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...however, has warned Switzerland that if a deal is not reached in the UBS case, it will "vigorously pursue" the matter and may even seize the bank's American assets. But such an aggressive response "might destabilize UBS and have a major impact on the American economy, so the U.S. government should proceed at its own risk and peril," says the Swiss-American Chamber of Commerce's Naville, who points out that both countries have "a lot at stake" in each other's economies. Switzerland is the U.S.'s 15th largest export market and, with almost $149 billion spent...
...According to the retail-sales statistics released by the Commerce Department on July 14, June department store sales dipped 1.3% compared to sales in May of this year, and were down 9.4% compared with June of 2008. So to prop up sales before the back-to-school season, one major player is asking Santa, of all people, for some help...
...India, the Congress Party’s budget announcement has come to be one of the defining moments of the fiscal year (which ends in March). In a still heavily regulated economy, government action on major economic issues can have a profound impact on the nation, attracting foreign investment and fueling rapid growth. Thus, every newspaper and television station provided special coverage on the budget for the month preceding the announcement. Publications issued countless surveys, and every business leader offered their recommendations and predictions...
...plans, expanding rural employment, and development programs, he did not mention any specific open-market reforms, such as raising foreign investment levels, divestment of public enterprise, or deficit reduction. After Mukherjee had signaled to the entire nation that he would follow through on these reforms, the speech was a major disappointment...
...examples in other countries of large-scale projects that Americans might learn from? I think what the Chinese are doing on many of their rail lines - vast upgrades to electrified high-speed passenger rail - is something we should emulate. Spain has revolutionized travel across their country by linking most major metropolises through a sparkling new high-speed rail network. The U.S. has nothing like it. But high gas prices will change that...