Despite what Trump says, trade deficits don’t actually have to be a problem

Do trade deficits matter?President Donald Trump certainly thinks they do. Since his campaign, he has tweeted frequently about his unhappiness with America’s trade deficit, and last week he announced tariffs on imported steel and aluminium. Share Linda Yueh Wednesday 14 March 2018 10:37 am But the more important factors that determine a country’s trade position are not tariffs, but what it produces. This was understood in David Ricardo’s day, when Britain repealed the Corn Laws in the nineteenth century, which were a protectionist measure favoured by landowners that raised the cost of imported grain.Ricardo is known as the father of international trade, and his model demonstrated that a country’s comparative advantage determined what it produced, and thus traded.If a country produced goods that were highly demanded by consumers everywhere, it would sell that good abroad. To improve the trade balance, a country should focus on how to increase productivity and production of highly demanded goods and services. Because of specialisation, a country would produce less of other products and import those while focusing on what it was good at.Looking at America today, its long-standing trade deficit is due to a number of factors. Given that the US economy is largely based on services, the lack of liberalisation of the global market for services in contrast to manufacturing has hindered its exports. The US is still the largest exporter of services in the world, and tends to run a surplus in this sector. Remedying the overall deficit would entail promoting the liberalisation of service sectors in markets around the world, which was a part of the abandoned US-EU free trade agreement, TTIP.Once investment flows are taken into account in the broadest measure of the external deficit, America still runs a current account deficit, but it is because foreign companies and investors put their money into the US. Since the dollar is the global reserve currency, there is high demand for US investments, debt, and assets. So, there are “imports” of investment funds, due to the attractiveness of the US economy. America’s trading position with the rest of the world thus reflects a range of economic considerations that explain why it has a long-standing current account deficit.Trade deficits only matter if they reflect an underlying weakness of an economy. For the US, that’s not likely to be the case, making the imposition of tariffs a questionable thing to do. whatsapp Trump once observed that the problem was that there were a lot of Mercedes-Benz in New York and not many Chevrolets in European cities. But is that due to unfair trade barriers which can be addressed through imposing tariffs, or to what consumers in America and Europe demand?Economists since the days of Adam Smith have pointed to the latter. Of course, trade barriers do exist, and the international trading system is not an entirely level playing field. But, on balance, a country’s trade position is a reflection of its economic strengths and weaknesses.Trump’s planned tariffs on all aluminium imports has led the very industry that is supposed to benefit to ask the President to think again. The Aluminium Association, representing 114 aluminium producers, has warned the tariff will likely do more harm than good. A tax will raise the cost of traded aluminium, hurting their industry and their supply chain partners in Europe and elsewhere.The same can be said be said for a lot of trade barriers. If one barrier distorts markets, adding another is likely to increase the distortions and harm the industry that it intends to protect.Instead, something more targeted could potentially work better, if the grievance can be established as falling within the rules of the World Trade Organisation (for example, national security issues or anti-dumping breaches). Despite what Trump says, trade deficits don’t actually have to be a problem whatsapp read more

News / Yusen Logistics boosts its e-commerce capability with ILG takeover

first_imgThe acquisition will give ILG’s 700 customers access to Yusen’s end-to-end international supply chain services, customs brokerage and cross-border logistics, as well as another 700,000 sq metres of warehousing across Europe.The acquisition, completed yesterday, will also help Yusen compete in the UK’s fastest-growing sector, e-commerce.“This acquisition reinforces our commitment to continued investment in the UK and we’re delighted to be joining forces with ILG,” said Andy Fitt, managing director of Yusen Logistics (UK).“Our businesses complement each other perfectly and together we bring a new and compelling proposition to the market.”Yusen said it did not envisage any changes in management and did not mention staff cuts.ILG managing director Mike Stephenson said ILG’s customers would enjoy “enhanced services” and the deal would give them a “huge opportunity”. By Alex Lennane 02/08/2018 Mike Stephenson, MD for ILG, and Andy Fitt, MD for YLUKcenter_img Yusen Logistics UK has boosted its e-commerce capabilities with the acquisition of delivery and fulfilment specialist ILG.The deal will boost its UK revenues by 12% and help propel Yusen into the top-10 UK logistics providers.ILG specialises in e-commerce warehousing, fulfilment and delivery and has specific expertise in fashion and beauty.In the past 10 years it has quadrupled its facilities and now has 17,500 sq metres of warehousing and some 220 staff.last_img read more

