lamy said: 'Mercosur has every interest in boosting the multilateral trading system, through its active participation in the New [WTO] Round, so as to provide a better framework for its negotiations with the EU on the one hand, and the US on the other.' Lamy was speaking on the third day of a three-day visit to Brazil intended to strengthen ties with Mercosur and coordinate with Brazil on efforts to launch a new trade round in Qatar this November.

EU Pledges to Lower Budget Deficit in an Effort to Fuel Rebound in Economy
Bloomberg Jul 10, 2001
European Union finance ministers pledged to stick to plans to reduce budget deficits, counting on a reversal of the continent's economic slowdown to ease strains on public finances and boost the euro.

Gold Stocks Expected to Drift Lower Jul 10, 2001
During the dog days of summer, the price of gold customarily drifts lower and then strengthens when demand returns in the fall. Market watchers are forecasting a similar pattern this year but are divided on how to prosper from the seasonal fluctuation.

Australia sets living standards
Asia Times Jul 10, 2001
In its annual survey of standards of living around the world, the United Nations has found Norway to be the leader. In the Asia-Pacific region Australia emerged as No 1, and No 2 overall, while Japan, formerly world leader, has sunk to ninth overall.

Asia's lion loses its roar   Recommended!
Economist Jul 10, 2001
Singapore, once Asia's star economic performer, is facing the prospect of a full-blown recession. A painful economic slowdown in many East Asian countries is evoking comparisons with the contagious regional crisis that began in Thailand four years ago. This time, however, the contagion is of a very different strain.

Running out of steam
Economist Jul 10, 2001
One of Germany's leading research institutes has said it only expects growth of 1% this year and has called for a significant cut in European interest rates. The new forecast follows a gloomy assessment from the International Monetary Fund. What has gone wrong for Europe's growth engine?

NGOs Air Concerns On Trading System At WTO Symposium   Recommended!
BRIDGES Weekly Trade News Digest - Vol. 5, Number 26 July 10, 2001

Codex: Biotech and Food Safety, New Standards On Toxins And Organics
BRIDGES Weekly Trade News Digest - Vol. 5, Number 26 July 10, 2001

FTAA Draft Text Released
BRIDGES Weekly Trade News Digest - Vol. 5, Number 26 July 10, 2001

UNDP Launches Human Development Report 2001
BRIDGES Weekly Trade News Digest - Vol. 5, Number 26 July 10, 2001

Time for G7 to Act
RBS Jul 11, 2001
Bond strategy.

New Data Deepen Fear of Global Recession
IHT Jul 11, 2001
Amid fresh reports of economic trouble from Singapore to Germany, analysts were debating whether the growing gloom could push the fragile global economy into a full-blown recession.

Keep the Dollar Strong   Wall Street Journal Subscription Required
Makin, J. (WSJ) Jul 11, 2001
Weakening our currency is a dangerous course.

EU and Brazil solve dispute over soluble coffee
EC DGT Jul 11, 2001
Following their meeting on 11 July in Brazil, EU Trade Commissioner Pascal Lamy and Brazilian Foreign Minister Celso Lafer announced they had reached an agreement to solve their dispute over soluble coffee, thereby heading off a possible WTO panel. In an announcement at a joint press conference in Brasilia, they said that the EU will provide a greater access to its market to soluble coffee from Brazil and other suppliers, by reducing its current 9% duty to 0% up to a certain quantity. Pascal Lamy said: 'Disputes are there to be solved. The fact that Celso Lafer and I have managed to reach an agreement on soluble coffee today reflects the positive climate that exists between the EU and Brazil. We look forward to working together to launch a new round in Qatar and to making the EU – Mercosur negotiations a success.'

Dollar May Extend Drop on Concern Strong Currency Hurting U.S.
Bloomberg Jul 11, 2001
The dollar, little changed, may extend this week's loss on concern the currency's 9 percent gain against the euro this year may hinder a recovery in the U.S., the world's largest economy.

NAB's McKenna on Asian Currencies and Argentina: Market Comment
Bloomberg Jul 11, 2001
Greg McKenna, currency strategist at National Australia Bank Ltd., comments on the potential affect on Asian currencies of concerns Argentina may default on its bonds.

Argentina's Cavallo Calls for Immediate Elimination of Budget Deficit
Bloomberg Jul 11, 2001
Argentine bonds fell after Economy Minister Domingo Cavallo warned that the country had to slash spending or risk defaulting on its $130 billion of debt.

Global Tech Slowdown Is Clobbering Southeast Asia
DeRosa, D. (Bloomberg) Jul 11, 2001
Dreadful economic statistics are pouring out of Asia from countries dependent on technology industries. The latest shock came with yesterday's Singapore gross domestic product report. According to the Ministry of Trade and Industry, Singapore's annualized seasonally adjusted real GDP fell 10.1 percent in the second quarter compared with the first quarter. And that follows an annualized shrinkage of 11 percent in the first quarter compared with the fourth quarter.

Argentina Markets Fall on Warning
IHT Jul 12, 2001
Argentine financial markets were hammered again on Wednesday after Economy Minister Domingo Cavallo warned that the country had to slash spending or risk defaulting on its $130 billion of debt.

Traders Find Little Comfort in Dollar as Crises Deepen   Recommended!
IHT Jul 12, 2001
It is an axiom in the currency markets that when tremors rattle the global economy, investors seek safety in the dollar.

Beijing opens market gates to foreigners
SCMP Jul 12, 2001
In a move likely to help open up the country's fledgling domestic markets, China is allowing foreign-funded companies to sell shares to mainland investors.

China eases price controls
SCMP Jul 12, 2001
Beijing has officially relinquished price control over 128 categories of goods and services in preparation for entry to the World Trade Organisation.

Politically Incorrect U.N.   Recommended!
WSJ Jul 12, 2001
Biotech gains an unlikely ally.

EU Joins WTO Partners in Request for Panel on US Byrd Amendment
EC DGT Jul 12, 2001
The European Union on 12 July announced its decision to request the establishment of a WTO panel against the US over the so-called 'Byrd amendment', US legislation providing for the proceeds from anti-dumping cases to be paid to the US companies responsible for bringing the cases in the first place. The request for a panel was jointly submitted with eight other WTO partners: Australia, Brazil, Chile, India, Indonesia, Japan, Korea, and Thailand. This joint action is a clear indication of the important systemic concerns that the legislation raises among WTO members. EU Trade Commissioner Pascal Lamy said: 'The Byrd amendment is not an US-EU problem but a US-Rest of the World problem. Our unprecedented joint action will send a very clear signal to the US of the need to repeal legislation that so clearly flies in the face of the letter and the spirit of WTO law.'

Bond Traders Blow Hot and Cold -- in Same Week
Baum, C. (Bloomberg) Jul 12, 2001
They will, they won't; it is, it isn't; it's over, it's not.

The Potential Disaster That Is Argentina
Pesek Jr., W. (Bloomberg) Jul 12, 2001
It's been four years since Thailand devalued its currency and set in motion the worst financial crisis in modern history. Few thought at the time that events in Bangkok would mushroom as they did. Thailand, after all, hardly seemed one of your major economies. Many on Wall Street had never even heard of its currency, the baht.

