Asian giants China and Japan vow to boost global recovery
TOKYO: Global economic giants Japan and China yesterday pledged to throw their combined weight behind efforts to revive the struggling world economy after talks aimed at boosting trade between the two powers. The world's second and third largest economies also called for a resumption of stalled international talks to free up global trade and said they would launch joint assistance programs for developing countries for the first time.
On the global economic and financial crisis, both countries agreed to implement what was agreed at the London summit swiftly and in a solid manner in order to realize the global economic recovery as soon as possible," said Japan's delegation leader, Foreign Minister Hirofumi Nakasone.
At their London summit in April, the Group of 20 developed and major emerging economies agreed to commit one trillion dollars to the International Monetary Fund and other global bodies to help struggling economies.
Monday, June 8, 2009
Settlements row with US may cloud Israel economy
TEL AVIV: Israel's economy, unscathed by costly wars in Lebanon and Gaza, faces a new challenge, this time from an ally-the United States. Differences with US President Barack Obama over Jewish settlement of occupied West Bank land that Palestinians want for a state has some experts predicting a price in terms of US fiscal support and investment for Israel. Some diplomats say Washington could eventually reconsider Israel's receipt of hefty US loan guarantees or $3 billion in annual defense aid.
That wouldscare off foreign investors seeking a buffer against Middle East instability.There are also signs the European Union, Israel's biggest export market, could follow the American lead by making a concerted push to prevent products from settlements from receiving tax privileges within the 27-nation bloc. Though marginal, settler products could harm Israeli exports as a whole by forcing an overhaul of labeling practices.
European clients may wonder if Israel is worth the hassle. But any changes in US policy are unlikely to come soon. Obama must contend with pro-Israel backing in Congress, and Israeli Prime Minister Benjamin Netanyahu could pre-empt a confrontation by changing the make-up or peace policies of his right-leaning coalition government.
TEL AVIV: Israel's economy, unscathed by costly wars in Lebanon and Gaza, faces a new challenge, this time from an ally-the United States. Differences with US President Barack Obama over Jewish settlement of occupied West Bank land that Palestinians want for a state has some experts predicting a price in terms of US fiscal support and investment for Israel. Some diplomats say Washington could eventually reconsider Israel's receipt of hefty US loan guarantees or $3 billion in annual defense aid.
That wouldscare off foreign investors seeking a buffer against Middle East instability.There are also signs the European Union, Israel's biggest export market, could follow the American lead by making a concerted push to prevent products from settlements from receiving tax privileges within the 27-nation bloc. Though marginal, settler products could harm Israeli exports as a whole by forcing an overhaul of labeling practices.
European clients may wonder if Israel is worth the hassle. But any changes in US policy are unlikely to come soon. Obama must contend with pro-Israel backing in Congress, and Israeli Prime Minister Benjamin Netanyahu could pre-empt a confrontation by changing the make-up or peace policies of his right-leaning coalition government.
'Buy American' plan leads to ire, chaos
WASHINGTON: The "Buy American" plan in US economic stimulus legislation is drawing increasing fire from US trading partners and also has led to confusion as government agencies try to implement the strategy. Ironically, the measure is backfiring on some US firms that are being disqualified from contracts if they use non-American materials, and making it difficult to determine who can qualify, say some business leaders.
The plan was included by President Barack Obama's administration in the nearly $800 billion US stimulus package adopted earlier this year that required projects funded with stimulus money to use only US-made steel, iron and manufactured goods.Singapore was the latest among key US allies such as Canada and Japan to express concern over the restriction, warning that it could "beget other actions and then cause the situation to snowball in the wrong direction."
The Buy American requirements were already facing retaliation from Canada and could cause job losses and decline in trade, essential to jolting the world's largest economy from prolonged recession, warned the US Chamber of Commerce, a top business lobby of more than three million businessesand groups.
WASHINGTON: The "Buy American" plan in US economic stimulus legislation is drawing increasing fire from US trading partners and also has led to confusion as government agencies try to implement the strategy. Ironically, the measure is backfiring on some US firms that are being disqualified from contracts if they use non-American materials, and making it difficult to determine who can qualify, say some business leaders.
The plan was included by President Barack Obama's administration in the nearly $800 billion US stimulus package adopted earlier this year that required projects funded with stimulus money to use only US-made steel, iron and manufactured goods.Singapore was the latest among key US allies such as Canada and Japan to express concern over the restriction, warning that it could "beget other actions and then cause the situation to snowball in the wrong direction."
The Buy American requirements were already facing retaliation from Canada and could cause job losses and decline in trade, essential to jolting the world's largest economy from prolonged recession, warned the US Chamber of Commerce, a top business lobby of more than three million businessesand groups.
Subscribe to:
Comments (Atom)