globalization

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Billionaire Pays $500K for 27 Bottles of Wine

Global economic downturn? What global economic downturn?

(Newser) - As the global economy falters, many people are fighting to make ends meet. And then there’s the Chinese billionaire who spent $500,000 for 27 bottles of wine today. The sale set a record for a single lot. “I don’t think he has bought this as an...

7 Deadly Sins? Try These On for Size
7 Deadly Sins? Try These On
for Size
OPINION
Apr 10, 2008 7:31 PM CDT

7 Deadly Sins? Try These On for Size

PJ O'Rourke disagrees with Vatican, comes up with his own no-nos

(Newser) - The Vatican has released a list of seven new Deadly Sins, and satirist-curmudgeon PJ O’Rourke isn’t impressed. Writing in the Weekly Standard, O’Rourke details the updated catalogue, which includes “morally debatable experimentation,” “social inequality and injustice,” and “genetic manipulation.” Finding it...

Troubled US off the Rails: Poll

81% say nation is chugging to grim future

(Newser) - The vast majority of Americans are pessimistic about the nation's future and believe the problem-plagued US is heading in the wrong direction. More than 80% believe that “things have seriously gotten off on the wrong track.” That's the highest dissatisfaction rate since the New York Times/CBS News poll...

Superclass Exposes Global Elite . . .Sort Of
Superclass Exposes Global Elite . . .Sort Of
Book Review
Mar 15, 2008 5:00 PM CDT

Superclass Exposes Global Elite . . .Sort Of

Ultra-powerful rule the world, author argues, and that's not all bad

(Newser) - What do Bill Clinton, Osama Bin Laden, and Bono have in common? All are members of the powerful global elite that’s reshaping the planet, David Rothkopf argues in his new book Superclass. But Rothkopf’s isn’t a conspiracy-laden indictment, writes Salon’s Laura Miller. Rather, he contends that...

Made in Italy — in a Chinese Sweatshop

Italian luxury goods made by Chinese labor cost 90% less

(Newser) - For consumers of luxury goods, the "Made in Italy" designation remains so prestigious that it can add 300% to an item's price. But the days of artisans plying their trade in little workshops are largely over, the Los Angeles Times reports, replaced by thousands of Tuscan factories employing Chinese...

EU Frets Over Fallout From US Economy's Slide

Subprime woes spread across Atlantic; euro drops

(Newser) - Stock markets around the world continued to hemorrhage today on worries the US would slide into recession, prompting finance ministers to warn that the slump is threatening EU growth. They revised forecasts downward for the 15-member EU, reports Bloomberg. “There is great concern about the financial crisis,” said...

Quality Boosts US Exports
Quality Boosts US Exports
Dec 26, 2007 12:55 PM CST

Quality Boosts US Exports

Experts credit weak dollar, manufacturing know-how for surge

(Newser) - The sinking dollar is fueling a booming export market in tractors, medical equipment, and electrical machinery, helping some US manufacturers overcome a falloff in domestic sales, reports the Washington Post. The trend may even help reduce the trade deficit: For 2007, US exports are projected to increase even more than...

10 Firms Destined to Be Global Giants

Mexico, Brazil, India home to booming companies

(Newser) - American companies should sleep with one eye open: These firms may not be familiar right now, but they're poised to "reshape global industries," the Boston Consulting Group says. CNN lists 10 standouts, based on BCG's 2008 Global Challengers report.
  1. Johnson Electric (China): Produces small motors designed for cars
...

Bush Vows Free Trade Push
Bush Vows Free Trade Push
Oct 12, 2007 6:20 AM CDT

Bush Vows Free Trade Push

Slams executive compensation as 'unfair'

(Newser) - President Bush believes many Americans have lost confidence that they can compete in the world economy and he plans to champion his free trade agenda in the final months of his presidency, he told the Wall Street Journal. Bush also criticized excessive executive compensation, saying some salaries "send a...

China's Africa Aid Has a Price
China's Africa Aid Has a Price
Aug 21, 2007 8:49 AM CDT

China's Africa Aid Has a Price

Manufacturing suffers on the continent as Asian imports flood the market

(Newser) - As China increases its economic investment in Africa, locals are finding that the benefits of increased trade with the East comes at a price. In the third of a series of articles in the New York Times, workers at a Zambian factory describe how Chinese imports have undercut their market...