Argentina Orders Wide Spending Cuts, Seeking to Avoid Default on Its Debt
Bloomberg Jul 12, 2001
Argentina said it will cut government spending to eliminate a budget deficit in the second half of the year to avoid default on $130 billion in debt.

Singapore, in Recession, Drops Strong Currency Policy
Bloomberg Jul 12, 2001
Singapore's central bank dropped its policy of favoring a stronger currency after failing to halt its 5.5 percent drop this year, saying the economy's slide into recession was putting off investors.

European Central Bank Says Interest Rates `Appropriate' to Fight Inflation
Bloomberg Jul 12, 2001
The European Central Bank suggested it won't reduce interest rates soon, even as the economy slows and inflation shows signs of receding.

Bush wins some grudging praise on exports   Recommended!
AT Jul 12, 2001
Usually the target of environmentalists' criticism, US President George W Bush has won praise for promoting strong common environmental standards for export credit agencies. "The administration should be applauded," says environmental group Friends of the Earth.

Korea takes aim at Asia's big three
AT Jul 12, 2001
As part of efforts to develop Seoul into one Asia's four major financial hubs, the others being Hong Kong, Singapore and Tokyo, the South Korean government has announced it will soon allow foreign exchange brokers from abroad to work in the country. It also laid out a three-stage strategy as it plays catch-up to the big three.

A situation perfect for global contagion   Recommended!
AT Jul 12, 2001
With interest rates on Argentine sovereign bonds this week hitting highs not seen since Russia's 1998 debt default, and other Latin American countries following suit, there is a near-perfect situation for financial crisis contagion to spread as emerging market currencies and stock markets are being pounded. The risks, therefore, of a crisis similar to that of 1997 are great, and any government stalling on economic reforms should watch out.

The greenback's charm   Recommended!
Economist Jul 12, 2001
Investors remain smitten by the dollar. How much longer will their passion last?

How the poor need more technology, not less   Economist Subscription Required
Economist Jul 12, 2001
Technology and innovation can help the poor as much as the rich.

Don't cry for me…   Recommended!
Economist Jul 13, 2001
The Argentine government is putting a brave face on its latest economic difficulties. But the penal rates it has been forced to pay on its public debt this week reflect investors' fears that a debt default, or a devaluation, is imminent. Market nervousness is spreading.

Our Advice to the Argentines
Wanniski, J. (Polyconomics) Jul 13, 2001
Now that the Argentine financial crisis has reached the front page of The New York Times business section, perhaps a satisfactory solution will be found. Of course, you must know by now that you have been importing the monetary deflation caused by the errant policies of the U.S. Federal Reserve over the past 4+ years. We have been warning of Argentina's unique vulnerability to U.S. deflation for several years. Some of my supply-side friends had told me I was too picky in arguing that your currency board would only serve a useful purpose as long as the dollar was wisely managed by Greenspan & Co. Now you have the seemingly impossible task of making interest payments on the $130 billion of foreign debt to Argentine and U.S. banks, and to your creditors in Europe. Jul 13, 2001
Consider it Fannie Mae and Freddie Mac's biggest nightmare. Last week, a large U.S.-focused mortgage company said it was booking nearly half a billion dollars in losses because it made a series of bum bets with derivatives, the complex financial instruments that companies use to hedge risks.

Asian currencies slip despite cloud over greenback
SCMP Jul 13, 2001
Battered Asian currencies slipped another peg yesterday even as reports circulated that the US dollar's safe haven status was crumbling.

Instability putting key fund loan of US$400m at risk
SCMP Jul 13, 2001
The Indonesian government cannot be certain of receiving a delayed US$400 million International Monetary Fund loan next month because of potential instability in the country, according to the fund's first deputy managing director, Stanley Fischer.

The Din of the Dollar Bears Is Almost Deafening
Baum, C. (Bloomberg) Jul 13, 2001
Everyone is negative on the U.S. dollar. From many-times-burned currency traders to the envious European press to international lending agency muckety-mucks, everyone insists that the dollar should, must, will fall because of the huge U.S. imbalances.

Argentina's Cavallo May Finally Be Out of Options
DeRosa, D. (Bloomberg) Jul 13, 2001
Argentine Economy Minister Domingo Cavallo has more moves than basketball star Michael Jordan. But everybody throws an air ball sometime -- yesterday was Cavallo's turn.

Bush's Steel Plan `Almost Heaven' - in West Virginia
Pine, A. (Bloomberg) Jul 13, 2001
Last November, Republican vice presidential candidate Dick Cheney promised West Virginians help for the steel industry if George W. Bush won the election. It worked. Bush narrowly won the historically Democratic state.

Regulating GMOs: Is the system broken?
Check Biotech Jul 13, 2001
Consumers on both sides of the Atlantic are wary of genetically modified (GM) foods, so much so that the promise of food biotechnology is threatened, said consumer advocates and UK scientists at a meeting on current issues in food biotechnology this week. At the same meeting, US Industry representatives and US regulators said current regulations in the US are adequate and that consumers are comfortable with the appearance of GM food in their grocery stores.

Argentina's Austerity Unnerves Neighbors
IHT Jul 13, 2001
Argentina's markets teetered Thursday on the verge of collapse after its latest effort to put its economy in order failed to win many supporters inside the country or out.

Sanitary, Phytosanitary Measures Committee Discusses Foot and Mouth Disease, BSE and Equivalence
WTO Jul 13, 2001
With its foot and mouth disease crisis now easing, the EU pressed fellow WTO members to tailor their trade measures more closely to science and international standards, in the 10-11 July 2001 meeting of the SPS Committee. Also discussed were other specific issues such as "mad cow disease" (BSE), and "equivalence" of sanitary and phytosanitary measures, part of the General Council's discussion on implementing the current WTO agreements.

Tech bubble fallout to linger
SCMP Jul 14, 2001
The United States economy will fail to make a convincing recovery for at least another two years as it works off the excesses of a technology-led bubble, according to one of the country's most respected economists.

Faking It: The Internet Revolution Has Nothing to Do With the Nasdaq
NYT Jul 15, 2001
When Internet stocks began their free fall in March 2000, the Internet was finally put in its proper place. It was nothing more than a fast delivery service for information -- that was what serious people who had either lost a lot of money in the late stages of the Internet boom or, more likely, failed to make money began to say now. The profit-making potential of the Internet had been overrated, and so the social effects of the Internet were presumed to be overrated. But they weren't. Speeding up information was not the only thing the Internet had done. The Internet had made it possible for people to thwart all sorts of rules and conventions. It wasn't just the commercial order that was in flux. Many forms of authority were secured by locks waiting to be picked. The technology and money-making potential of the Internet were far less interesting than the effects people were allowing it to have on their lives and what these, in turn, said about those lives.

Italy May Need to Go on a Maastricht Budget Diet
DeRosa, D. (Bloomberg) Jul 15, 2001
Italy is slipping up on its budget deficit, and other members of the European Union are beginning to take public notice. Italian Economic Minister Guilio Tremonti on Wednesday forecast his country's budget deficit this year could reach 2.6 percent of GDP. Almost everyone was under the impression that Italy's deficit would be as little as 0.8 percent.

