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By Tom Miles GENEVA, July 4 (Reuters) – The World Trade Organization has agreed new membership standards for the weakest economies, lowering the bar for countries such as Afghanistan, Ethiopia and Sudan to join the global trading club, according to a document seen by Reuters on Wednesday. In the document, which was agreed on June 29 and will be rubber-stamped by the WTO’s General Council on July 25-26, the WTO’s 155 existing members [...] From FT: Sunoco petrol stations are a fixture of the US eastern seaboard, their blue-and-yellow awnings touting the brand’s status as official fuel of Nascar racing. But after July, none of the petrol they sell will actually be made by Sunoco. The 126-year-old company’s decision to quit the refining business is the latest sign of the tumult in downstream fuel markets that is accompanying a global shift in oil use. As consumption flags [...] Donald Trump’s call for a 25% tariff on Chinese goods is winning him a lot of attention as he weighs a presidential run in 2012. But Trump seems to be overlooking the consequences that his economic policy would likely trigger: a destructive trade war and higher prices, according to some experts. “In a trade war, everybody loses. Some may lose more than others, but everybody loses,” said Nicholas [...] ST. LOUIS (AP) — Global food prices have hit “dangerous levels” that could contribute to political instability, push millions of people into poverty and raise the cost of groceries, according to a new report from the World Bank. The bank released a report Tuesday that said global food prices have jumped 29 percent in the past year, and are just 3 percent below the all-time peak [...] Today Wall Street is ruled by thousands of little algorithms, and they’ve created a new market—volatile, unpredictable, and impossible for humans to comprehend. Last spring, Dow Jones launched a new service called Lexicon, which sends real-time financial news to professional investors. This in itself is not surprising. The company behind The Wall Street Journal and Dow Jones Newswires made its name by publishing the [...] By KhronoStock About this time last month, I warned that the U.S. could be near bankruptcy. Simon, who I don’t always see eye to eye, commented “…US will never default as long as USD is global trading currency.†Friday, Harvard professor and former IMF chief economist Ken Rogoff says the United States has been in “default†before, when it went off the gold standard, and there is no reason why it won’t [...] |
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