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REWIND: International Business News #29

Posted on June 28th, 2012 | Author: admin

  • U.S. exporters facing tight credit markets export financing can plan with more certainty after President Barack Obama signed legislation to renew the U.S. Export-Import Bank’s (commonly referred to as “Ex-Im Bank”) charter, a mere one day before it expired.  Uncertainty regarding the availability of this financing had cast a cloud over the US export industry.
  • LIBOR is supposed to be impartial and objective.  Literally trillions of dollars of worldwide financing depends on it.  It is a major embarrassment, then, when British and US investigations discover 257 emails that disclose Barlcays’ LIBOR staff were allegedly manipulating LIBOR to increase profits for their colleagues at the Barclays trade desk.  As a result, Barclays is subject to £60m ($93m) in fines.
  • A US Federal court decision this week backed Apple’s request to prohibit Samsung from selling its Galaxy tablet in the U.S. market, affording Apple a significant win in the ongoing global smartphone and tablet patent wars.
  • As oil and natural gas production increase rapidly in the US, a new study by a Harvard Kennedy School researcher predicts sharp increase in world oil production capacity.  Research suggests that output should grow from the current 93 million barrels per day to 110 million barrels per day by 2020.  While such increase in production is likely to cause a short term boost to the world economy, experts worry about long term implications of an oil price collapse.
  • Experts predict that access to energy is likely to determine future of BRIC economies.  Russian and Brazil are poised to succeed in this area, since both are net exporters of energy.  China and India, both huge net importers of energy, will face challenges.
  • Twenty years ago the first Earth Summit in Rio de Janeiro marked the birth of environmentalism as an international issue. However, the international business community can expect little new regulation to come out of the Rio +20 Earth Summit which concluded last week.