WTO talks at final hurdles
SCMP Jul 16, 2001
Chinese and World Trade Organisation negotiators are poised to begin fresh talks in the hope of overcoming the remaining hurdles to Beijing's admission.

Do Economic Captains Hear the Storm Warnings?
Ignatius, D. (IHT) Jul 16, 2001
The global economy these days bears an eerie resemblance to that scene in "The Perfect Storm" where the meteorologists are looking at the swirling images at disparate points on the map. Yikes, they tell themselves, if all this bad weather comes together, it's going to be one hell of a blow.

Clumsy Sanctions
IHT Jul 16, 2001
This week the White House and Congress will consider whether the United States should punish foreign companies that do business with Cuba, Iran and Libya. The Helms-Burton Act and the Iran and Libya Sanctions Act, both passed in 1996, try to haul foreign companies into U.S. courts and bar the companies' executives from entering the United States. These laws only irritate U.S. allies. President George W. Bush and the House Financial Services Committee should act to neutralize the laws and seek other ways to promote democratic change in partnership with other nations.

As the World Ages, Pharmaceutical Companies Are Poised to Cash In   Recommended!
IHT Jul 16, 2001

Comment: Perhaps not the stock recommendations, but the general theme of the article is certainly worth looking at.
The two most powerful economic forces in the world today are technology and demography. The first is obvious, the second often ignored - or misunderstood.

WTO Pressed to Rule on U.S. Trade Law
IHT Jul 16, 2001
The European Union and eight national governments have asked the World Trade Organization to rule on a U.S. law allowing fines from anti-dumping cases to be paid to the American companies that instigated the complaints.

Why the euro area has failed to lead the world   Recommended!
Barrie, R. (Independent) Jul 16, 2001
At credit Suisse First Boston we expect the UK economy to grow faster than that of the euro area this year, and so, it would seem, do an increasing number of forecasters. For the record, our forecast is for the UK to grow by just over 2 per cent and the euro area by a little less than 2 per cent. And within the euro area it now looks unlikely that the German economy will grow by much more than 1 per cent. We expect the UK's growth advantage to be sustained next year, too.

Time for Trade   Wall Street Journal Subscription Required
WSJ Jul 16, 2001
Bush needs a policy victory. Fast-track negotiating power could be it.

Arrivederci, Summits: Should the G-8 Just Stay Home?
Pine, A. (Bloomberg) Jul 16, 2001
By anyone's reckoning, the heads of government attending this year's Group of Eight economic and political summit in Genoa, Italy, this coming weekend will have no dearth of serious problems to tackle.

Japan Needs To Stimulate Spending   Wall Street Journal Subscription Required
Feldstein, M. (WSJ) Jul 16, 2001
Without explicit policies to increase demand, the economic downturn will worsen.

Commerzbank's van Putten on Argentina, Philippines: Comment
Bloomberg Jul 16, 2001
Pieter van Putten, managing director of Commerzbank Asset Management Asia Ltd., which manages $550 million in Asia, excluding Japan, comments on the impact on the Philippines should Argentina default on its debts.

Baking in Bonn
Economist Jul 16, 2001
Another effort to revive the Kyoto Protocol on climate change has begun in Bonn. The threats posed by global warming look even more worrying, but the chances of progress remain slim.

Indonesian monopoly turns the screws
AT Jul 16, 2001
Five foreign-funded telecom operators who won revenue-sharing deals with the state monopoly PT Telkom in 1996 thought they were on a gravy train that would run for 15 years. But the rules have been constantly changed, culminating in one of the firms, AriaWest, having its contract terminated. The issue throws doubt on privatization plans for the telecom industry, and raises fears of further fallout with the government.

Argentine crisis threatens to cross borders
AT Jul 16, 2001
The seeds of another international financial crisis may have taken root in the Mercosur countries, where economic turbulence can soon spread in the footsteps of globalization and the financial upheaval in Argentina.

The U.S. Treasury and the Myth of Contagion   Recommended!
Pesek Jr., W. (Bloomberg) Jul 16, 2001
It must be nice to work for the U.S. Treasury, what with its rose-colored, all-is-well view of the global economy. Trouble in Argentina? No problem. Turmoil in Turkey? No worries. New cracks in Asia? Big deal.

Ties with Japan face further strain as salt tariff looms
SCMP Jul 17, 2001
Japan may impose high tariffs on Chinese salt imports to protect domestic manufacturers when it opens the salt market in April.

Bank's rescue arm $136b in debt
SCMP Jul 17, 2001
The Asian financial crisis left the Bank of Thailand's rescue arm in debt to the tune of 800 billion baht (HK$136.64 billion) according to Finance Minister Somkid Jatusripitak.

Europemedia: US no longer dominates email
Nua Jul 17, 2001
Europemedia reports that the number of email messages sent outside the US surpassed the number sent within the US for the first time last year.

Yankee Group: Digital divide apparent in Latin America
Nua Jul 17, 2001
A new report from the Yankee Group shows that the Internet market in Latin America is sharply divided.

The Register: Finland tops for technology   Recommended!
Nua Jul 17, 2001
Finland is the best country in the world for technology, followed by the US, Sweden, Japan, and South Korea.

ZDNet: IT services spending to boom in Asia
Nua Jul 17, 2001
Spending on IT services in Asia-Pacific (excluding Japan) is predicted to rise from USD15 billion last year to USD18 billion by the end of this year, and USD42 billion by 2005.

What Argentina Needs   Wall Street Journal Subscription Required
O'Grady, M.A. (WSJ) Jul 17, 2001
Buenos Aires should dollarize its economy.

Who Wants Duisenberg Out?   Wall Street Journal Subscription Required
Krauss, M. (WSJE) Jul 17, 2001
ECB President Wim Duisenberg's "pending" retirement is greatly exaggerated -- by self-interested critics.

SPS Committee Debates Equivalency; Foot-and-Mouth Revisited
BRIDGES Weekly Trade News Digest Vol. 5, Number 27 Jul 17, 2001

EU Cosies Up To South America On Trade
BRIDGES Weekly Trade News Digest Vol. 5, Number 27 Jul 17, 2001

Bush Asks Big Lenders to Increase Aid for Poor
IHT Jul 18, 2001
President George W. Bush proposed Tuesday that the big, multilateral lending institutions do far more for the health and education of people in the world's poorest countries, a proposal that one analyst described as a radical policy change for the administration.

China Defies Gravity of Global Slowdown
IHT Jul 18, 2001
China's economy grew an enviable 7.9 percent in the second quarter, making it an island of economic strength in a region again facing recession after recovering only briefly from the economic crisis of four years ago.

Key Foe of IMF Plan Quits Turkey Cabinet
IHT Jul 18, 2001
Turkey's transport and communications minister, who is seen as a impediment to the economic recovery program backed by the International Monetary Fund, resigned Tuesday, a move that could ease market turmoil that threatens the program's future.

