by thetrader.se
FT.com
A French court has ordered a judicial investigation into the role played by Christine Lagarde, the newly appointed head of the International Monetary Fund, in a €285m arbitration payment to a controversial businessman. http://ftalphaville.ft.com/thecut/2011/08/05/643916/lagarde-faces-probe-over-role-in-tapie-affair/
American International Group, the insurer that almost failed in the 2008 crisis, could now withstand a severe downturn, its chief executive said after a market sell-off that presents a variety of challenges for the company. The FT reports second-quarter results published on Thursday, http://ftalphaville.ft.com/thecut/2011/08/05/643876/our-crisis-is-over-as-aig-posts-profit/
In the frantic flight to safety on Thursday, Treasury yields touched an all-time low of 26 basis points, the NY Times reports. Rates on even shorter-term credit, including six-month Treasury bills and overnight loans in the vast market for repurchase agreements http://ftalphaville.ft.com/thecut/2011/08/05/643866/flight-to-safety-leads-to-negative-rates/
LinkedIn, the professional networking site that went public in May, reported a 120 per cent increase in revenues for the second quarter and a slight increase in profits, the FT reports. The results beat analysts’ expectations http://ftalphaville.ft.com/thecut/2011/08/05/643806/linkedin-reports-120-revenue-increase/
Global stock markets plunged on Thursday as central bank interventions in Europe and Japan failed to soothe investors’ concerns over economic growth and the eurozone debt crisis, reports the FT. The European Central Bank bought government bonds for the first time since March http://ftalphaville.ft.com/thecut/2011/08/04/643771/central-bank-intervention-fails-to-quell-nerves/
China’s ICBC has agreed to buy 80 per cent of the Argentine operations of South Africa’s Standard Bank for $600m, according to people familiar with the plans. The deal is the most high-profile move by a Chinese bank into Latin America, a resource rich key trading partner, and is set to be announced after Jiang Jianqing, ICBC chairman, meets Cristina Fernández, the Argentine president, on Thursday.http://www.ft.com/intl/cms/s/0/b0ce0414-bec7-11e0-a36b-00144feabdc0.html#axzz1U23Xut17
WSJ.com
Asian shares succumbed to heavy selling Friday, while the euro and other risk-sensitive currencies were knocked hard, amid intensifying worries European debt problems and U.S. economic woes could tip the global economy into a double-dip recession. Japan’s Nikkei Stock Average tumbled 3.6%, after touching its lowest levels in more than four months, Australia’s S&P/ASX 200 lost 3.9%, touching a two-year low. South Korea’s Kospi Composite fell 3.6% and New Zealand’s NZX-50 lost 2.4%. http://online.wsj.com/article/SB10001424053111903454504576488930424677652.html?mod=WSJAsia_hpp_LEFTTopStories
The European Central Bank resumed a crisis-management role on Thursday, stepping in after a four-month pause to buy government bonds in response to a debt crisis that started nearly two years ago in Greece and now threatens to engulf Spain and Italy. Officials also said they would extend generous bank lending programs into next year and warned that economic uncertainties are “particularly high,” suggesting a lengthy pause in the ECB’s monetary tightening cycle after just two interest-rate increases. http://online.wsj.com/article/SB10001424053111903454504576487560044460114.html?mod=WSJEurope_hpp_LEFTTopStories
Stocks spiraled downward Thursday as investors buckled under the strain of the global economic slowdown and the failure of policy makers to stabilize financial markets. The selling began in Europe and continued in the U.S., where stocks plunged from the opening bell. The Dow Jones Industrial Average posted its worst point drop since the financial crisis in December 2008, falling 512.76 points, or 4.31%, to 11383.68. Oil and other commodities were also hammered. Even gold was a safe haven no more as prices fell. http://online.wsj.com/article/SB10001424053111903454504576488581593391582.html?mod=WSJEurope_hpp_LEFTTopStories
Indonesia’s economy grew 6.49% year-to-year in the second quarter, just above expectations and accelerating slightly from 6.47% in the previous quarter, driven mainly by rising investment and exports, the government said Friday. The official Central Statistics Agency said Southeast Asia’s largest economy grew 2.9% on a quarter-to-quarter basis, accelerating from 1.5% in the first quarter. It said the economy expanded by 6.5% during the first half of 2011 from a year earlier. The figures aren’t seasonally adjusted. http://online.wsj.com/article/SB10001424053111903366504576489090393605936.html?mod=WSJASIA_hpp_LEFTTopWhatNews