Musharraf Talks at Peace Jirga
Musharraf Talks at Peace Jirga
Aug 12, 2007 11:18 AM CDT

Musharraf Talks at Peace Jirga

General meets with Afghan and Pakistani leaders to discuss extremism

(Newser) - Pakistani President Pervez Musharraf  today pledged to fight the "particularly dark form" of extremism that afflicts his country and Afghanistan, speaking to 600 tribal leaders from the two countries at the close of a peace jirga in Kabul, the AP reports. He said the rise of militancy is preventing...

US Economy Surpasses Forecasts
US Economy Surpasses Forecasts
Jul 27, 2007 12:05 PM CDT

US Economy Surpasses Forecasts

Second-quarter growth rate higher than expected

(Newser) - Sumbrime-lending and housing-market woes didn't hold back the rest of the economy in the second quarter, as overall growth exceeded expectations and hit a 3.4% projected annual rate, the government said today. Economists pointed to the expanding global economy, which drives demand for exports, as well as greater business...

Governments Spurn Foreign Investment

Officials fret over growth in what US sees as protectionism

(Newser) - Governments all over the globe are increasing restrictions on foreign investments, raising worries in the US that new limits will check international economic growth. The motivations for the newly imposed and impending limits are complex, mixing worries over national security, backlash against rampant globalization, and perhaps a measure of retaliation...

Tech Companies Cool on Indian Outsourcing

Rising labor costs make hiring at home more attractive

(Newser) - India, the destination of choice for American tech companies looking for sophisticated but cheap labor, is beginning to lose its appeal, the Wall Street Journal reports. Rising pay scales are making it  too expensive to justify the complications of globalizing. Now some are outsourcing their outsourcing to slower climes like...

Inflation-Free Growth Is Too Good to Last

Inflation and higher interest rates could cool world markets

(Newser) - Globalization and access to low-cost labor has allowed the world economy to grow without high inflation, but this economist's dream may soon end, the Wall Street Journal predicts in a cautionary report. Demand for everything from workers to lumber is increasing, raising prices—and the prospect of higher inflation.

G8 Protesters Clash With German Police

Demonstration ends with activists arrested, officers injured

(Newser) - Riot police and anti-globalization activists collided in the streets of the German port of Rostock today after an early show of opposition to next week's G8 summit degenerated into violence. Police used water cannons and tear gas against demonstrators who showered them with bottles and stones, causing more peaceful protesters...

Fast Food Replaces Grandma's Cooking

Across the globe, traditional diets fade

(Newser) - Every nation has its traditional cuisines, but in today's fast-paced, globalized culture, cheap, fatty Westernized food is crowding out ancient preparations and presentations. Diets define who we are, Time reports, and in the modern world, once-unique food is becoming culturally homogenized. Global influences traditionally enriched flavors and techniques; today, the...

Globalization Has a Hard Chocolate Shell

Hershey to shutter Calif. operation, cut thousands of jobs

(Newser) - In a "global supply-chain transformation," Hershey will slash its domestic workforce and build a plant in Mexico. The chocolate giant projects savings of tens of millions of dollars a year, but the numbers don't mean much in Oakdale, Calif., where 575 employees will be our of their jobs...

Rothko Fetches $73 Million
Rothko Fetches $73 Million
May 16, 2007 8:18 AM CDT

Rothko Fetches $73 Million

Record price for seminal modern work marks trend in art purchases

(Newser) - Sotheby’s sold a Mark Rothko painting last night for $72.84 million, a record price for a piece of art created after World War II and a signal of a new boom in the market. Seller David Rockefeller bought the 7-foot-tall "White Center (Yellow, Pink and Lavender),"...

For Blair, Iraq Was No Anomaly
For Blair,
Iraq Was No Anomaly
May 11, 2007 2:59 PM CDT

For Blair, Iraq Was No Anomaly

Brooks: War he co-authored was a disaster, but consistent with his values

(Newser) - As Tony Blair prepares his exit from No. 10, the British left is already eulogizing the PM as a good man consigned by circumstance to a bad war. Not so, says David Brooks: The crux of Blair's political philosophy was a radical, religious communitarianism, which sired both his leftist leanings...

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