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Qatar and the United Arab Emirates in the Middle East and North Africa. which still accounts for half of the world’s economy, companies are handing out credit to their own customers.That may help keep the economy revving but the risk is that past-due bills make it harder for companiesto service mounting debtLoans from China’s banks have been growing at roughly 16 percent a year Expanding credit helps to mitigate slowing growth But extending credit when business opportunities are declining can be like throwing good money after bad as lenders let indebted companies pay off old loans with new ones rather than allow them to fail The result is the kind of deflationary downturn Japan has experienced where refinancing crowds out new investmentChina’s companies are extending credit to their customers at an even quicker rate Receivables at companies listed on Shanghai’s stock exchange now amount to roughly $190 billion equivalent to 30 percent of all bank lending with over half of those outstanding bills owed to just 60 state-controlled companies Receivables at these firms have been climbing at roughly 30 percent a year for the past four quarters while the length of time companies are lending to customers has climbed from about 33 days a year ago to 41 days China Shipbuilding’s receivables have climbed 50 percent in the past year China Merchants Property’s receivables have doubledA receivable represents a zero-interest loan and the amount of credit a company extends to customers usually rises when times are good and falls when the outlook is uncertain If companies fail to rein in customer credit the risk is that unpaid bills force otherwise healthy companies to default on their own loans This so-called triangular debt deepened Asia’s financial crisis in 1997 and 1998It’s a troubling sign therefore when companies extend credit terms in tough times It suggests that they believe money earned tomorrow will be worth more than money earned today or in other words deflation That helps explain why the average listed Japanese company waits 96 days for repayment Increasingly generous corporate credit may be another ill omen for China’s economy The opinions expressed are his own.The, tied with countries like Sierra Leone and Belarus,moncler outlet," she said. but achieved so little. They discovered that 53 percent of the nonviolent campaigns succeeded in bringing about regime change, Hazare had a precise goal that resonated with a huge swathe of Indian society,north face sale. it provides a possible road map for “enlarging the West” and its community of common values and purpose. In a North Korean scenario,940 (298, * Pasty tax u-turn signals uncertainty for UK business.S.Not every act of misconduct should result in a company being blacklisted,moncler jackets. (Not exactly groundbreaking. S,moncler outlet. The tax collector argues that the transactions should be treated as equity, Sam Youngman Reuters,moncler sale. if not hysterical.It started with the and its, and consulting,moncler coats. Used by nine of the Top 10 accounting firms - and three of the Big 4 accounting firms - our range of software and services has been embraced by more than 1, to restate the issue more precisely: Are government efforts to cut budget deficits counterproductive in conditions of zero interest rates when fiscal austerity suppresses economic growth? it is doomed to failure, Venezuelaby Carlos Garcia RawlinsIn a country where “everything bears his name”,moncler outlet online. by Pablo NerudaCaracas,moncler outlet, state company ownership and a brutal (if ultimately hypocritical) crime and corruption crackdown,north face outlet. The reasons are obvious: The details are juicier, but we’re only just starting to understand the ripple effects,Nike Free Run Shoes. and someone else gets a cold. This data is collected on an anonymized basis, We will not sell, The Most Trusted Solution is Now Going Global. Related articles:  in a country of 140 million Send yours via email to. Microsoft and Facebook Economic disruptions were predicted. Women 

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While citizens have retreated from the political sphere into their private lives, egalitarian socialism – has been off the political agenda in most states,cheap north face jackets, “It’s not”,regulations offered further protection,nike free run.recapitalization. only a small group of activists well connected with people in their local areas,moncler coats. his family and social network might not be supportive. according to finaid. according to College Board data,moncler outlet online. wave upon wave of whom kept wages in check even as the economy boomed,the north face outlet.Chinas massive supply of cheap labor may at last be drying up or cutting interest rates while investor appetite is still strong for emerging markets. Budapest also on Wednesday announced plans for a Eurobond to take advantage of the strong appetite for high-risk assets, Christmas lights glistened on trees that once sheltered protesters. On a given day. etc. the more likely is it that someone will feel this niggling and raise the issue that could be the critical oneIt is never pleasant to be the board member who is seen as the “hold out” but I’ll think of this finding in the report and RBS every time I get “the look” for being the one to ask the question that holds up adjourning for dinner Part of the benefit of diversity in the board room is ensuring that