No country seems to want a rising currency—and that poses a problem for a world economy struggling with weakening prospects for growth in the world’s biggest developed nations. In the past few days, Japanese and Swiss central banks have taken steps to restrain their currencies, which have surged amid fears about the U.S. debt ceiling and Europe’s sovereign debt crisis. The European Central Bank moved Thursday to pump more liquidity into its market. Turkey’s central bank lowered its key lending rate half a percentage point to 5.75%; as a result, the lira fell 2% against the dollar.http://online.wsj.com/article/SB10001424053111903885604576488622668037308.html?mod=WSJEurope_hpp_LEFTTopStories
Bank of New York Mellon Corp. on Thursday took the extraordinary step of telling large clients it will charge them to hold cash. The unusual move means some U.S. depositors will have to pay to keep big chunks of money in a bank, marking a stark new phase of the long-running global financial crisis. The shift is also emblematic of the strains plaguing the U.S. economy. Fearful corporations and investors have been socking away cash in their bank accounts rather than put it into even the safest investments. http://online.wsj.com/article/SB10001424053111903366504576488123965468018.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews
A few months ago, European policymakers were jostling to erect barricades protecting Spain from the marauding sovereign-debt crisis. But suddenly, it is Italy in the cross hairs—deeply transforming Europe’s problem and putting policymakers in full retreat. What was a battle to avoid a costly bailout has now become a push to avoid a doomsday scenario. “The line has shifted from before Spain to after Spain,” said Carsten Brzeski, senior economist at ING in Brussels. http://online.wsj.com/article/SB10001424053111903366504576488404141888630.html?mod=WSJEurope_hpp_LEFTTopStories
As Switzerland’s central bank slashes interest rates to almost zero in a bid to bring a “massively overvalued” Swiss franc back to earth, key pillars of the Swiss economy—banks, pharmaceutical makers and tourist companies—are increasingly feeling the strain. Economists say that if the central bank’s move doesn’t work, the Swiss economy, which until now has been one of Europe’s strongest, could slam on the brakes by next year. “The severity and the speed of the franc’s overvaluation is coming like a hammer,” says Janwilliem Acket, chief economist at Julius Baer. http://online.wsj.com/article/SB10001424053111903885604576488183887953602.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews
Turkey’s currency tumbled again on Thursday when a surprise cut in the central bank’s benchmark interest rate that spooked markets, even as the government appeared to have defused a potential conflict with the military that sparked an earlier drop in the Turkish lira. President Abdullah Gul approved a new slate of commanders to head the North Atlantic Treaty Organization’s second-largest armed forces after the shock resignations of Turkey’s top military officialslatelast week. http://online.wsj.com/article/SB10001424053111903454504576487592696042216.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews
Lloyds Banking Group PLC said Thursday that a weak U.K. economy and higher funding costs bit into its margins in the first half, as it reported a £2.3 billion ($3.78 billion) net loss caused mainly by a £3.2 billion charge for customer reimbursements on improperly sold payment-protection insurance. Before taxes and a series of special charges and adjustments, profit in the six months to June 30 was £1.1 billion, down from £1.6 billion in the first half of last year. Analysts had expected a result of £1 billion. The bank’s net loss in the six months compared with ahttp://online.wsj.com/article/SB10001424053111903454504576487380475199072.html?mod=WSJEUROPE_hpp_LEFTTopWhatNews
Marketwatch.com
The Reserve Bank of Australia said Friday in its statement on monetary policy that downside risks to the outlook for global economic growth have increased. Over recent months, economic data in the United States have been disappointing, the RBA said. “While recent measures have reduced the near-term pressures on the public finances in the United States and in a number of European countries, significant concerns about debt sustainability remain,” the central bank added. The Australian economy is continuing to benefit from strong growth in Asia, the RBA said. However, GDP outcomes over recent quarters have been significantly affected by extreme weather, it added, with the central bank cutting its forecast for 2011 GDP growth to 3.25% http://www.marketwatch.com/story/australias-rba-says-global-growth-risks-up-2011-08-04