An FDA expert panel chairman defies his own panel for endorsing an opioid painkiller

first_img In an unusual move, the chair of a Food and Drug Administration panel is defying a recommendation that his own panel made last week to endorse a powerful opioid painkiller, because he believes the drug represents a “danger” to public health. And to make sure his views are known, Dr. Raeford Brown, the panel chair, conveyed his concerns in a letter on Thursday to FDA officials.At issue is Dsuvia, which the FDA’s Anesthetic and Analgesic Drug Products Advisory Committee last Friday voted 10-to-3 to recommend for combating moderate-to-severe acute pain, but only for adults in medically supervised settings. The drug is a tablet version of an opioid that is marketed for intravenous delivery, but is administered under the tongue using a specially developed, single-dose applicator. About the Author Reprints By Ed Silverman Oct. 18, 2018 Reprints STAT+ is STAT’s premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond. Pharmalot Columnist, Senior Writer Ed covers the pharmaceutical industry. Pharmalot Log In | Learn More An FDA expert panel chairman defies his own panel for endorsing an opioid painkiller Unlock this article by subscribing to STAT+ and enjoy your first 30 days free! GET STARTED Andrew Harnik/APcenter_img GET STARTED Daily reporting and analysis The most comprehensive industry coverage from a powerhouse team of reporters Subscriber-only newsletters Daily newsletters to brief you on the most important industry news of the day STAT+ Conversations Weekly opportunities to engage with our reporters and leading industry experts in live video conversations Exclusive industry events Premium access to subscriber-only networking events around the country The best reporters in the industry The most trusted and well-connected newsroom in the health care industry And much more Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr. @Pharmalot What is it? What’s included? Ed Silverman [email protected] Tags opioidspharmaceuticalsSTAT+last_img read more

Funding available for events in Melbourne in 2021

first_imgFunding available for events in Melbourne in 2021 The City of Melbourne and the Victorian Government are investing $2 million in grants to reactivate the city and help event organisers deliver COVID-safe events in 2021 to boost our city’s economic and cultural recovery.​The program aims to support publicly accessible events that attract a minimum of 500 people and provide memorable and engaging experiences for locals and visitors. Grants of up to $25,000 are available for smaller events, exhibitions and activations, and grants of up to $100,000 are available for medium to large events.Special consideration may be given to proposals seeking funding above $100,000. The funding can be used to support any part of the planning, delivery and promotion of an event in the City of Melbourne in 2021. The City of Melbourne will allocate funding by looking at all activations across the city to ensure an even spread across dates, locations and types of events.As part of the application process, organisers will need to show they have considered the ongoing impact of COVID-19. This includes detailing how the event will be delivered if there are potential changes to restrictions, as well as submitting a COVIDSafe Plan for the event to the Victorian Government for approval. This initiative is part of the $100 million Melbourne City Recovery Fund being jointly delivered by the Victorian Government and the City of Melbourne. Round one applications (for events held between Friday 1 January 2021 and Sunday 28 February 2021) close on Friday 18 December 2020. Applications for round two (for events held between Monday 1 March 2021 and Friday 31 December 2021) close on Friday 15 January 2021.  /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Australia, City of Melbourne, coronavirus, covid-19, Government, Impact, Melbourne, Victorialast_img read more

