Word: exportations
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...this year, by far the best performance among major markets. Nations that depend on producing commodities, such as Australia and Brazil, have benefited immensely over the past six months as demand from China has driven up the price of raw materials. Helped by trade with China, Asia's export-driven economies are sputtering back to life. Overall, the International Monetary Fund (IMF) forecasts that in the three years from 2008 to 2010, China will, astonishingly, account for almost three-quarters of the world's economic growth. Not surprisingly, China has now become the focus of a world that is looking...
...Haven, Conn., investment-research firm, estimates that up to 30% of new bank lending this year has wound its way into equities. Why isn't the money going into new businesses? The evidence suggests that in key parts of the economy growth remains anemic, particularly the important export-manufacturing sector, which continues to suffer from the reduction in global demand. According to a report from Fitch Ratings in the U.S., Chinese lending continues to accelerate even though corporate profits overall are shrinking - suggesting that China may be incubating its own financial crisis that could be triggered when the adrenal rush...
...Over the past few weeks, Hamburg police at the shipyards have turned up 43 cars that had been declared scrapped but were illegally earmarked for export to buyers in Africa and Eastern Europe. The numbers so far seem small, but some law-enforcement experts warn that as many as 50,000 cars destined for the scrap heap have already been sold illegally - at the expense of German taxpayers...
...nearly every car - new or used - passes through its docks on the way out of Germany. And this week, the police charged with patrolling the harbor released evidence showing that Germany's hugely popular cash-for-clunkers program may have some unintended beneficiaries: organized-crime groups and individuals who export the old cars to the Third World instead of crushing them into scrap. (Watch a video on how the cars-for-clunkers process works...
...Export-control officials dispute the experts' estimate that up to 50,000 cars that should have been scrapped may have actually been sold. But there is no statistic to prove or disprove the claim. The cases that are known, such as the cars recently discovered at the Hamburg port, have sparked political furor - not surprising in an election year. Finance Minister Peer Steinbrueck demanded an investigation into suspected abuse, while the opposition Free Democrats called for establishing a special police unit to crack down on any clunker-related fraud...