China’s inflation rate may climb above 5% this year, although the pace of price rises may ease slightly in the second half of the year, a state researcher said in a newspaper commentary Friday. There have been few signs of easing in the major contributors to elevated consumer prices, namely excess liquidity, rising prices of agricultural products, higher labor costs and imported inflation, Chen Jiagui, director of the economics department at the Chinese Academy of Social Sciences, said in a commentary published in the People’s Daily. http://www.marketwatch.com/story/china-adviser-tips-2011-inflation-above-5-report-2011-08-04
Reuters.com
Gold edged up 0.4 percent on Friday as investors used bullion to shelter from the storm engulfing financial markets on concern that the United States may be facing another recession and that Europe’s debt crisis is spreading to some of its largest economies. Gold fell as much as $40 an ounce from a record high on Thursday because investors needed to sell the precious metal to cover losses in other asset classes. While spot gold rose, U.S. gold futures fell $1.2 to $1,657.8 an ounce — nearly $30 off Thursday’s record around $1,684 an ounce. It had dropped as low as $1,644.2 on Friday.http://www.reuters.com/article/2011/08/05/us-markets-precious-idUSTRE7592IU20110805
Oil tumbled as much as 6 percent on Thursday, with U.S. crude crashing through technical support to its lowest since February as mounting fears of a stalled economy set off a global race from riskier assets. In London, ICE Brent for September delivery settled at $107.25 a barrel, falling $5.98, or 5.28 percent. It has slumped nearly 8 percent in two days, and now faces a test of key support at the 200-day moving average around $106.65. U.S. crude for September delivery settled at $86.63 a barrel, sliding $5.30, or 5.77 percent, the biggest daily percentage loss since May 5 and the lowest close since February 18. Prices are now some 24 percent off their late April, 2-1/2-year high, crossing into technical bear market territory. http://www.reuters.com/article/2011/08/04/us-markets-oil-idUSTRE7592LE20110804
Disapproval of Congress rose to an all-time high after weeks of rancorous partisan battles over raising the U.S. debt ceiling took the country to the brink of default, according a New York Times/CBS News public opinion poll published on Thursday. A record 82 percent of Americans now say they disapprove of the way Congress is doing its job, compared with 14 percent who approve, the poll found.http://www.reuters.com/article/2011/08/05/us-usa-debt-poll-idUSTRE77402520110805
President Barack Obama has asked Timothy Geithner to stay on as Treasury secretary and a decision is expected soon, officials said on Thursday. Geithner had indicated he might leave once an increase in the U.S. debt limit was secured, a milestone reached this week after a long and rancorous debate that took the United States to the verge of a possible default. http://www.reuters.com/article/2011/08/04/us-usa-geithner-idUSTRE7734PO20110804
China should let the yuan “float” as soon as possible to halt a further build-up of China’s foreign exchange reserves and avoid “destructive” losses in its dollar investments, a former central bank adviser said in comments published on Friday. Yu Yongding, a former academic member of the monetary policy committee at China’s central bank, urged Beijing to stop buying dollar-denominated assets in order to reduce its vulnerability to swings in the world’s major reserve currency. http://www.reuters.com/article/2011/08/05/us-china-economy-yuan-idUSTRE7740EE20110805
Japanese Finance Minister Yoshihiko Noda on Friday repeated that he was closely watching yen moves, signaling Tokyo’s readiness to continue with its yen-selling intervention that media said reached a record 4 trillion yen ($50.6 billion). But Noda also said he wanted to spend more time determining the effect of Tokyo’s action, a comment which briefly pushed up the yen against the dollar as market players interpreted it as a sign Tokyo may hold off intervention in the near future. http://www.reuters.com/article/2011/08/05/us-japan-economy-forex-idUSTRE77401C20110805
Bloomberg.com
American employers probably failed to create enough jobs in July to reduce the jobless rate, showing anxiety over government debt deliberations and a slowdown in consumer spending have shaken confidence, economists said before a report today. Payrolls climbed by 85,000 workers after an 18,000 increase in June that was the smallest this year, according to the median forecast of 88 economists surveyed by Bloomberg News before a Labor Department report. The jobless rate held at 9.2 percent after rising in each of the previous three months. http://www.bloomberg.com/news/2011-08-05/payroll-gain-in-u-s-was-probably-too-small-to-cut-unemployment.html
