May / June 2002
WORLD
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IMF upwards
growth forecasts The source said that the IMF was upgrading its forecast for US growth this year to 2.5-2.7 percent from a previous projection of 2.3 percent. Similarly, it was raising its 2003 forecast for the United States to 3.5 percent from 3.4 percent previously. The stronger than expected growth in the US would give the world economy as a whole a boost, with the IMF now forecasting a global expansion of 2.9 percent this year and 4.1 percent next year. Australia's booming economy generates 75,000 new jobs Australia's booming economy generated more than 75,000 new full-time jobs in May, the biggest full-time jobs in May, the biggest full-time employment boost in seven years, according to official data released recently. The extra 75,300 full-time jobs in May was the highest rise since February 1995, but was partially offset by the loss of 30,900 part time jobs, according to the Australian Bureau of Statistics. Foreign investment in US drops by 60 % Foreign investment in the United States suffered a precipitous 60 percent drop in 2001, as the US market lost some of its luster due to an economic recession and terrorist attacks, according to the latest government figures. Foreigners plunked down $ 132.9 billion last year to acquire or establish business in the United States, down from a record $ 335.6 billion invested here in 2000, said the Commerce Department's Bureau of Economic Analysis. "The decrease reflected weakness in the US and world economies and a sharp drop in overall merger and acquisition activity worldwide," the bureau said in a report made public recently. The figure marks the steepest drop in foreign investment in a decade and according to some analysts, could make financing the fledgling US economic recovery more difficult because US domestic savings are traditionally low. Foreign-owned assets in the United States currently total $ 9.4 trillion while US claims on the rest of the world amount to $ 7.2 trillion, according the White House Council of economic Advisers. The US economy added some 41,000 jobs in May as the unemployment rate decline two-tenths of a point to 5.8 percent, the Labor Department said recently. This is the largest increase in noon-farm payrolls since February 2001, and marks the second straight monthly increase after 12 consecutive monthly declines. In April, payrolls rose by a revised 6,000, fewer than the initial estimate of a 43,000 increase. British economy shows some signs of slowing The British economy demonstrated signs of a possible slow down with the release of figures showing that consumer spending and manufacturing production have faltered. The Confederation of British Industry said its survey for May found that sales volumes grew less than the previous month, with footwear and home items among the hardest hit. Inflationary pressures were also weaker as low demand and fierce competition meant prices rose at their slowest rate for 15 months, the study said. "All the evidence in survey points to a gradual slowdown in consumer spending," said Alastair Eperon, chairman of the CBI's survey panel. Bankers go wild as HSBC invests in nature Over the next five years, 2000 HSBC workers will leave their desks and head into the field to help scientists collect data for environmental projects ranging from watching sea turtles in Costa Rica to tracking endangered jaguars in Brazil. http://www.iccwbo.org/home/news_archives/2002/wild.asp End double taxation of stock options says Executives required to work abroad may face double or even triple taxation on stock options that are part of their remuneration package and business is pressing governments to end these anomalies among tax regimes. http://www.iccwbo.org/home/news_archives/menu2002.asp Practical steps proposed for responsible business conduct International Chamber of Commerce (ICC) has proposed practical steps for companies in making responsible business conduct a management priority and said this could be good for business. http://www.iccwbo.org/home/news_archives/2002/business-in-society.asp Financing international trade is a risky business This lively study by International Chamber of Commerce (ICC) Commercial Crime Services shows traders and financiers how to identify occupational perils and protect against them. Including case studies and a detailed look at the legal recourse options available, Trade Financing Fraud provides the perfect antidote to swinding and fraudulence. For more details and how to order, go to http://www.iccbooks.com/
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