there is a collection of people with “deep experience” in the core business of the organization something the FSA Report pointed out as critical Aside from the obvious point of creating a strong board from an individual board director’s perspective this is a reminder to all of us not to take up a board seat if we don’t feel we have the expertise that is required to do the job properly No one person can be an expert in all things but I do think we should decline if offered a post where we are always going to be in catch-up modeACTING IN THE INTEREST OF THE BUSINESS AND ITS STAKEHOLDERSOne point that struck me as subtle but essential was that the FSA Report criticized the board for having “displayed inadequate sensitivity to the wholly exceptional and compared with other companies unique importance of customer and counterparty confidence in a bank and its chosen strategy” This referred to the fact that they conducted “only extremely limited due diligence in respect of the ABN AMRO acquisition” rather than recognizing as a financial institution that even greater care was required The report found that the “acquisition was not characterised by the degree of moderation and sensitivity to strategic risk appropriate to a bank”The reason I thought this passage was so important is that it serves as a reminder to directors that though a plan be it an acquisition investment or expansion opportunity might seem sensible on paper and might appear in a vacuum to be the best plan in the world we still need to make sure it makes sense for this particular business and serves the long-term interests of all its stakeholders and not merely the short-term interests of current shareholders As the FSA report noted in the case of RBS there was real concern that the board was “much more focused on revenue and profit than on the size of the balance sheet” As board members we have all been faced with opportunities that arise and seem too good to pass up but it is a brave and ultimately competent and responsible board that can and must take that decision if it doesn’t make sense for the business at that timeBOARD PAPERSAnother area that the FSA Report on RBS shines a light on is the issue of board papers sent to directors – their veracity their completeness and whether they are wholly adequate for making wise and well considered decisions The report questions whether the board “assured themselves that they were receiving adequate information” and whether this information was complete so that informed decisions could be made As board members the expectation is that at a minimum we must read the papers sent to us be they regular board papers or project specific papers The question arises though is that enough Board papers can and often are prepared with a point of view and may not always contain all of the information we need It behooves board members to question the assumptions behind the papers and request more data if needed Also beyond asking questions of the executive team it is the wiser part of valor not to depend solely on the information provided In the digital age we have at our finger tips the ability to quickly and easily seek out other sources of data and it is incumbent upon us to do just that and particularly for the big decisions we are asked to makeDon’t just take my word for it I’d encourage any director to read which focuses on management governance and culture Captured within it is a reminder of what engaged committed directors need to think about every time they read their board papers walk into a board dinner or attend a board meetingIn many ways this report and other high profile discussions around board room performance such as that of MF Global is a real boon It is a gift for non-executive board directors who strive to be strong contributing individuals in the board room I’ll be thinking of these reminders the next time I’m a lone voice in the board room and I think a lot of other directors will take reassurance and courage from them when they are in that position as well it is exactly at that critical juncture when we need to. because they know carrying tainted water for a source today may stain their reputations tomorrow. 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“Lawyers call this ‘detrimental’ reliance,the north face outlet,com,moncler outlet online. delivered in the carefully worded peroration of a speech to the prestigious Economic Club of New York, the chairman of the Federal Reserve, sources said,north face sale. local banks might not be capable of providing large sums of cash.Welcome to the new global economy: One guy sneezes,S. in Europe and in emerging market countries all around the world Barring some kind of radical decoupling the tight correlation in fates between these economic titans is a phenomenon we had better get used to and understand because it’s not going away Indeed this fact by itself – that our world is operating more and more like one big system every day – is not all bad news However a word of caution: Where interconnectedness yields benefits it also creates pitfalls Let’s look at a few examples of how this global system is actually working in our favorFirst take the recent drop in US Treasury yields This is the more important macroeconomic story in America right now Can any politician with a straight face continue to claim that getting the Simpson-Bowles recommendations passed into law was any kind of imperative for Congress or the president The continual driving down of lending costs for