Thailand’s Parliament selected Yingluck Shinawatra as the country’s first female leader after her election win last month, clearing the way for the King to endorse the sister of deposed former ruler Thaksin Shinawatra. With the vote in Parliament still ongoing, more than half of lawmakers had endorsed Yingluck, who put together a 300-seat coalition in the 500-member parliament after her Pheu Thai party won a majority in the July 3 vote. Her next step will be to name a Cabinet, which must present its policies for a confidence vote 15 days after taking office. http://www.bloomberg.com/news/2011-07-31/thai-parliament-opens-with-thaksin-s-sister-to-become-first-female-leader.html
General Motors Co. (GM) outsold Toyota Motor Corp. (7203) globally in the first six months to become the world’s largest automaker after the record March earthquake disrupted production in Japan. GM sales rose 8.9 percent to 4.536 million units in the half-year ended June 30, the Detroit-based automaker said in a statement yesterday. That compares with 4.13 million units at second-ranked Volkswagen AG (VOW) and 3.71 million units for Toyota, including its luxury Lexus marque and affiliates Daihatsu Motor Co. and Hino Motors Ltd. (7205), according to statements by the companies. http://www.bloomberg.com/news/2011-08-05/gm-tops-toyota-as-largest-automaker-on-japan-quake.html
Japanese exporters called for more action to weaken a near-record high yen even after government intervention prompted the currency’s biggest drop since March. “The exchange rate is at a level that has an extremely damaging effect on the Japanese economy,” Osamu Masuko, president of Tokyo-based Mitsubishi Motors Corp. (7211), said yesterday by e-mail. He said he welcomed the intervention, ’’but the resulting exchange rate still isn’t acceptable.’’ http://www.bloomberg.com/news/2011-08-04/japan-exporters-seek-more-aid-after-too-late-yen-intervention.html
The Danish state’s refusal to extend guarantees on bank debt beyond 2013 means even healthy lenders will suffer the fallout of a liquidity squeeze that could be avoided, the head of the Local Bankers Association said. “There’s nothing wrong with helping banks out with their liquidity, it won’t cost the taxpayer,” Bent Naur, the chairman of the Copenhagen-based group, said yesterday in a phone interview. “The state should prolong the guarantee, not for troubled banks, but for those that meet solvency requirements. That will avoid a liquidity squeeze when everybody needs to refinance at the same time.” http://www.bloomberg.com/news/2011-08-03/danish-government-is-forcing-liquidity-crisis-on-healthy-banks-naur-says.html
CNBC.com
Japan’s intervention in the currency markets is unlikely to stem the appreciating yen and is largely politically motivated, Japan’s former vice minister for finance Eisuke Sakakibara, or “Mr. Yen” as he is widely known, told CNBC on Friday. “The basic cause of the strong yen is the weakness of the American economy, and the weakness of the dollar,” Sakakibara said. “One of the reasons why the dollar is so weak is American monetary authority is implementing very aggresive monetary easing.” http://www.cnbc.com/id/44028571
NYTimes.com
It has been three decades since the United States suffered a recession that followed on the heels of the previous one. But it could be happening again. The unrelenting negative economic news of the past two weeks has painted a picture of a United States economy that fell further and recovered less than we had thought. http://www.nytimes.com/2011/08/05/business/economy/double-dip-recession-may-be-returning.html?_r=1&ref=global
Telegraph.co.uk
The rates were kept low for the 29th month in a row in a bid to alleviate Britain’s economic woes, heightened as a result of the squeeze in consumer spending and the Government’s austerity measures. The decision to hold the rates came after a rocky month for the global economy, which saw US debt worries and a continued crisis in the eurozone throw world markets into turmoil. http://www.telegraph.co.uk/finance/economics/8681332/Bank-of-England-holds-interest-rates-as-UK-economy-concerns-continue.html
Spain was forced to pay sharply higher rates to sell €3.311bn (£2.9bn) in government bonds Thursday, as it passed a major test in the midst of a deepening eurozone debt crisis. The high rates were enough to lure investors, with demand for the three-and four-year bonds outstripping supply by more than two to one, the Bank of Spain said. Spain sold €2.2bn in three-year bonds but the yield, or annual return, surged to 4.813pc from 4.037pc at the previous auction June 2. http://www.telegraph.co.uk/finance/financialcrisis/8681079/Spain-pays-high-price-in-3.3bn-bond-sale.html
Guardian.co.uk