Budget Pact Calms Markets in Argentina
IHT Jul 18, 2001
Argentina presented a united political front in the face of financial turmoil on Tuesday as a pact with opposition governors helped settle its shaky capital markets. Governors from the opposition Peronist Party agreed late Monday to sign on to President Fernando de la Rua's "zero deficit" plan, which calls for the federal and provincial governments to spend no more than they collect in revenues.

Gloom spreads with trade forecast
SCMP Jul 18, 2001
Singapore's worsening economic position was highlighted anew as the government said total trade would contract between 2 per cent and 4 per cent this year, sharply lower than its initial forecast.

EC Adopts Strategy to Promote Core Labour Standards and Social Governance Globally
EC DGT Jul 18, 2001
The European Commission on 18 July adopted a communication proposing an EU strategy to promote core labour standards and social governance globally. The communication proposes action at European and at international levels, to support the effective application of core labour standards at global level. The development dimension is central to the strategy, which aims to help developing countries apply core labour standards for social development. Commenting on the launch of the proposals, Commissioners Pascal Lamy (Trade) and Anna Diamantopoulou (Employment) said, "Citizens feel there is a need for an equitable global economic system which promotes social development and fundamental rights and that our current governance model does not adequately address this. Global market governance has developed more quickly than global social governance. We should rebalance the system to help promote social development and ensure that globalisation benefits all people and all countries."

Commerce Reduces Poverty
Marsden, K. (WSJE) Jul 18, 2001
The real victims of the Genoa protesters will not be the summiteers, but the world's poor.

Emerging Markets Down the Tubes
Roche, D. (AWSJ) Jul 18, 2001
Asian economies are showing the fatal symptoms of excess.

Argentina Puts on Straitjacket
DeRosa, D. (Bloomberg) Jul 18, 2001
Domingo Cavallo's latest economic plan for Argentina seeks to limit spending essentially by issuing the government a debit card.

European Inflation Slows in June, Putting Rate Reduction Back on Agenda
Bloomberg Jul 18, 2001
Europe's inflation rate fell in June for the first time in five months, making it easier for the European Central Bank to lower interest rates in coming months to boost the region's economy.

Greenspan Says Continued Weakness May Require More Fed Interest Rate Cuts   Recommended!
Bloomberg Jul 18, 2001
The U.S. economy shows signs of continued weakness and the Federal Reserve is prepared to lower interest rates again if growth doesn't pick up soon, Fed Chairman Alan Greenspan said.

Economist Jul 18, 2001
When the administration of President George Bush took office, it promised to kick America's addiction to economic sanctions. But with Congress about to extend sanctions against Iran and Libya, America is still hooked.

Greenspan's balancing act   Recommended!
Economist Jul 18, 2001
Alan Greenspan displayed cautious optimism about America's economic future in testimony to Congress on July 18th. While the chairman of the Federal Reserve did not rule out further interest-rate cuts he did make it clear that it was not possible to eliminate the business cycle.

When the chips are down
Economist Jul 18, 2001
Technology firms, especially chip makers, have produced another set of gloomy results and predictions. The industry's recovery will be further away than many had imagined.

Global Economic Forum Commentary   Recommended!
MSDW Jul 18, 2001
Global: Moment of Truth for the American Consumer, Global: Global Disconnect, Singapore: Policy Options, Japan: The Puppet Hypothesis and Turkey: Quo Vadis.

Taiwan Says Don't Ask, Don't Tell on the Currency
Bloomberg Jul 19, 2001
Taiwan's central bank has a message for those who say the island's currency is headed lower: Keep quiet.

BOJ's Okina Proposes Buying Forex Assets to Lift Money Supply
Bloomberg Jul 19, 2001
The Bank of Japan should consider buying foreign-currency securities and other assets from lenders to boost money supply, shifting its policy away from buying Japanese government bonds, the head of the bank's research arm said.

Lehman's Subbaraman on U.S., Asian Economies Outlook: Comment
Bloomberg Jul 19, 2001
Robert Subbaraman, a regional economist at Lehman Brothers Japan Inc., comments on the U.S. and Asian economies' outlook.

Spotting the Cracks
Economist Jul 19, 2001
The European Central Bank once again left interest rates unchanged at its meeting on July 19th. But with less than six months to go before euro notes and coins are issued in the 12 countries of the euro area, strains in Europe's economic and monetary union are beginning to appear.

'Shadow' Ministers Prod G-8 to Give Poor a Voice
IHT Jul 19, 2001
A group of statesmen including Henry Kissinger and Paul Volcker, the former Federal Reserve Board chairman, is urging the leaders of the world's top industrial countries to give less developed countries a seat at the table at their annual G-8 summit talks.

One, two, many (Asian) Argentinas
AT Jul 19, 2001
What the dollar peg did to Argentina's exports, collapsing US demand has done to Asia's - cut them drastically at a time when debt is growing faster than the economy. It is a minor miracle that with such debt traps well in the making throughout the region, an Argentine-style crisis of confidence has yet to hit full force. Will it hit? There can be little doubt about it. Can anything be done about it? No, although one noted economist believes he knows who has the solution - Donald Rumsfeld, the US defense secretary.

Cleaning Up Stock Market Research
NYT Jul 19, 2001
Investment banks will never be able to free themselves of all bias when their own interests are at stake.

How the bug can spread
Economist Jul 19, 2001
Argentina and Turkey are standing on the brink of financial chaos. Could another emerging-market meltdown be in the making?

Is America's economy at a turning point?   Economist Subscription Required
Economist Jul 19, 2001
Some of the most reliable leading indicators of activity have stopped falling, and some have even started to turn up.

Helping Poor Nations
Wanniski, J. (Polyconomics) Jul 19, 2001
It is about time a U.S. Treasury Secretary lectured the international financial institutions, which have been throwing money around for half a century while global poverty has either shown no advance or has gotten deeper.

Gene galaxies in the maize genome
Check Biotech Jul 19, 2001
Complete sequencing of higher eukaryotic genomes yielded the surprise that despite hundreds of millions of years of evolutionary separation and strikingly different sizes and body plans, diverse organisms contain nearly the same number of genes! Gene prediction is 30,000 for human, slightly lower for other animals, including 13,600 for the fruit fly Drosophila melanogaster, 18,400 for the nematode worm Caenorhabditis elegans, and 26,000 for the flowering plant Arabidopsis thaliana.

Global Markets' Expectations Low for G-8 Action
IHT Jul 20, 2001
As the heads of the world's rich nations gather here for their annual summit meeting, economists and bankers fear that a global leadership vacuum threatens to delay any swift recovery for an international economy already tilting toward recession.

Invisible Hand Guides Bush on Economy
IHT Jul 20, 2001
When world leaders gather Friday for the Group of Eight summit meeting in Genoa, the most influential member of President George W. Bush's economic team will be missing.

The EU? Poll Finds Public Skeptical and Indifferent
IHT Jul 20, 2001
A Europe-wide poll shows, and government ministers confirm, that the European Union faces strong public skepticism and indifference as it prepares to adopt a single currency in less than six months.

