Word: globalization
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...unveiling on Wednesday morning of the Senate's long-awaited draft legislation to reduce U.S. carbon emissions and shift the country to a clean-energy economy signals that Washington is inching ever closer to addressing global warming. The sweeping bill, sponsored by Democratic Senators Barbara Boxer and John Kerry, will cut U.S. greenhouse-gas emissions 20% below 1990 levels by 2020, and 83% by 2050 - targets that in the short term are a bit more ambitious than a similar carbon cap-and-trade bill passed by the House two months ago. "This is the beginning of one of the most...
...speech, which contained high emotion and few concrete specifics on how much the U.S. would actually cut greenhouse-gas emissions, disappointed some. It was remarkable, after eight years of stonewalling from former President George W. Bush, to see a U.S. leader rally the rest of the world to combat global warming, but Obama kept his carbon promises vague, suggesting his limits. (Read "A Wind Shift in the Global Warming Debate...
...some ways, HSBC is simply reacting to global trends and economic realities. HSBC's announcement coincided with the G-20 summit in Pittsburgh, during which it was decided that the group, which includes developing giants like China and India, would replace the West-dominated G-8 as the top coordinating forum for the world economy. While the U.S. and U.K. struggle to recover from the worst recession since the 1930s, Asia's economies, led by a resurgent China, are emerging from the downturn much more quickly, presenting more enticing business opportunities for HSBC and other global banks. HSBC's decision...
...HSBC announced its consumer-finance operation wouldn't issue any more loans and would begin winding down its business (except for credit cards). Chairman Stephen Green said in a statement at the time that the Household purchase was one "we wish we had not undertaken." (See pictures of the global financial crisis...
...same time, Lula is on a crusade to make Brazil, with the world's fifth largest population and ninth largest economy, a serious international player. He's stumping hard for a permanent Brazilian seat on the U.N. Security Council and more input from developing nations in setting global trade and economic policy. (He is also personally cheerleading in Copenhagen for the Brazilian bid for the 2016 Olympics, a move that may have helped convince Obama to head to Denmark himself to back Chicago's candidacy.) It's hard to keep a pristine non-interventionist tradition with ambitions like those...