THE ECONOMY The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood.
Anyone scanning recent business headlines in China would not recognise the country where people supposedly save and never spend. In September, China Mobile’s customer base crossed the half billion mark — a powerful symbol of the awesome size of the Chinese consumer market
China ranks second only to the United States in the number of billionaires, according to an annual report of the 1,000 richest people in the country. The Hurun Rich List counted 130 billionaires in China this year, up from 101 a year ago and none in 2003.
As the only U.S. car manufacturer that didn’t need a government bailout, Ford Motor was in better financial shape than its peers to ride out the recession.
In a sign of the growing importance of the Asian economies, HSBC announced that Michael Geoghegan, the group chief executive, will move from London to Hong Kong next year.
Pittsburgh conjures up visions of steel mills and gritty sports teams for many. The host city of this week’s Group of 20 summit hopes to update that image.
Asia is set to lead the world out of the global financial crisis in spite of the slow recovery in the US and Europe, according to the latest forecasts by the Asian Development Bank. In a dramatic contrast to its view in March, when it slashed 2009 growth forecasts for Asia excluding Japan from 7.2 per cent to 3.4 per cent, the ADB on Tuesday said the region would grow more strongly than expected both this year and in 2010.
Fights over the economy and health care may be dominating the headlines at home, but President Obama is turning his sights abroad this week.
Australian Prime Minister Kevin Rudd said the world needs a “new, sustainable growth model for the future” to reduce “massive financial imbalances” between consumer-driven economies in the West and developing economies in the East.
CNN’s Anderson Cooper spoke Thursday with Treasury Secretary Timothy Geithner at the G-20 economic summit in London, England. Geithner discussed whether the United States bears some responsibility with the global economic woes, possibility of a global regulator and how to create a stronger financial system