In Search of a Broader Consensus on Trade Talks
IHT Jul 20, 2001
Togetherness. That was the unusual theme ostentatiously played out in Washington this week by the world's two top trade negotiators - Robert Zoellick, the U.S. trade representative, and Pascal Lamy, the European Union trade commissioner. .In a single day, the harmonious duo went together to see John Wolfensohn, president of the World Bank; addressed a gathering of members of Congress and European parliamentarians on Capitol Hill; held a joint news conference, and pledged in an article in The Washington Post to work together to start a new round of trade negotiations.

Do as We Do, and Not as We Say
Krugman, P. (IHT) Jul 20, 2001
It wasn't true when Richard Nixon said it but it is true today: We are all Keynesians now - at least when we Americans look at our own economy. We give anti-Keynesian advice only to other countries.

Mercosur, Not the Peso, Makes Argentina Uncompetitive   Wall Street Journal Subscription Required
Guidotti, P.E. (WSJ) Jul 20, 2001
Tariffs and protectionist unions are holding a host of South American countries down.

Raise the Bar for Asia's Companies   Wall Street Journal Subscription Required
Chan, R.C. (AWSJ) Jul 20, 2001
If Asia wants to excel in the global economy, it needs to set standards that level the playing field.

U.S. at Odds With Europe Over Rules on World Drug Pricing
NYT Jul 20, 2001
The Bush administration and the European Union are engaged in a behind-the-scenes struggle over how to spend money to fight AIDS.

IMF Programmes with Turkey have Changed Over Time
Deppler, M. (IMF) Jul 20, 2001
Sir, Professor Oktay Yenal ("The irresponsible monetary fund", July 12) questions the analytics behind International Monetary Fund-supported programmes with Turkey. The analytics changed over time with Turkey's changing problems and the associated choices of the exchange rate regime.

Singapore Central Bank's Khor on Policy Transparency: Comment
Bloomberg Jul 20, 2001
Khor Hoe Ee, assistant managing director of the Economics department at the Monetary Authority of Singapore, comments on transparency of the island's monetary policy at a conference hosted by the central bank yesterday.

Slide in Brazil's Real May Not Be Over: Latin Markets
Bloomberg Jul 20, 2001
It's been a rough year for the real, Brazil's slumping currency, and things could get worse.

U.S. Treasury's O'Neill on Economic Outlook, Greenspan: Comment
Bloomberg Jul 20, 2001
Comments from U.S. Treasury Secretary Paul O'Neill on his forecast for growth in the U.S. economy compared with the outlook delivered to Congress earlier this week by Federal Reserve Board Chairman Alan Greenspan. O'Neill was interviewed on CNN cable television's 'Inside Politics'.

Yen Rally to One-Month High Is Probably Over: Currency Outlook
Bloomberg Jul 20, 2001
Citibank, which last month recommended investors stop selling yen for dollars, says it's a good time to bet against the Japanese currency again.

Sterling 10% Overvalued Against Deutsche Mark, Euro, BOE'S Wadhwani Says
Bloomberg Jul 20, 2001
The pound is about 10 percent overvalued against the deutsche mark and other currencies that make up the euro, a Bank of England policy maker said.

Bush's Vision for Dollar and Economic Realities
DeRosa, D. (Bloomberg) Jul 20, 2001
U.S. President George W. Bush on Wednesday declared that the value of the dollar ought to be determined by the market.

The Stronger U.S. Dollar Is Here to Stay
Pesek Jr., W. (Bloomberg) Jul 20, 2001   Recommended!
Live with it! That's the clear message the Bush Administration is sending the nation's manufacturers, farmers, trade unions and anyone else who wants the U.S. to lower the dollar's value. That takes the risk of a pact to weaken the dollar off the table for this weekend's Group of Eight summit meeting.

The challenge at Genoa
Economist Jul 20, 2001
Against a backdrop of mass protest and street violence, the G8 summit is taking place in Genoa. Meeting behind the tightest security ever seen at such an event, the leaders face huge obstacles in reconciling their differences.

World Bank accused of fraud in Internet scheme
AT Jul 20, 2001
James Wolfensohn, the World Bank's president, and Richard Stern, a former vice president, have been singled out in a complaint submitted to the lending agency's fraud unit. At issue is a bank effort to build the Internet's premier portal on poverty and sustainable development.

US maintains normal relations
SCMP Jul 21, 2001
The United States House of Representatives has voted to extend normal trade relations with China for another year.

Italian Protester Is Killed by Police at Genoa Meeting
NYT Jul 21, 2001
A 23-year-old Italian was shot and killed by the police during a riot near the meeting of leaders of the world's largest industrialized nations in Genoa, Italy.

Derivatives Make Firms Wary
IHT Jul 21, 2001
American Express "did not fully comprehend the risk" it was taking, admitted its chief executive, Kenneth Chenault, as he explained corporate America's latest bath.

G-7 Protests Overshadow Meeting's Failures
DeRosa, D. (Bloomberg) Jul 22, 2001
The fatal wounding of a protester by police outside Friday's meeting of the leaders of the Group of Seven industrialized nations in Genoa is bound to step up the worldwide rhetoric against globalization.

G-8 Vows to Attack Poverty
IHT Jul 23, 2001
Ending a three-day summit meeting that was marred by unprecedented violence and the death of one demonstrator, leaders of the Group of Eight nations promised Sunday to work together toward alleviating world poverty, especially in Africa.

Leaders Start to Rethink the Big-Summit Format
IHT Jul 23, 2001
For years now, critics of the Group of Eight summit process have argued that the annual gatherings have moved far away from their original intent, as an informal and small meeting of world leaders aimed at coming up with coordinated policies to maintain global economic growth and stability.

As Blair Waits for the Right Euro Moment, Opinion Shifts
IHT Jul 23, 2001
About three weeks ago, following Prime Minister Tony Blair's re-election victory, a major London newspaper offered evidence, a bit startlingly, that British attitudes about joining the euro had gone two ways at once. Was It Only a Mirage?
IHT Jul 23, 2001, the first celebrated e-commerce company, is now the last big one standing. And not very solidly.

Shifting Cycles: New Economy Becomes the Only Economy   Recommended!
IHT Jul 23, 2001
Until recently, the "tech cycle" and the "business cycle" were largely independent of each other. The tech sector was so small that its booms and busts did not significantly affect the direction of the overall economy. And because technology gave businesses the tools to improve efficiency and increase sales, companies tended to invest in it through good times and bad. .But in the past decade, the technology sector seems to have had an outsized effect, suggesting to some economists that a full-fledged economic rebound will not begin until the technology cycle turns up.

Downturn forms gloomy backdrop
SCMP Jul 23, 2001
Southeast Asian foreign ministers gather today for annual talks seeking to put the region back on the investment map as a resurgent China threatens to steal their economic thunder.

Genoa's Folly
WSJ Jul 23, 2001
In Seattle Clinton encouraged the protestors. Now one lies dead in Italy.

The Imperialism of Compassion   Wall Street Journal Subscription Required
Landsburg, S.E. (WSJ) Jul 23, 2001
Don't make poor people give up their jobs in the Third World.

How to Really Help the Poor   Wall Street Journal Subscription Required
WSJE Jul 23, 2001
Riots and vandalism aren't going to do it.