Almost £50bn was wiped off the value of Britain’s 100 biggest companies on a day of global stock market mayhem triggered by a deepening of the eurozone crisis and fears for the US economy. After a day of massive stock market falls in Europe and the US of a kind not seen since the depths of the last economic downturn, traders said the atmosphere was reminiscent of the banking crisis of October 2008.http://www.guardian.co.uk/business/2011/aug/04/world-stock-markets-turmoil-fall
Smh.com.au
Australians’ optimism about the strength of the economy is fraying amid growing fears over another global downturn, according to former prime minister John Howard. The Reserve Bank of Australia today slashed its growth forecasts while investors wiped as much as $60 billion off the sharemarket as mounting concerns over a financial crisis spooked traders around the world. http://www.brisbanetimes.com.au/business/world-financial-woes-truly-scary-howard-20110805-1ies7.html#ixzz1U83OMYAt
Straitstimes.com
RAISING productivity is a difficult and challenging task but Singapore needs to tackle it with an increased sense of urgency, says the Minister of State for Finance and Transport. Mrs Josephine Teo told the Singapore Economic Review Conference that while technology and innovation are key to lifting output, firms should explore other means too. http://www.straitstimes.com/BreakingNews/Money/Money_20110805.html
Cs.com
China’s foreign exchange regulator said Thursday that it would be a major priority to combat the influx of speculative money in the second half of this year. China will face relatively significant pressure from capital flowing into the country in the second half, the State Administration of Foreign Exchange (SAFE) said in a statement issued on its website. The agency will also clamp down on illegal foreign exchange transactions and carry trades in the market, the statement said. http://www.cs.com.cn/english/ei/201108/t20110805_2995526.html
Xinhuanet.com
China’s economy set for long-term growth despite hurdles. A slew of data seems to reinforce evidence that China’s economy is slowing gently, prompting some observers to predict a “turning point” in the world’s second largest economy which has enjoyed nearly double-digit growth over the past three decades. Growth in China’s manufacturing activity slowed for the fourth straight month in July, as the purchasing managers’ index (PMI), which previews business conditions in factories, dipped to a 29-month low at 50.7, the China Federation of Logistics and Purchasing (CFLP) said Monday. http://news.xinhuanet.com/english2010/china/2011-08/04/c_131029781.htm
Mexico’s Finance Minister Ernesto Cordero said Thursday the country’s economy would continue to grow steadily despite the crisis in the United States, its biggest trading partner. Cordero said Mexico’s economy won’t fall into crisis because the government would continue to adopt responsible and cautious policies. “We have learned lessons from past crises,” Cordero said, as he announced new policies to improve the financing conditions for the Mexican rural sector. http://news.xinhuanet.com/english2010/business/2011-08/05/c_131031437.htm
Chile’s Central Bank predicted moderate growth for the country’s economy Thursday given the recent production numbers, which are alleviating concerns about possible negative effects of a larger economic expansion. Chile’s Central Bank President Jose De Gregorio said Chile’s economy is growing favorably with a normal unemployment rate and an inflation rate of 3 percent. “The Chilean economy is growing vigorously, but it still faces risks, especially those from abroad related to tax and financial problems of the developed economies,” he said. De Gregorio said the strategy for Chile to better handle and absorb the external “shocks” is to control inflation and maintain a solid tax policy. http://news.xinhuanet.com/english2010/business/2011-08/05/c_131031404.htm
Brazil is well prepared to deal with a possible worsening of the global financial crisis, Finance Minister Guido Mantega said Thursday. “In case of escalation of the world crisis, Brazil has never been more prepared to deal with the consequences,” said Mantega, adding that Brazil not only has more foreign exchange reserves, but also measures introduced during the 2008 financial crisis, such as credit-easing and tax cuts, to minimize the damage. Mantega expressed concern over the U.S. economy and the eurozone debt crisis, adding that more financial turmoil may hit emerging economies.http://news.xinhuanet.com/english2010/business/2011-08/05/c_131031266.htm
