GoldNews.Biz اخبار اقتصادی ايران وجهان خبرهای ارز طلا سکه
  اخبار اقتصادی ايران و جهان،خبرهای ارز، طلا و سکه

صفحه اصلی جدیدترین اخبار از خبرگزاری های خارجی جدیدترین اخبار از خبرگزاری های ایران ارتباط باما












economist Thu, 22 Mar 2018 15:48:00 +0000
Li Ka-shing cedes a sprawling empire to his son

“TOO long” was how Li Ka-shing, known fondly by locals as chiu yan (Superman) for his business nous, described his working life when he announced on March 16th that he would be retiring in May. Asia’s pre-eminent dealmaker has been around for longer than his fictional namesake, scoring and selling assets in ports, telecoms, retail and property to amass a fortune estimated at $36bn.

Few expect Mr Li, who will turn 90 this summer, to hang up his cape for good. He says he will stay on to advise his eldest son, Victor Li, who will inherit his two main businesses. The first is CK Hutchison, a conglomerate with interests in power plants, perfume and much in between. It runs 52 ports and owns 14,000 high-street stores, including Watsons at home and Superdrug in Britain. The second is CK Asset, one of Hong Kong’s biggest property developers. Combined they are worth $79.7bn.

At the press conference the younger Mr Li made all the right noises. “When I return to work tomorrow, it will be the same,” he told...Continue reading

economist Thu, 22 Mar 2018 15:48:00 +0000
Why tariffs on steel and aluminium are easier said than done

HISTORY will rhyme on March 23rd, when Donald Trump’s tariffs on steel and aluminium imports are due to come into force. Several previous presidents, from Ronald Reagan to Barack Obama, also used tariffs in an attempt to protect America’s steel producers from foreign competition. (There are historical echoes, too, in Mr Trump’s plans to slap tariffs on a range of Chinese imports; in the 1980s Japan was the target.) A rhyme is not a repeat. But past experience is not encouraging.

The central problem for America’s policymakers is that trade is like water. Block its flow in one place and pressure builds elsewhere. When many countries are covered by tariffs, trade may simply be diverted through those countries that are let off the hook. Importers will howl for exemptions. As a result, whatever the Trump administration’s broader ambitions with respect to trade, bellicose unilateralism will make them harder to achieve.

In 1982 America browbeat the European Community, the forerunner of the European Union, into limiting its steel exports...Continue reading

economist Thu, 22 Mar 2018 15:47:55 +0000
Wall Street looks overvalued

FEW measures of stockmarket valuation are as controversial as the cyclically adjusted price-earnings ratio, or CAPE. American equities have looked expensive on this measure for most of the past 20 years, which is why many bulls tend to dismiss its usefulness. It is pretty clear that the CAPE does not help investors to time the market.

But a new paper* from Research Affiliates, a fund-management group, explains why many criticisms are overblown. The strongest case for the measure is that a higher ratio tends to be associated with lower long-term returns. A study of 12 national markets shows that a 5% increase in the CAPE, from 20 to 21, say, tends on average to reduce the total ten-year expected return by four percentage points.

The attraction of the CAPE is that it smooths out the vicissitudes of the profit cycle. In a recession, profits can plunge even faster than share prices. So if you look only at the ratio of a share price and the previous year’s profits, the market can look very expensive....Continue reading

economist Thu, 22 Mar 2018 15:47:55 +0000
Can’t hardly wait

LIKE teenagers, central bankers long to feel normal. For many of them (the central bankers, that is), the past decade has been an unusually angst-ridden one. They stumbled through it, confused by the way their policymaking bodies were changing, unsure what to do with their interest rates, embarrassed by their burgeoning balance-sheets. Teenagers often seek to quell their anxiety and insecurity by imitating behaviour they regard as normal. So too for central bankers.

But the desire to normalise policy, and leave crisis-era measures behind, could distract central bankers from their main goals, namely to support growth and control inflation. The Bank for International Settlements, a global club for central bankers, recently urged officials not to let market jitters discourage them from raising interest rates. Yet at worst, chasing some elusive notion of normal could put the global recovery at risk.