Boeing to Provide C-17 Training for Next Generation of Royal Air Force Crews and Engineers

first_imgBoeing to Provide C-17 Training for Next Generation of Royal Air Force Crews and Engineers Boeing [NYSE: BA] will continue training Royal Air Force (RAF) C-17 aircrew and engineers at the C-17 International Training Centre (ITC) in Farnborough, delivering a technology-enabled program under a new Synthetic Training Service (STS) contract through 2040.“Ensuring we have a modernized Armed Forces capable of tackling future threats begins with access to world-class training for all of our personnel,” said Minister for Defence Procurement Jeremy Quin MP. “This £247 million ($348 million) investment will allow our air crews to operate this aircraft to its highest capability and maintain critical defence outputs and will extend our use of modern synthetic training techniques.”The training program will apply a combination of digitally based training, advanced aircraft simulation and desktop training devices to advance the expertise of pilots, loadmasters and engineers who operate and maintain the C-17. The STS contract also includes development of two new engineering training devices that employ the latest technology for practical maintenance training on a C-17 wing engine and the main landing gear assembly.“The RAF’s C-17 is one of many defense platforms that Boeing provides standard, advanced and digital training systems for, helping to ensure the safety and readiness of the UK armed forces,” said Anna Keeling, managing director of Boeing Defence UK. “We are proud to continue our long-term support for the RAF’s fleet of eight C-17s, delivered by highly skilled Boeing UK employees in partnership with our UK-based suppliers to enhance aircrew and engineering training and proficiency, while providing flexibility for the UK’s strategic airlift capability for decades to come.”Since 2014, Boeing has provided aircrew and engineering training support for the RAF’s C-17 Globemaster III fleet, which first arrived in the UK in 2001. The C-17 can carry equipment, supplies and troops directly to airfields in harsh terrain anywhere in the world, day or night, as well as supporting humanitarian operations. Today the RAF is one of nine global operators.“We’re proud to work closely with the RAF to deliver the best learning experience for their pilots, aircrew and maintainers,” said Tonya Noble, senior director of Boeing Government Training. “We continue to innovate and develop our training solutions on proven platforms like the C-17 to meet evolving customer requirements and to capitalize on the significant benefits and efficiencies of digital technologies.”The ITC is home to a C-17 full flight training simulator, a fixed-base maintenance procedure trainer and a loadmaster station. These devices, related courseware and support equipment, along with a group of 20 Boeing instructors and support staff, provide instruction on in-flight and ground operations checks, emergency procedures and C-17 avionic and mechanical systems. Along with the RAF, C-17 operators from defense forces around the world engage in training sessions with the Boeing team in Farnborough.As a leading global aerospace company, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. As a top U.S. exporter, the company leverages the talents of a global supplier base to advance economic opportunity, sustainability and community impact. Boeing’s diverse team is committed to innovating for the future and living the company’s core values of safety, quality and integrity. Learn more at www.boeing.com. /Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here. Why?Well, unlike many news organisations, we have no sponsors, no corporate or ideological interests. We don’t put up a paywall – we believe in free access to information of public interest. Media ownership in Australia is one of the most concentrated in the world (Learn more). Since the trend of consolidation is and has historically been upward, fewer and fewer individuals or organizations control increasing shares of the mass media in our country. According to independent assessment, about 98% of the media sector is held by three conglomerates. This tendency is not only totally unacceptable, but also to a degree frightening). Learn more hereWe endeavour to provide the community with real-time access to true unfiltered news firsthand from primary sources. It is a bumpy road with all sorties of difficulties. We can only achieve this goal together. Our website is open to any citizen journalists and organizations who want to contribute, publish high-quality insights or send media releases to improve public access to impartial information. You and we have the right to know, learn, read, hear what and how we deem appropriate.Your support is greatly appreciated. All donations are kept completely private and confidential.Thank you in advance!Tags:Aerospace, air force, Boeing, community, Defence, director, Emergency, Employees, Engineering, Government, Humanitarian, Investment, simulation, sustainability, technology, UKlast_img read more