Singapore’s former deputy prime minister and presidential hopeful Tony Tan has warned about a ” perfect storm” brewing for the global economy in the coming months, local media reported on Friday. Tan, 71, said on Thursday that the fiscal problems may compound the debt crisis in Europe to lead to a second dip for the global economy in the second half of the year. The United States economy is showing signs of slowdown in growth and growing challenges in employment, and it is likely to experience a double-dip recession in the second half of the year, he said. http://news.xinhuanet.com/english2010/business/2011-08/05/c_131031274.htm
Thehindu.com
Food inflation inched up yet again to 8.04 per cent for the week ended July 23 from a 20-month low of 7.33 per cent in the previous week mainly on account of an increase in the prices of onions, fruits and milk. Even as the government can draw some comfort from the fact that food inflation during the like week in July last year was way higher at 16.27 per cent, it is clear that current spurt in numbers is despite the wide difference as a consequence of a high base. http://www.thehindu.com/business/Economy/article2321714.ece
The government is mulling dual pricing of diesel wherein the luxury car owners may have to pay market rate and the sale of subsidised fuel would be restricted only to farmers and transport trucks. “These are all proposals which are being considered by the Finance Ministry,” Oil Minister S. Jaipal Reddy told reporters when asked if the government was considering dual pricing of diesel.http://www.thehindu.com/business/Industry/article2322100.ece
Economictimes.com
The per capital income in the country has jumped over two-folds between 2004-05 and 2010-11 to touch Rs 54,835 per annum, Parliament was informed today. In a written reply to the Lok Sabha, Minister of State (Independent Charge) for Statistics and Programme Implementation Srikant Jena said that Delhi, Chandigarh, Puducherry and Haryana are the top states and union territories with regard to per capital income in 2010-11. “The per capita income at the national level, which was Rs 24,143 in the year 2004-05, stands at Rs 54,835 in the year 2010-11, showing an increase of more than 120 per cent,” the minister said. http://economictimes.indiatimes.com/news/economy/indicators/per-capita-income-has-grown-120-between-fy05-and-fy11government/articleshow/9481843.cms
Yonhapnews.co.kr
South Korea will closely monitor financial market developments and take proactive measures to stem volatility as concerns are growing that a global economic recession could affect the nation’s stock and currency markets, a finance ministry official said Friday. In an emergency meeting held earlier in the day, the ministry, however, dismissed current market fluctuations as being excessive, saying that there is no reason to panic, given the country’s current economic fundamentals. http://english.yonhapnews.co.kr/business/2011/08/05/11/0502000000AEN20110805004700320F.HTML
A free trade agreement (FTA) signed with the United States will help South Korea’s economy expand by more than 5 percent in the long term as it will lead to more exports by reducing trade barriers, a report showed Friday. The Korea-U.S. FTA, known as KORUS FTA, was signed in 2007 but the deal was supplemented in late December with minor modifications that mostly dealt with the auto industry. The agreement has been awaiting approval from the legislatures of the two countries. http://english.yonhapnews.co.kr/business/2011/08/05/85/0502000000AEN20110805004500320F.HTML
Themoscowtimes.com
The Central Bank left interest rates unchanged for a third month as July inflation fell faster than economists expected and weakening global growth threatens to damp demand for the country’s oil and gas exports. The bank held its refinancing rate at 8.25 percent after increases in February and April, the Moscow-based Central Bank said Thursday in a statement on its web site. All 21 economists in a Bloomberg survey predicted the decision. The overnight auction-based repurchase rate was held at 5.5 percent and the overnight deposit rate at 3.5 percent, matching economists’ expectations.http://www.themoscowtimes.com/business/article/rates-left-intact-as-inflation-falls/441634.html#ixzz1U86xlX3d
Khaleejtimes.com
Countries around the world need to step up coordination to tackle mounting risks from debt problems in the United States and Europe, China Foreign Minister Yang Jiechi said on Friday, as sliding global stock prices stirred fears about the world economy. Yang, who is visiting Poland, said debt risks in the United States are escalating and called on Washington to adopt “responsible” monetary policies and protect the dollar investment of other nations. “Europe’s sovereign debt problems are still developing, and the U.S. sovereign debt default risk is escalating,” he said in remarks published on the Foreign Ministry’s website. http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/internationalbusiness/2011/August/internationalbusiness_August12.xml§ion=internationalbusiness
