Economy News - part 9
Cyber Campaigning: Singapore Election Goes Social
ECONOMY May 2, 2011 | 4:57 PM
- Singapore lifts Internet ban on political campaigning for May 7 election
- Political parties allowed to broadcast campaign messages via social network sites and blogs
- Observers do not expect social media to greatly influence election outcome
The Singaporean government surprised the world when it abolished a ban on Internet campaigning for the upcoming May 7 election.
With the country’s strict attitude toward political discourse relaxed, voters turned to sites like Facebook and Twitter for their updates, allowing them to participate in broader discussions than in the last election 5 years ago.
Read more »Japan Leans on Indonesian Plywood for Reconstruction
ECONOMY May 2, 2011 | 12:06 PM
- Japan asks Indonesia for 2.2 million plywood sheets to help with reconstruction after recent natural disaster
- Increased demand from Japan is driving global plywood prices higher
- Indonesia is the second-largest exporter of plywood to Japan, with China also a major contributor
The Japanese government has requested 2.2 million plywood sheets from Indonesia to aid in the immense reconstruction task in areas ravaged by the March 11 earthquake and tsunami.
Tokyo has asked for Indonesia to lower the costs of supply and delivery, and to be exempt from export taxes through to the end of September, according to Hadi Daryanto, Secretary General of Indonesia’s Forestry Ministry. The request for aid comes as Japan struggles to advance in its reconstruction efforts.
Read more »UK Employment Growth Slow as Retail Sector Struggles
ECONOMY April 28, 2011 | 2:13 PM
- UK retail industry job numbers see a sluggish 0.5% increase, despite 5.3% increase in retail outlets
- Job numbers in the UK dropped 0.8% for March
- Internet and mobile shopping is taking a toll on traditional retail
Full-time retail job numbers in the United Kingdom barely rose 0.5% in the first quarter of 2011, despite an increase in the number of retail outlets.
Employee numbers across the UK rose by 3,400 compared to the same period last year, though in the month of March redundancies increased by 0.8%, influenced by a decrease in demand and the Easter weekend falling in April, according to the British Retail Consortium (BRC).
Read more »Global Agricultural Commodity Prices Set to Rise
ECONOMY April 22, 2011 | 11:21 AM
- Economist Intelligence Unit’s food, feedstuffs and beverages index to increase 30% in 2011
- Grain prices are expected to rise dramatically end of year
- Agricultural prices to remain high in 2011 before easing in 2012
Global agricultural commodity prices are set to rise, according to the Economist Intelligence Unit’s (EIU) food, feedstuffs and beverages (FFB) index.
After peaking at over 11% last year, the EIU has predicted the index will reach 30% in 2011 with grain prices in particular to rise dramatically later this year. This comes as a result of very high prices that began the year and reflects an increasing demand for supply.
Read more »European Commission Pushes Forward with eCall Technology Legislation
ECONOMY April 21, 2011 | 10:21 AM
- European Commission sets end 2014 date for the implementation of eCall legislation
- eCall is a pan-European project to help motorists in the event of road accidents anywhere in the EU
- Member States will be required to update Public Safety Answering Point infrastructure
The European Commission is pushing ahead with its eCall legislation, which will mark a new phase in information and communications technology.
eCall is a pan-European project that aims to bring rapid assistance to motorists who are involved in road accidents anywhere in the European Union. Vehicles will be fitted with a black box that will automatically send information to emergency services via GPS and wireless networks in the event of an accident.
Read more »Saudi Arabia Slashes Oil Production as Record Highs Loom
ECONOMY April 18, 2011 | 4:10 PM
- Saudi Arabia says it cut oil production in March 2011 by 800,000 barrels per day due to market oversupply
- Oil prices reached a 30-month high of $127 per barrel in April 2011
- Analysts predict prices could return to 2008 record highs unless OPEC increases output
Saudi Arabia’s Oil Minister Ali al-Naimi said that oil production had been cut in March by 800,000 barrels per day because of an oversupply in the market.
The message from the kingdom suggests that the Organization of the Petroleum Exporting Countries (OPEC) will not move to counter the skyrocketing price of oil, which rose to a 30-month high of $127 a barrel this month following unrest in Libya and the Middle East.
Read more »Sweden, Singapore Top The World Economic Forum Digital Economy List
ECONOMY April 15, 2011 | 4:43 PM
- Over 90% of Sweden’s 9.3 million inhabitants use the Internet on a regular basis
- Singapore’s business-friendly policies, transparent government and quality education system ideal for technology integration
- Nordic and Asian economies best use information and communications technologies to boost growth
Sweden and Singapore are the leaders in the world’s digital economy, according to a report by the World Economic Forum (WEF).
Finland was ranked 3rd, followed by Switzerland and the United States.
Read more »China's Economy Grows Nearly 10% as Inflation Rises
ECONOMY April 15, 2011 | 11:32 AM
- Consumer prices in March rose over 5% compared to 2010, with a 12% increase in food prices
- Retail sales jump over 16% with demand for oil 10% higher
- Chinese government taking measures to limit lending and inflation
China’s economy continued its rapid expansion in the first quarter of 2011, growing by 10%.
Inflation jumped to a three-year high in March, despite the government’s efforts to tackle the rising cost of living. Consumer prices jumped over 5% year-on-year, compared to nearly 5% in February, with a 12% hike in food prices the main cause, the National Bureau of Statistics said.
Read more »Walt Disney Crucial to Florida’s Economy
ECONOMY April 14, 2011 | 4:22 PM
- Walt Disney Parks generate $18.2 billion in economic activity in Florida; 2.5% of state GDP
- Walt Disney World Resort generates 2% of all jobs statewide
- Disney’s worldwide success is heading to China for first time, with a $4.4 billion theme park planned for 2015
Walt Disney Parks and Resorts generates $18.2 billion in economic activity in the state of Florida, according to a study by Arduin, Laffer & Moore Econometrics.
The report, commissioned by Disney, showed that the Florida-based theme park accounted for 2.5% of the state’s gross domestic product.
Read more »Global Biofuel Market Boom: Bioethanol & Biodiesel Production to Hit 151 Billion Liters by 2016
ECONOMY April 11, 2011 | 5:13 PM
- Global biofuel production is set to grow 8% annually over the next five years
- Highest production growth rates: Sweden (32%), Colombia (24%) and India (20%)
- EU leads for regional biodiesel production; USA leads for ethanol
Global biofuel production will increase at an annual rate of 8% over the next five years, according to a report by research firm MarketsandMarkets. Production levels of bioethanol and biodiesel are expected to rise from around 103 billion liters in 2011 to over 151 billion liters in 2016.
Countries with especially high growth rates include Sweden (32%), Colombia (24%), India (20%), and Thailand (16%), with the United States, Brazil, France, Spain, Belgium and the Netherlands also indicating a rise in production.
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