Charting a New Course   Wall Street Journal Subscription Required
Macapagal-Arroyo, G. (AWSJ) Jul 23, 2001
As president, I'll promote prosperity. The Philippines deserve no less.

G-8 and Main Protest Groups Agree on Stopping Violence
NYT Jul 23, 2001
As both sides left Genoa, the leaders of the major industrialized nations who met here and the mainstream protest leaders began reflecting today on how to carry out their goals while avoiding the fatal violence that marred this year's meeting. About all they agreed upon was: never again.

China's Future Caught in the Web
SCMP July 23, 2001
Speculation over the political effects of the Internet on the mainland seems to be growing, with policymakers, politicians, reporters and analysts all offering their own two-cents' worth.

The Dot-Com Future
Rockwell Jr., L.H. (Mises Daily) Jul 23, 2001
Webvan, the cockamamie scheme to provide groceries over the Internet, has gone belly-up. Maybe that was in the cards regardless, but it is a paradigmatic case. Owners of dot-com stock funds regret ever having heard of the Internet.

Moore hails G-8 pledges on development and poverty alleviation
WTO Director-General Mike Moore, on 23 July 2001, praised leaders from the Group of Eight nations for stepping up their efforts towards the alleviation of poverty and the promotion of economic growth in developing countries.

China's Internet Crackdown
Independent Jul 23, 2001
Communist officials have ordered the closure of 2,000 of the country's Internet cafés and "suspended" another 6,000. "Ostensibly, the anti-net drive is a response to a wave of parental complaints that their children are accessing too much pornography," London's Independent reports. "But there are suspicions that the government has found an excuse to limit people's access to material it considers politically subversive."

Rupiah Holds Gains; Megawati Rule May Prompt Growth, IMF Loans
Bloomberg Jul 24, 2001
The Indonesian rupiah, which had its biggest rise in three years yesterday, held gains on hopes the country's new president will spur growth and improve relations with the International Monetary Fund.

CSFB's Tanaka; Dollar to Rise to 132 Yen by Year-End
Bloomberg Jul 24, 2001
Taisuke Tanaka, a strategist at Credit Suisse First Boston Inc., comments on the U.S.'s strong- dollar policy, Japanese Prime Minister Junichiro Koizumi's plan to revive the nation's economy, the Bank of Japan's next action, and the dollar-yen rate.

U.K. Treasury Officials Deny Ruling Out Vote on Euro in Current Parliament
Bloomberg Jul 24, 2001
The U.K. government denied a newspaper report that Treasury officials have ruled out a referendum on joining the single European currency during the current parliament, scheduled to end in 2006.

Without U.S., 178 Nations Advance Kyoto Pact
IHT Jul 24, 2001
The world's nations, minus the United States, accepted treaty rules Monday that for the first time would require industrialized countries to cut emissions of waste gases linked to global warming.

Downer calls for neighbourly comments to confront future
SCMP Jul 24, 2001
Australia wants a shake-up of the Association of Southeast Asian Nations (Asean), saying that the 10-member group would struggle to offset the challenges posed by a resurgent China unless it becomes more open.

The future of e-tailing
Economist Jul 24, 2001
While some companies are making a success of selling things on the Internet, it is still not clear who the successful e-tailers of the future will be. From the evidence so far, it seems that simple business models designed to keep costs low and profits high are the most likely to succeed. What a surprise.

Scientists Are Starting to Add Letters to Life's Alphabet   Recommended!
NYT Jul 24, 2001
Scientists are taking the first steps toward creating alternative life forms — organisms that use a genetic code different from the one used by all other creatures on earth.

A Global Roadmap for Modern Biotechnology   Recommended!
Check Biotech Jul 24, 2001
This Global Roadmap for Modern Biotechnology has been formulated in recognition of biotechnology as a rapidly emerging, intrinsically complicated, and far-reaching new technology. Developing this technology into an industry confronts many of the challenges common to emerging, technology-based industries, including: research & development; creation of investment capital; technology transfer; market penetration; protection of property rights; pricing and regulation.

Ethical Considerations: Playing God or Doing God's Work?
Check Biotech Jul 24, 2001
Food safety and environmental protection tend to take center stage in agricultural biotechnology policy debates. In this edition, however, we focus on religious, moral and ethical considerations coming into play as this technology is developed and applied.

General Council: Still No Movement On Implementation
BRIDGES Weekly Trade News Digest - Vol. 5, Number 28 July 24, 2001
WTO Members on 20 July met for a General Council (GC) Special Session on Implementation in an attempt to bridge some of the gaps that still remain between the different country positions on implementation issues. To advance this process, GC Chair Stuart Harbinson and WTO Director-General Mike Moore on 13 July had circulated a paper outlining so-called "do-able" implementation concerns. Many developing country Members at the 20 July meeting expressed their disappointment with the paper, saying that it did not 'live up to expectations'. Few delegates, however, commented on its details, showing a general unwillingness to move on implementation issues.

G-8 Leaders Support New Round Amid Violence
BRIDGES Weekly Trade News Digest - Vol. 5, Number 28 July 24, 2001
Leaders from Group of Seven major industrialised countries plus Russia (G-8) met in Genoa, Italy from 20-22 July for their annual informal summit. In their final statement, the leaders asserted their determination to "make globalisation work for all our citizens and especially the world's poor". Against a backdrop of anti-globalisation protests, the G-8 maintained that, "the most effective poverty reduction strategy is to maintain a strong, dynamic, open and growing global economy [emphasis added]." Their final statement endorsed the launch of an ambitious new round of global trade talks with a balanced agenda at the WTO Ministerial Conference in Doha this November. The G-8 confirmed their pledge made at the May 2001 Third UN Conference on Least-developed Countries (LDCs) to work towards duty-and quota-free access for all products originating in LDCs supplemented by further assistance to LDCs.

Last Steps On Road To Chinese WTO Accession
BRIDGES Weekly Trade News Digest - Vol. 5, Number 28 July 24, 2001
On 20 July, delegates of China's Accession Working Party met anew with the purpose of ironing out the last two unsettled stumbling blocks on services and tariff rate quotas.

WTO Agriculture Negotiations Plow Through Export Subsidies
BRIDGES Weekly Trade News Digest - Vol. 5, Number 28 July 24, 2001
From 23-27 July, the WTO Special Session of the Committee on Agriculture will continue informal deliberations on issues related to export competition and food security in world agricultural trade. Specific topics to be addressed by the special session include: export subsidies, export credits, state trading enterprises, export restrictions, food security and food safety.

O'Neill Formula: Aid to Brazil but No Open Hand
IHT July 25, 2001
U.S. Treasury Secretary Paul O'Neill said he would support a new aid package to ease problems in Brazil, but he sharpened his overall critique of the global financial system, saying he did not want the United States simply to continue playing the role of economic 'fireman'.

Brazil's Search for Some Preventive Medicine
DeRosa, D. (Bloomberg) Jul 25, 2001
Officials are making the rounds in Washington, arguing for more loans and assistance for their strained economy. And they have a powerful argument: Without bolstering its economy, Brazil might not be able to withstand the storm if Argentina defaults on its debt.