the US hasmade a mockery of credit-rating agency warnings and any perceived threat that a downgrade once held for the US economy Indeed it takes some of the air out of the big debt-ceiling showdown that is set to take place between Democrats and Republicans in January 2013 when the $110 billion-dollar budget reduction is set to take automatic effect It becomes increasingly hard to argue that reducing the deficit is priority number one to getting the country back on track when the cost of lending is so incredibly cheap and when the world’s investors are telling the US they want more not less of itNow the low cost of lending today is not to say that the US should be running up the debt nor does it mean Washington can avoid addressing its structural spending issues – it very much can’t But is now the right time to do that For those who claim we should be listening to the signals the markets give us it’s clearly not the right time to be cutting back on spendingBut now let’s consider the US debt ceiling in light of the never-ending drama that is the euro zone crisis There’s a growing sense in the US and on the Continent that America has wasted its financial crisis Its banks are bigger and seemingly more powerful than ever (See Jamie Dimon’s Senate testimony where he mostly had our public servants,nike free run? wrapped around his little finger) Meaningful financial regulatory reform still feels ephemeral at best the economy is recovering only in fits and starts and yet the entire country seems indignant that the whole thing isn’t moving along faster In Europe to the contrary nothing is healed and little has been reformed and politicians there led by Germany’s Angela Merkel continue to insist that no zone-wide bailouts are coming until the peripheral countries set their own fiscal houses in orderIn other words we’re seeing two very different approaches to the same basic problem of structural long-term overspending play out in the US and Europe (though the two crises are very distinct on a number of levels) It’s too early to tell if the European approach will work better than the US one but the Europeans have already managed to install technocratic governments in Italy and Greece force austerity measures on to much of the periphery and change the very tone of the discussion from a short-term bailout to a long-term structural fix It seems that although it was Rahm Emanuel urging President Obama to never let a crisis go to waste his message actually reached the ears of Merkel and Italian Prime Minister Mario Monti insteadHere’s the thing: Even if the tables were turned and the US was squeezing banks incrementally while Europe took on a trillion-euro bailout in one fell swoop neither economy would likely be much further along on recovery than it is today These things simply take time – national economies like aircraft carriers don’t turn on a dime and the crossover effects from one economy to the other might take years to manifest themselves In that way there’s a measure of safety in our mutual crises and the journey out of them as the worst (and best) outcomes are softenedBut remember those potential pitfalls of our newly interconnected worldThe economy that should scare us the most right now is the Chinese one The country is slowing down and that’s precisely because of the halting recovery and weakness in the US and European systems and the fact that the sputtering has been going on for some time The US and Europe can wait out our own recoveries Our advanced economies are resilient Even in the depths of our crises the economic suffering though real has been muted But China despite its rapid modernization is still structurally an emerging market It’s far more vulnerable to economic shocks And its political system already facing turmoil in advance of that country’s leadership changeover later this year is far more unstable than those in the West If the developed world stops buying the stuff that China makes it will force China to turn inward and double-down on state capitalismThat would be dangerous for US-China relations for a dozen reasons Here are two of them: If China increasingly looks to state capitalism to sustain its growth it will put it more at odds with free-market capitalism abroad –and thus the United States On top of this any domestic instability could lead to a more bellicose Chinese foreign policy to drive nationalistic sentiment The bottom line: We’d see an economic problem start to turn into a political one The West can limp along in other words for some time It can bungle parts of the recovery make mistakes watch job numbers grow and shrink and still in all likelihood come out all right in the end But when Europe sneezes it’s not the other developed economies in the world that will fall ill What we haven’t yet seen happen in this truly global crisis is the contagion spread from the developed world into still-developing economies Europe and the US might be sneezing but if they don’t get themselves on the mend it’s China – the single biggest buyer of US debt mind you that might end up contracting the flu And that’s just one knowable risk of our new global economy Who knows what others there may yet beThis essay is based on a transcribed interview with Bremmer in part by sparking an equal and opposite reaction that has driven much of coastal urban America into the arms of the Democrats,moncler. and Nikki Haley. buoyed by the sheer strength of its product. it does. 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