Govt transfers over ₹ 1,600 crore to 58 lakh mothers under PMMVY

first_img The non-profit organisation CDFI conceptualised, designed and implemented the PMMVY-CAS (Common Application Software) System through which disbursements were madeThe government has transferred over ₹ 1,600 crore to eligible mothers under Pradhan Mantri Matru Vandana Yojana through direct benefit transfer till Friday, Centre for Digital Financial Inclusion (CDFI) that uses technology for financial inclusion said. ” ₹ 16,04,66,63,000 was transferred through direct benefit transfer to 58 lakh women,” CDFI said.The non-profit organisation CDFI conceptualised, designed and implemented the PMMVY-CAS (Common Application Software) System through which disbursements were made. The programme, which became applicable from January 1, 2017 provides a cash incentive of ₹ 5,000 in three instalments to pregnant women and lactating mothers for the first child through Direct Benefits Transfer (DBT). Heartfulness group of organisations launches ‘Healthcare by Heartfulness’ COVID care app By Sanjiv Das on November 23, 2018 News Related Posts Govt transfers over ₹ 1,600 crore to 58 lakh mothers under PMMVY Read Article WHO tri-regional policy dialogue seeks solutions to challenges facing international mobility of health professionalscenter_img Indraprastha Apollo Hospitals releases first “Comprehensive Textbook of COVID-19” MaxiVision Eye Hospitals launches “Mucormycosis Early Detection Centre” Share The missing informal workers in India’s vaccine story Phoenix Business Consulting invests in telehealth platform Healpha Menopause to become the next game-changer in global femtech solutions industry by 2025last_img read more

Ethiopia may sell majority stake in Ethio Telecom

first_img Orange makes secure cloud pact for French market Orange Ventures injects €30M into new fund Kavit Majithia EthiopiaMTNOrangeVodacom Author Home Ethiopia may sell majority stake in Ethio Telecom Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >> Read more Telebirr mobile money service hits 1M userscenter_img Previous ArticleFitbit shifts production to avoid China tariffsNext ArticleEC warns on state-backed threats to 5G AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 10 OCT 2019 Related Money Tags The Ethiopian government could cede majority control of its telecoms monopoly once it has completed an initial phase of privatisation in 2020, reported Bloomberg.In an interview with the publication, Balcha Reba, director general at the Ethiopian Communications Authority, said the government could release additional shares after concluding a sale of a 49 per cent stake in the operator, which is expected to happen in 2020.However, Reba added the market would have to become more competitive and mature before an additional sale could be considered.Ethiopia’s telecoms sector is set to undergo a major shake-up in 2020. On top of the privatisation plan, the government will also split the operator into two businesses, separating services and retail from its mobile and fixed network infrastructure assets.The country is also set to break Ethio Telecom’s monopoly by issuing two mobile operating licences in March 2020.In the interview, Reba indicated the market could be opened up further, with the sale of more licences in the long-term.This is likely welcome news for Orange, Vodacom and MTN, which have all indicated they would be interested in entering Ethiopia, one of the last major markets on the continent that is currently closed off to international operators. Subscribe to our daily newsletter Backlast_img read more