Japan's Bubble Is Back, This Time in Bonds
Pesek Jr., W. (Bloomberg) Jul 25, 2001
Japan has a long history of taking good business ideas and improving on them. Electronics, automobiles, computers, you name it. Japanese policy makers have taken things a step further -- making bigger and better financial bubbles.

Strict rules will curtail capital flight
SCMP Jul 25, 2001
China will tighten controls over foreign exchange dealings to curb capital flight that could undermine the stability of the yuan, the Financial News reports.

EU agrees to allow US more time to comply with WTO ruling on anti-dumping law
EC DGT Jul 25, 2001
The European Union has agreed to allow the US more time to implement a World Trade Organisation ruling against anti-dumping/anti-trust legislation dating from 1916. The extension, which comes further to a US request to the WTO's Dispute Settlement Body, would give the US until 31 December 2001 to implement the WTO ruling that condemned the act. EU Trade Commissioner Pascal Lamy said: "I note with satisfaction that the US intends to comply fully with the WTO rulings - and, in this context, we are ready to give them a little more time if that is needed to resolve this question."

They just don't get IT   Recommended!
Economist Jul 25, 2001
With the continued fall in spending on information technology, firms are facing an increasingly miserable time. There is unlikely to be any relief for another year; for those unfortunate enough to be in the telecoms business, the misery may last even longer.

Philippines urged to adopt dollar currency
AT Jul 25, 2001
A senior researcher suggests the Philippines should drop its peso currency in favor of the United States dollar, saying this would be one way to eliminate currency fluctuations. He does warn, however, that the government would lose revenue currently derived through the monetary authority issuing currency.

China's US$180b foreign reserves take heat off hot-money flows
SCMP Jul 26, 2001
With its foreign reserves at an all-time high, China may soon again be turning a blind eye to 'hot money' flows to Hong Kong, according to analysts.

We Could Have Done Without the Genoa Circus
Pfaff, W. (IHT) Jul 26, 2001
A happy result of the Group of Eight meeting would be an end to Group of Eight meetings. .Happier yet would be a serious reconsideration of the ideology of deregulation and free trade expansion, which drives globalism and inspires activists to wreck G-8 meetings.

Nomura's Toyahara Says Dollar to Extend Drop: Currency Comment
Bloomberg Jul 26, 2001
Takashi Toyahara, a forex manager at Nomura Securities Co., made the following comments on the dollar's decline to a two-month low against the euro.

O'Neill Says Strong Dollar Won't Hurt U.S. Growth, Stocks Not Overvalued
Bloomberg Jul 26, 2001
The strong dollar won't keep the U.S. economy from returning to the growth rates of the late 1990s, and investors have not over-valued stocks, Treasury Secretary Paul O'Neill said.

The World Bank Is Wrong to Oppose Grants   Wall Street Journal Subscription Required   Recommended!
Lerrick, A. & A.H. Meltzer (WSJ) Jul 26, 2001
Loans to poor countries don't pay. So why not tie the money to performance and give it away?

Free Trade With Vietnam
NYT Jul 26, 2001
Both the United States and Vietnam would benefit from the free trade agreement awaiting approval by Congress.

White House Looks a Bit ECBesque These Days
Pesek Jr., W. (Bloomberg) Jul 26, 2001
Robert Rubin, the father of the strong U.S. dollar policy, yesterday made an appearance on Capitol Hill. The former Treasury secretary came to weigh in on a variety of issues, including U.S. dollar policy. For currency traders starved for clarity on exactly what that is these days, it was the verbal equivalent of comfort food.

WTO expands to 142 members
WTO Jul 26, 2001
Moldova officially became the 142nd member of the WTO on 26 July 2001--30 days after it notified the organization that it had completed domestic ratification procedures. The WTO General Council approved the country's accession package last May.

Europe's stock exchanges
Economist Jul 26, 2001
Competition among Europe's bourses is keener, thanks to bear markets, new technology and the euro. Liquidity and trading costs will decide who wins

Playing games with prosperity
Economist Jul 26, 2001
The world desperately needs to launch a new trade round at Doha in November. It is having a struggle to get there.

A global euro?   Economist Subscription Required   Recommended!
Economist Jul 26, 2001
Can the euro rival the dollar as an international currency?

Russia and the WTO   Economist Subscription Required
Economist Jul 26, 2001
For Russia to join the WTO, there is no shortage of goodwill—nor of obstacles.

Tokyo July Consumer Prices Steady; Bank of Japan to Stick With Zero Rates
Bloomberg Jul 26, 2001
Tokyo's consumer prices, excluding fresh food, were unchanged this month, suggesting the central bank will keep interest rates at close to zero well into next year as the country remains trapped in deflation.

European June M3 Money Supply Growth Accelerates to 6.1% From 5.1% in May
Bloomberg Jul 26, 2001
Money supply grew faster in the dozen nations sharing the euro during June, damping expectations the European Central Bank will cut interest rates

Growing the Future   Wall Street Journal Subscription Required
Driver, N. & M. Goettl (AWSJ) Jul 27, 2001
China seems certain to pursue genetically-modified foods.

A Trans-Atlantic Single Market?   Wall Street Journal Subscription Required
WSJ Jul 27, 2001
Britain's chancellor takes the lead.

The eagle's hard landing?
Economist Jul 27, 2001
America's economic recovery has yet to get under way, judging by figures released on July 27th. They showed that in the second quarter of the year GDP grew even more slowly than it did in the first three months.

More Money Double Talk From the Bank of Japan
DeRosa, D. (Bloomberg) Jul 27, 2001
I would have loved to have been privileged to listen in on any recent conversations between Sakuya Fujiwara, deputy governor of the Bank of Japan, and Kunio Okina, head of the BOJ's research department. Looks to have been a good punch- out over monetary policy and foreign exchange.

GEM rules tightened to lift quality of listed firms after weak performances
SCMP Jul 28, 2001
Rules for companies wanting to list on the Growth Enterprise Market (GEM) have been tightened after a year-long review by market regulators.

Don't Write Off Internet Commerce
Gillmor, D. ( Jul 28, 2001
If you take some recent news at face value, you'd have to conclude that the bricks have all but killed the clicks. Webvan Group is in bankruptcy proceedings. is hurting. Online spinoffs like Kmart's are returning to the roost. Don't make the mistake, however, of writing off the concept of online retailing. And don't think that traditional stores can, or should, return to business as usual.

Technology Pros Discuss What Comes After the Fall
NYT Jul 29, 2001
The American economy may or may not be in a recession; but the information technology industry surely is, with no sign of an upturn. Lately, Silicon Valley, fabled for its invention, its can-do mentality and its dot-com fever, is looking a lot less fabled.

Argentina Never Runs Short of Financial Tricks
DeRosa, D. (Bloomberg) Jul 29, 2001
One thing emerging markets nations should learn from Argentina is don't make budget promises that can't be kept. That is doubly important when the International Monetary Fund is listening.

Business Wire: 80m world broadband users by 2004
Nua Jul 30, 2001
The global broadband audience will top 80 million by 2004, says a new report.

