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REWIND: International Business News #52

Posted on January 11th, 2013 | Author: admin

  • Boom in Production Raises Norwegian Production Costs: It comes as no surprise that oil is big business in Norway. Despite the fact that the country’s oil production peaked in 2004, rising prices have continued to encourage oil companies to sink huge sums into research, exploration and well development. What may surprise many is that despite the record number of licenses granted this year, prices continue to rise. The cause? Past successful discoveries have led oil refineries and drilling operations to run at or near capacity. Analysts expect the trend towards higher prices and increased levels of investment in Norwegian oil exploration to continue in 2013.
  • India and Iran – Allies? The International Business Times ran an interesting article this week which explored the fascinating relationship between India and Iran. India and Iran have generally enjoyed friendly relations, but mounting international pressure against Iran has left the country increasingly isolated. Now more than ever, Iran is turning to India to keep it from being economically isolated. In short, despite US pressure, India continues to maintain relations with both nations.  How will Israel, the EU and the US react?  Sanctions imposed against Iran have been in place for years, yet Iran discovers various ways to circumvent them through transshipments of oil and products,  What’s next?
  • Chinese Economic Data Spurs Market Rally: Strong export data from China spurred a major rally on Wall Street Thursday. Exports jumped 14.1% on a year-to-year basis in December, almost 3x more than the 5% economists had predicted.
  • E-mails Suggest Walmart CEO Aware of Mexico Bribery Since 2005: Congress has recently released a set of e-mails going back to 2005 which seemingly contradict Walmart’s official position that it knew nothing about bribes handed out to Mexican officials in exchange for government approvals. In April, a New York Times piece alleged that the company had bribed local officials to obtain building permits and special consideration.  Walmart continues to deny the allegations and is in the midst of an ongoing internal investigation.