Priest involved in abuse allegations has moved from Strabane parish

first_img Publicans in Republic watching closely as North reopens further Priest involved in abuse allegations has moved from Strabane parish By News Highland – March 29, 2010 Pinterest RELATED ARTICLESMORE FROM AUTHOR Facebook Google+ WhatsApp Pinterest Twitter Community Enhancement Programme open for applications Loganair’s new Derry – Liverpool air service takes off from CODA center_img Arranmore progress and potential flagged as population grows Google+ Facebook Twitter Consultation launched on proposal to limit HGV traffic in Clady Previous articleMc Daid sceptical about public sector pay talksNext articleCouncil to call on government to ban head shops outright News Highland A Strabane parish priest has said he “deeply regrets” that Catholic Church authorities didn’t tell him about the past of a cleric they placed under his roof.Moville native, Fr Declan Boland insisted he wouldn’t have allowed Fr John McCullagh to live in the parochial house in Strabane if he had known about his secret payment to an alleged abuse victim.His thoughts on the scandal emerged yesterday when he addressed parishioners during Mass.Earlier this month it was reported that Fr McCullagh allegedly paid £12,000 to a woman who claimed she was abused by him.Before ending Mass yesterday, Fr Boland read a short statement to parishioners in which he spoke of his personal distress at the events.He said he had been unaware of the full details of Fr McCullagh’s past. When they did emerge, he said he had acted “swiftly and decisively”.He told parishioners Fr McCullagh had been offered accommodation there by the former parish priest, and he had used it “from time to time”.Fr Boland said he was familiar with Fr McCullagh’s circumstances “only to the extent of knowledge available in the public forum”.He ended his statement by saying he appreciated the trust and confidence which parishioners had placed in him. Important message for people attending LUH’s INR clinic WhatsApp Newslast_img read more

Marinos: SA is a critical part of Sanzaar

first_img Sanzaar chief executive Andy Marinos has outlined South Africa’s importance to the southern hemisphere alliance in terms of viewership and competitiveness.Marinos was speaking to former Springbok and SA Rugby Legends CEO Stefan Terblanche as part of the Legends ‘An Hour on the Couch’ series.New Zealand Rugby’s plans to enter its five Vodacom Super Rugby sides into a new competition from 2021 – which is set to exclude any South African sides and not involve Argentina’s Jaguares – has seemingly thrown the Sanzaar alliance into doubt.Questions have been raised about what route South African rugby will take next year, with most speculation suggesting a likely move to join northern-hemisphere competition.SA Rugby CEO Jurie Roux this week outlined that New Zealand’s plans for a new competition from 2021 does not necessarily mean a disintegration of the Sanzaar partnership.ALSO READ: South Africa has not been kicked out of Super RugbyMarinos emphasised the importance of keeping South African rugby part of the southern hemisphere partnership, citing their value in terms of viewership and competitiveness.‘Look, I think Jurie and the guys at SA Rugby would probably be best to answer how they manage the separation. I just know that from a value point of view, South Africa have always and continue to be the biggest contributor in terms of eyeballs and viewership and attendances to the Super Rugby and Rugby Championship games,’ Marinos said. ‘They have been for 25 years.‘They have been a very powerful partner at the table, not only from a value point of view but also from a competitiveness point of view. If you speak to anybody that has any knowledge of rugby from Australia or  New Zealand, having the Springboks coming over to play is critically important to the development of their players. There is a long history – more so with New Zealand than Australia – between the two countries.RASSIE ERASMUS: Next year holds promise for 2020 schoolboys‘This game is built on a whole lot of values that we always espouse and say are so unique to our game. The values that we have seen in our game around the pride, respect and tribalism of the traditions that we have got, those still resonate strongly within the markets over here. South Africa is a critical part of that. It is also a critical part of the country’s high-performance pathways, to keeping dominant international teams, that they have that competition.‘At the same time, we have to appreciate that we are living in a changing world. We have got to be adaptable. South Africa has had to have a look into playing teams in the Pro14. We know what the standard and quality is like over there, it is getting better. I don’t think it’s on a comparable level to Super Rugby, having played both.‘There’s nothing saying that South Africa couldn’t have a foot in both hemispheres and get the best of both worlds. But from a Sanzaar perspective, it remains important that South Africa are part of the joint venture. It remains important that those rivalries and the cross-pollination of players between the continents continue. There is significant value both on and off the field with that.’Marinos: Critical that 2020 Rugby Championship takes placePhoto: Grant Pitcher/Gallo Images Posted in Rugby Championship, Springboks, Super Rugby, Test Rugby, Top headlines Published on July 26, 2020 Shop Bras Online | Search AdsBrilliant Bra and Panty Sets (take a look)Shop Bras Online | Search Ads|SponsoredSponsoredUndo ‘ Five one-cap Boks that could still represent South AfricaSA Rugby MagUndo  529  114 Post by Dylan Jack GoGoPeak10 Most Beautiful Cities You Should Visit Once In Your LifetimeGoGoPeak|SponsoredSponsoredUndo ‘center_img Watch: Kolbe makes Test players look amateur – Ugo MonyeFormer England wing wing Ugo Monye says Springbok wing Cheslin Kolbe is one of the most devastating runners in the game ever.SA Rugby MagUndoLoans | Search AdsLooking for loan in Hong Kong? Find options hereLoans | Search Ads|SponsoredSponsoredUndoLife Exact BrazilGrace Jones Is Now 72 Years Old, This Is Her NowLife Exact Brazil|SponsoredSponsoredUndo熱門話題不要被酵素騙了!在萬寧賣的「這個」直接針對脂肪…熱門話題|SponsoredSponsoredUndoThe Family Breeze餐桌上嘅敵人: 十五種最致命嘅食物The Family Breeze|SponsoredSponsoredUndoCNAHow is life for Cambodian boy linguist after viral fame?CNA|SponsoredSponsoredUndo ‘ Marinos: SA is a critical part of Sanzaar ‘ 熱門話題對肚腩脂肪感到後悔!試了在萬寧賣的這個後…熱門話題|SponsoredSponsoredUndoFormer Bok captain: ‘SA Rugby operating a class system’SA Rugby MagUndoFrom the magazine: Jano Vermaak names his Perfect XVSA Rugby MagUndoAlphaCuteOprah’s New House Cost $90 Million, And This Is What It Looks LikeAlphaCute|SponsoredSponsoredUndo BuzzAura16 Cancer Causing Foods You Probably Eat Every DayBuzzAura|SponsoredSponsoredUndo ‘ Pieter-Steph du Toit against the All Blacks ‘last_img read more

