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Gene Ellis

Efforts to Revive the Economy Lead to Worries of a Bubble - NYTimes.com - 0 views

dealbook.nytimes.com/...my-lead-to-worries-of-a-bubble

shared by Gene Ellis on 18 Apr 13 - No Cached
  • The Federal Reserve is well into its third round of “quantitative easing,” in which it buys longer-term assets to bring down long-term lending rates.
  • In March, a smaller percentage of working-age people were actually working than at any other time since 1979.
  • In March, a smaller percentage of working-age people were actually working than at any other time since 1979.
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  • Ben S. Bernanke and company would also like to kindle inflation expectations, spurring people to buy and companies to invest today instead of waiting until tomorrow. Supposedly, all of this will drive a self-sustaining economic recovery.
  • Instead, the Fed has kindled speculation.
  • Investors are desperate for yield and are paying up for riskier assets.
  • There are more reliable measures of stock market value, and they look frothy. One gauge, the price of stocks based on the past decade of earnings, is named after the Yale economist Robert J. Shiller. Using that, stocks are too expensive by 65 percent.
  • Alternatively, many investors look at something called the Q, devised by the economist James Tobin, which compares stock prices with corporate net worth. The nonfinancial companies are overpriced by 57 percent.
  • Last month, investors were paying more for such loans than at any time in the last five years. They are snapping up billions of dollars in securities made up of subprime auto loans.
Gene Ellis

Chinese Auto Market Shifts Toward Larger Cars - NYTimes.com - 0 views

www.nytimes.com/...shifts-toward-larger-cars.html

shared by Gene Ellis on 22 Apr 13 - No Cached
  • Virtually all of the vehicles sold in China are manufactured either by Chinese automakers or, more often, by multinationals in joint manufacturing ventures with Chinese automakers. Most Chinese automakers in turn are owned by local governments that also have considerable control over local courts, making the automakers nearly invulnerable to private litigation.
  • Mr. Socia of G.M. and other executives said that their factories could barely keep up with demand in China.
Gene Ellis

Africa losing billions from fraud and tax avoidance | Global development | The Guardian - 0 views

www.theguardian.com/...dering-illicit-financial-flows

africa losing fraud tax development guardian

shared by Gene Ellis on 25 May 16 - No Cached
  • Africa losing billions from fraud and tax avoidance
  • Africa is losing more than $50bn (£33bn) every year in illicit financial outflows as governments and multinational companies engage in fraudulent schemes aimed at avoiding tax payments to some of the world’s poorest countries, impeding development projects and denying poor people access to crucial services.
  • African Union’s (AU) high-level panel on illicit financial flows and the UN economic commission for Africa (Uneca).
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  • In total, the continent lost about $850bn between 1970 and 2008, the report said. An estimated $217.7bn was illegally transferred out of Nigeria over that period, while Egypt lost $105.2bn and South Africa more than $81.8bn.
  • Nigeria’s crude oil exports, mineral production in the Democratic Republic of the Congo and South Africa, and timber sales from Liberia and Mozambique are all sectors where trade mispricing occurs.
  • The bulk of Africa’s illicit transfers originated from west Africa, where 38% of all funds leaving the continent were generated. Profit-making activities in north Africa accounted for 28% of the flows, while southern Africa, central Africa and eastern Africa each made up about 10%, the report showed.
Gene Ellis

Tennessee Auto Industry - 0 views

www.memphismegasite.com/auto_industry.html

tennessee auto industry

shared by Gene Ellis on 19 Jul 15 - No Cached
  • AUTOMOTIVE INDUSTRY IN TENNESSEE
Gene Ellis

New-Car Sales Fall 10.2% in Europe, Continuing Slump - NYTimes.com - 0 views

www.nytimes.com/...to-market-slump-continues.html

shared by Gene Ellis on 18 Apr 13 - No Cached
  • New vehicle registrations in the European Union fell 10.2 percent from a year ago, the European Automobile Manufacturers’ Association reported from Brussels,
  • Across Europe, more than 26 million men and women are unemployed, according to official data,
  • the overall economy is expected to contract in 2013 for a second straight year.
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  • “We expect the French, Italian and Spanish markets to continue their decline over the rest of the year in the absence of any major government intervention to encourage vehicle buying or replacement,” he said.
  • The data released on Wednesday showed that sales in Germany, the largest economy in the European Union, fell 17.1 percent.
Gene Ellis

The iEconomy - Nissan's Move to U.S. Offers Lessons for Tech Industry - NYTimes.com - 0 views

www.nytimes.com/...lessons-for-tech-industry.html

shared by Gene Ellis on 29 Oct 13 - No Cached
  • To train its new American engineers, Nissan flew workers to its Zama factory in eastern Japan. There the Nissan officials, assisted by English-speaking Japanese workers called “communication helpers,” imparted the intricacies of the company’s production techniques to the Americans.
  • Early on, Nissan guarded against quality concerns by not relying on parts from American suppliers. Most components were either shipped from Japan or produced by Japanese companies that set up operations nearby.
  • Gradually, American parts makers were allowed to bid on supply contracts. Even that came amid arm-twisting by Congress, which passed a law in 1992 requiring auto makers to inform consumers of the percentage of parts in United States-made cars that came from North America, Asia or elsewhere.
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  • But no place has benefited to the extent of Tennessee, which counts more than 60,000 jobs related to automobile and parts production.
Gene Ellis

Carmakers Are Central Voice in U.S.-Europe Trade Talks - NYTimes.com - 0 views

www.nytimes.com/...for-us-europe-trade-talks.html

shared by Gene Ellis on 18 Feb 15 - No Cached
  • With the dexterity of thieves stripping a vehicle for parts, they remove each van’s engine, bumpers, tires, drive shaft, fuel tank and the exhaust system.
  • Next, the crews pack everything into steel freight containers, which begin a journey by river barge and cargo ship to Ladson, S.C., near the port of Charleston. There, American teams put the vans back together again.
  • It would be more efficient to ship the vans in one piece, of course. But with current trade rules, efficiency is seldom the goal.
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  • Daimler’s stripped-down vans travel by cargo ship to Ladson, S.C., where a token portion of assembly occurs to avoid a costly American tariff.
  • It was first imposed on European light trucks during the 1960s in retaliation for German and French trade restrictions on American chickens.
  • The importance of European-American auto production, meanwhile, was highlighted by Volkswagen’s announcement on Monday that it would open a new production line in Chattanooga, Tenn., to make sport utility vehicles.
  • In Europe, discussion about the economic benefits of an agreement has been overshadowed by fears that more open trade would expose the Continent to what are widely perceived as less stringent safety and environmental standards in the United States. (And once again, chickens play a big role.)
  • Trucks, cars and other transportation equipment such as airplanes make up the second-biggest category of merchandise traded between the United States and Europe, just behind chemicals.
  • n the first three months of 2014 alone, the United States exported $2.6 billion in motor vehicles and parts to the European Union, and imported $12.3 billion worth.
  • The engines and other components used in Freightliner heavy trucks made in Portland, Ore., are similar to those installed in Mercedes-Benz heavy trucks made in Wörth, Germany. But Daimler must design and engineer many parts twice — and submit them for regulatory certification twice — to meet different United States and European rules.
  • The reason that Daimler goes to the trouble of finishing assembly in Germany in the first place is that the vehicles must be test-driven before they leave the factory. It would be too costly to set up a separate testing operation in the United States, the company said.
  • Industries like chemicals and pharmaceuticals are even trickier, and food is a particularly emotional issue in Europe.
  • there is a fixation on American chickens disinfected with chlorine, which local consumers find repellent
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