What central bankers mean by normalising policy is clear enough. As Peter Praet, the chief economist of the European Central Bank (ECB), explained in a recent speech, to normalise is to end their reliance on “unconventional” or “non-standard” tools such as quantitative easing (QE, the printing of new money to buy assets). It means returning to a familiar world in which adjustments to interest rates are their main policy lever.

Central bankers make no...Continue reading

economist Fri, 23 Mar 2018 18:33:04 +0000
Ukraine convinces Ryanair to return

ALMOST one year ago to the day, Ryanair, Europe’s largest low-cost carrier, announced plans to begin serving Ukraine. The eastern European country had been a glaring hole in the airline’s route network, deliberately avoided because of the anti-competitive advantages afforded to Ukraine International Airlines (UIA), the flag carrier based in Kiev, the capital city. A new infrastructure minister, Volodymyr Omelyan, brokered the deal between Ryanair and Boryspil Airport, Kiev’s main gateway and home base of UIA. But it collapsed within months. Now, Ryanair, the government and the airport are trying again.

On March 23rd Ryanair announced that it will launch ten routes to Kiev and five to Lviv in October. The most recent move marks a scaling up of Ryanair’s original plan. The airline never lost interest in serving Ukraine, but said its business confidence was “dented by the Kiev experience”. Continue reading

economist Fri, 23 Mar 2018 10:03:18 +0000
Markets think trade war is good for "absolutely nothing"

IN THE original Godzilla movie, made in Japan back in 1954, the testing of American nuclear weapons leads to the creation of a giant dinosaur that threatens to destroy not just Japan, but the rest of the world. Now Asians face another American creation that seems to be laying waste to all around it.

President Donald Trump has already pulled out of the TPP (the Trans-Pacific Partnership) and the Paris climate change agreement. Now he appears determined to roll back the international trade arrangements that have been in place since 1945. Yesterday's announcement of tariffs on $60bn of Chinese trade threatens to launch a trade war between the world's two largest economies (the Chinese have already suggested retaliatory measures). Small wonder that Asian markets have taken a hit today (March 23rd); Japan's Nikkei was down 4.5%, China's Shanghai Shenzhen dropped 2.9%; Hong Kong's Hang Seng 2.5%. European markets...Continue reading

economist Thu, 22 Mar 2018 15:48:01 +0000
The EU wants to tax tech giants’ revenues

IT IS a choice that would make Thomas Hobson proud. European officials this week unveiled plans for a quick and dirty tax policy to apply to big digital firms, in theory by the end of the year. The idea, promised since September, would ditch a tradition of taxing profits and instead let collectors in member states take a share, 3% for starters, of the firms’ local revenues. There is a lively debate about where exactly the tech giants create taxable value. Is it where their programmers sit? Or the intellectual property? Or users? The firms have become so adept at tax avoidance that the European Commission is not going to hang around until the argument is settled.

Pierre Moscovici, the commissioner overseeing the proposals, was at pains to say on March 21st that the turnover tax would be an “interim” fix. He denied Americans are his targets. Between 120 and 150 companies would be affected, around half of them American and a third European. (Apple, Google and other American giants would surely get the biggest bills.) Only those with global...Continue reading

economist Thu, 22 Mar 2018 15:48:00 +0000
Japan Inc and the government are trying to tackle overwork

Dreaming of lifestyle change

SANAE ABUTA is a manager at Panasonic, a giant electronics manufacturer, in Osaka. One day she may work from 9am to 5.45pm. On another she may take a break in the middle, to go to the bank or see a doctor. Or she will stay with her child in the morning and start at 11am. One day a week she works from home. “I appreciate the flexibility,” she says.