Extell, Starwood alums seek $500M for “contrarian” investing

first_imgShare via Shortlink TagsExtell DevelopmentStarwood Capital Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Lanhee Yung and Sush Torgalkar (Photos via Cornell; Getty)Two former executives at Starwood Capital Group and Extell Development are starting a fund to capitalize on undervalued properties in and around New York City.Sush Torgalkar, who until August was CEO at Extell Development, and Lanhee Yung, who was previously head of fundraising and investor relations at Starwood, hope to raise $500 million for their first fund under the auspices of Sage Hall Partners, the New York-based firm the two founded, Bloomberg News reported.Read moreTorgalkar out as CEO of Extell: sourcesMeet the new CEO of Extell DevelopmentInvestors bank on urban real estate comeback The fund will focus on hotel, industrial, office, retail and residential properties in the greater New York area, including Long Island, Westchester, New Jersey and Southern Connecticut. The pair hope to debut the fund in early 2021.In an interview with Bloomberg, Torgalkar said that the move was “contrarian,” but added that lower valuations would present an opportunity to buy. “I have a hard time believing that this pandemic is going to kill the dream of people wanting to move to New York City,” Torgalkar said.Torgalkar and his partner Yung met at Cornell University, where one of the buildings is named Sage Hall. In August, Torgalkar, who has a reputation for his connections to institutional investors, ended his two-year stint as Extell Development’s CEO. Extell Chairman Gary Barnett told The Real Deal in August that he will serve as a “potential investor and advisor” at Torgalkar’s new firm.Other firms are eyeing opportunities as the pandemic wears on, too. In September, Blackstone Group closed its biggest real estate debt fund ever, raising $8 billion in the span of one year. The fund will make new loans, buy real estate debt securities and make other investments. The asset management arm of JPMorgan Chase is looking to raise $700 million to develop single-family and multifamily rentals in Sun Belt states.[Bloomberg News] — Georgia Kromrei last_img read more