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REWIND: International Business News #15

Posted on March 16th, 2012 | Author: admin

  • Miami has become the new Hollywood for the production of Latin American telenovelas, daily soap operas popular among Spanish-speaking audiences.  Florida has offered generous incentives to production studios to produce novellas in Miami and the depressed housing market in Florida has allowed for cheaper sets which is attractive to producers. Although, Miami is still a far cry from Hollywood, the telenovela industry has spent $40 million dollars within the state producing five telenovelas this past year.
  • In the wake of last year’s tragedy, Japan is trying to break years of tradition and encourage foreign investment within in its country. Unlike years past, where Japan impeded foreign investors and industry, imposing strict trade regulations and tax rates, Japan has welcomed foreign capital and foreign manufacturers. Countries like China have been instrumental in this endeavor. Such foreign investments are vital to help reconstruct those prefectures destroyed by the tsunami, create jobs and grow Japan’s economy.
  • R. Allen Stanford, who stole more than $7 billion dollars from investors running one of the largest Ponzi schemes in U.S. history, was found guilty on 13 of 14 fraud related counts and faces up to 30 years in prison. Of the funds stolen from investors, $330 million have been frozen in foreign bank accounts located in Britain, Canada and Switzerland. The jury, which convicted Stanford, has cleared U.S. authorities to go after such amounts.
  • The U.S. is bringing a new trade case to the World Trade Organization along with the European Union and Japan. The U.S. argues that China has curtailed its export of rare earth materials used to make certain high tech goods, such as flat screen televisions, mobile phones, camera lens and other electronics. The export restrictions imposed by China creates an unfair trade practice as the export restriction gives China a hold on the global supply of such rare earth minerals. Consequently, the U.S. and other countries are forced to manage a more costly limited supply of such materials.