Ms Abuta’s schedule is unusual in Japan. Long office hours are seen a proxy for hard work, itself regarded as the cornerstone of Japan’s post-war economic boom. Companies offer to look after employees for life in return for a willingness to dedicate that life to the company, including “service” (ie, unpaid) overtime or moving house on demand. People hesitate to leave the office before their peers, and certainly before their boss. Some sleep at their desks. Convenience stores sell shirts for workers who have no time to go home and change. Death by overwork is so common—191 people in the...Continue reading

economist Thu, 22 Mar 2018 15:48:00 +0000
FDA wants to help unproductive drugmakers

SCOTT GOTTLIEB, the thoughtful head of America’s Food and Drug Administration (FDA), has had a busy first year. He has launched the process of lowering nicotine levels in cigarettes, approved self-testing kits for breast-cancer genes and waved through the most new medicines in two decades, as well as a record number of copycat drugs (see article). There is one thing he and his regulatory agency are doing less of, however—regulating. New rules were at a 20-year low in 2017, according to analysts at PwC, a consultancy. Instead, the FDA is providing more guidance to industry. This approach, Mr Gottlieb hopes, will help pharmaceutical firms in America develop drugs more efficiently. Since that is where most drug development happens, the FDA’s philosophy matters beyond American borders.

Given the rapid pace of scientific advances in...Continue reading

economist Thu, 22 Mar 2018 15:48:00 +0000
Indian drugmakers need a new prescription

A SINGLE pill of Abilify, a drug used to treat manic depression, costs $30 or so in America. Or you could try gAbilify (the g stands for “generic”), better known to chemists as Aripiprazole. Thrifty pharmaceutical companies, many of them in India, can provide it for less than $1 a pop since the drug’s patent expired in 2015. That is bad news for Otsuka and Bristol-Myers Squibb, the two labs that formulated Abilify and got it approved by authorities in the 1990s. Everyone else, from patients to insurers to the public purse, is correspondingly better off. Generics-makers have thrived, particularly in India. But the prognosis for the industry is less rosy.

India became the world’s biggest exporter of generics almost by accident. Lax intellectual-property rules in the 1980s allowed its firms to crib drugs patented elsewhere for its huge domestic market. Trade deals gradually opened markets abroad. As patents for a wave of drugs from the 1980s expired two decades later, sales of Indian generics...Continue reading

economist Thu, 22 Mar 2018 15:48:01 +0000
Dropbox goes public

DREW HOUSTON and Arash Ferdowsi must have few regrets since they turned down an offer for their startup from Apple’s then boss, Steve Jobs, in 2011. Dropbox hasn’t done too badly in the interim. It rakes in over $1bn in revenue by allowing users—500m at the last count—to store and share data in the cloud. On March 23rd it is due to go public, making it the biggest firm to do so since Snap, a messaging app, floated in early 2017. Dropbox’s range for its share price values it at between $8bn and $9bn. That will comfort other “unicorns”, the tag given to startups valued at over $1bn, that are considering listing.

True, the valuation is less than its early backers were hoping for when they valued the company at $10bn in 2014, when it last raised equity. But as Matthew Kennedy from Renaissance Capital, a research firm, points out, the previous valuation coincided with peak investor exuberance for tech firms. The adjustment may also reflect some doubts about the firm’s long-term prospects.

Its challenge, common to many...Continue reading

economist Thu, 22 Mar 2018 15:48:00 +0000
The world’s three biggest engine-makers hit a snag

It never walks. But does it run?

IT USED to be the world’s two biggest makers of airliners that would invariably deliver new designs late and over budget. A decade ago the cost of Airbus’s A380 superjumbo soared by about €5.5bn ($6.6bn) after engineers got its 330 miles of cables in a jumble. Boeing’s rival 787 Dreamliner exceeded its forecast costs by a whopping $20bn, give or take; its parts, once assembled, did not fit together properly. But just as both planemakers are mending their ways—Airbus’s A350 and A320neo and Boeing’s 737 MAX arrived in a much more timely and economical manner—manufacturers of the engines which power the aircraft are beginning to stall.

On March 15th Boeing revealed that the new engines, the largest ever made, for its new 777X wide-body airliner had completed their first test flight. But GE, the American engineering giant that built them, is already three months behind with their development, because of hiccups with the...Continue reading