The Industry Standard: IT services spending to soar
Nua Jul 30, 2001
Global spending on IT services will hit USD700.3 billion by 2005, up from USD439.9 billion this year.

Poor economy puts pressure on banks
SCMP Jul 30, 2001
The weakening banking industry is coming under increasing pressure as the economy takes a turn for the worse, making the sector more vulnerable to the danger of a domestic financial crisis.

At Home and Abroad, Calls for Weaker Dollar
IHT Jul 30, 2001
A strong dollar cuts into earnings by dulling a company's competitive edge overseas and through the reduction of profits earned abroad when they are translated back into dollars. This translation is also deepening the stock market losses for Americans investing outside their home markets. Analysts See Subtle Signs of a Policy Shift.

Letting the Dollar Alone
NYT Jul 30, 2001
For the time being, President Bush and Paul O'Neill, the secretary of the Treasury, should sit back and allow economic trends to influence the currency's position.

Germany's Need for Immigrants
NYT Jul 30, 2001
Germans will have to overcome their traditional discomfort with immigration if their nation is to remain an economic power over the next half-century.

Tackling trade
Economist Jul 30, 2001
The director-general of the World Trade Organisation is giving a blunt warning that, without urgent progress, prospects for the new round world trade talks to be launched in Doha in November look bleak.

Hands Off the Currencies!
Lemieux, P. (LFCT) Jul 30, 2001
A debate about dollarization has been raging in Canada over the last few months. (No, I won't make the easy joke that Canada is already dullarized enough!) "Dollarization" has become the standard term to describe the adoption of a foreign currency, whether it be the U.S. dollar (which is usually the case) or some other currency. In the Canadian context, dollarization means using the U.S. dollar instead of the Canadian dollar. In a recent opinion poll among Canadian business executives and business owners, 45% answered Yes to the question, "Should Canada adopt the U.S. dollar?", while 42% said it was a bad idea. A majority of those who wanted to keep the loonie (Canadian dollar) cited "independence/sovereignty" and "national pride/emotional appeal."

Duisenberg to Remain as ECB President for Full Term, EU's Solbes Says
Bloomberg Jul 30, 2001
Wim Duisenberg is likely to serve out his full eight-year term as European Central Bank president, defying pressure to step down early, European Monetary Affairs Commissioner Pedro Solbes said.

A Yen for Koizumi, But Not Japan's Currency
Pesek Jr., W. (Bloomberg) Jul 30, 2001
Koizumania reached a fever pitch yesterday as the wildly popular Junichiro Koizumi led his unpopular Liberal Democratic Party to an election victory. The prime minister's win could mean many things for Japan's economy, the most immediate being a weaker yen.

Discord Mars WTO's Prospects
IHT Jul 31, 2001
Member countries of the World Trade Organization were struggling Monday to ensure that a new round of global trade talks begins this autumn amid warnings that the poorest countries would suffer most if no talks took place.

Argentine Senate Backs Austerity Bill
IHT Jul 31, 2001
The government's key austerity bill was finally passed by the Senate on Monday in a move seen as crucial to allaying fears of a debt default and helping the sickly economy out of crisis. .In a predawn vote after an all-night debate, the opposition-dominated Senate approved the unpopular bill to end deficit spending and slash state salaries and some pensions by up to 13 percent.

Qatar Offers the Best Chance For Economic Recovery   Wall Street Journal Subscription Required
Melloan, G. (WSJ) Jul 31, 2001
We're likely to get a global recession if trade barriers don't come down.

Broadband struggle in the Philippines
AT Jul 31, 2001
Although Philippine Communications Clearinghouse Inc has been blocked once by the government from forming a monopolistic national telecommunications backbone, moves are underfoot for another try, this time involving the Lopez group, the largest infrastructure conglomerate in the country.

Ghosts of Seattle
AT Jul 31, 2001
The World Trade Organization's 141 members are still hopelessly divided over November's new round of global talks, so much so that they have missed a deadline for setting the agenda for the talks. This is despite predictions that new negotiations would stimulate the world economy with a contribution equivalent to twice that of the economy of China.

Indonesia: 140 million farmers and not enough rice
AT Jul 31, 2001
The above is a numbing statistic, and the fact remains that Indonesia is the biggest rice importer in Asia. As the country has no clear policy on food security, it is difficult for international donors to help it achieve rice self-sufficiency.

EU Calls for Convergence at WTO
EU DGT Jul 31, 2001
Mogens Peter Carl, Director General for Trade at the European Commission, said there was growing convergence on a broad, substantive negotiating agenda at the forthcoming World Trade Organisation Ministerial meeting. Speaking on 30 July at a special session of the WTO General Council meeting to take stock of preparations for a new trade round, Carl noted the close co-operation between the European Union and the US on the agenda for a Round in recent months. Carl welcomed in particular the US's clear support at the meeting for negotiations on investment and competition.

No Progress On Doha Agenda At WTO's 'Reality Check'
BRIDGES Weekly Trade News Digest - Vol. 5, Number 29Jul 31, 2001
At a much-awaited informal meeting of the WTO General Council (GC) on 30-31 July, Members remained far apart on agreement over elements of an agenda for the WTO's Fourth Ministerial Conference from 9-13 November in Doha, Qatar. Intended as a 'reality check' 100 days before the Ministerial, Members failed to use the opportunity to advance on what could appear on a Ministerial Declaration, and instead forwarded statements that for the most part re-iterated previously-known positions.

LDCs Say 'Not Ready' For New Round
BRIDGES Weekly Trade News Digest - Vol. 5, Number 29Jul 31, 2001
Trade ministers from the 49 Least-Developed Countries (LDCs) met in Zanzibar, Tanzania on 22-24 July and formed a common front towards the upcoming WTO Ministerial Conference in Doha. The meeting was an initiative of the Tanzanian government to build consensus among LDCs outside the UN framework. In a statement widely taken to be a rejection of the launch of a new round of multilateral trade negotiations in November, the LDCs expressed their determination to "reverse the marginalisation of our countries in international trade and enhance LDCs' effective participation in the multilateral trading system". The countries agreed on a draft Development Agenda containing negotiating objectives and proposals of LDCs for use at Doha.

TRIPs Continues Discussions On Medicines
BRIDGES Weekly Trade News Digest - Vol. 5, Number 29Jul 31, 2001
WTO Members at an informal meeting of the WTO Council for Trade-Related Aspects of Intellectual Property Rights (TRIPs) on 25 July discussed issues related to TRIPs and access to medicines in preparation for the next formal TRIPs Council meeting in September and the WTO Ministerial Conference in Doha, Qatar, in November. After raising a broad range of issues during a special day of discussions at the last Council meeting in June, WTO Members agreed to focus on issues related to the objectives and principles of the TRIPs Agreement, compulsory licences and parallel imports.

Argentina seeks $2.3bn in swap and tax bond   Recommended!
Euromoney Jul 31, 2001
The Argentine ministry of finance is in talks with local market makers and banks to swap $1.3 billion in short-term treasury bills. The swap looks likely to happen this week. The government is also planning a 'patriotic bond', whereby provinces and multinationals pay $1 billion in tax a year early.

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