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28.11.2015 14:44 This is how Russia could hurt Turkey`s economy

Russia and Turkey have a raft of strategic and commercial trade deals in place which could be at risk as the diplomatic row over Turkey`s downing of a Russian warplane continues. Geopolitical tensions between Russia and NATO member Turkey have risen this week after a Russian SU-24 warplane was shot down by a Turkish F-16 fighter jet on Tuesday. Turkey said the jet was in Turkish airspace and ignored warnings to leave, Russia denies this. Since the incident a war of words has broken out between the two countries over who was at fault and Russia has threatened to retaliate on an economic level. On Wednesday, Russian Prime Minister Dmitry Medvedev said Turkey`s actions could result in the scrapping of joint projects and that Turkish companies could lose Russian market share. On Thursday, Medvedev appeared to harden his stance against Turkey, ordering the government to draw up measures which could include freezing some joint investment projects with Turkey, Reuters reported. These could also include restrictions on food imports, he said. Erdogan responded by saying such talk was "emotional" and "unfitting for politicians," Reuters reported. He added that he was saddened by such statements from Russia. This could be significant for both countries, Turkey is Russia`s second most important trading partner after Germany and, if Russia goes ahead and cuts economic ties, both countries will feel the effects, analysts warn. CNBC looks at the economic ties that bind Russia and Turkey and the potential impact of the relationship going sour.

26.11.2015 12:25 US Economy: 2015 will be another year of only modest growth

The U.S. economy grew slightly faster in the summer than previously reported, mainly because of a less severe slowdown in businesses stockpiling. The overall economy, as measured by the gross domestic product, grew at an annual rate of 2.1 percent in the July-September period, the Commerce Department reported Tuesday. That is better than its previous estimate of 1.5 percent growth. Even with the revision, economic growth slowed sharply from a 3.9 percent gain in the second quarter. The economy then was rebounding from a harsh winter that had sapped first quarter growth to a barely discernible 0.6 percent pace. "Growth is now averaging 2.2 percent for the first three quarters of the year and fourth-quarter estimates are in the range of 2 percent to 2.5 percent. Thus, 2015 will end up being more of the same in terms of the pace of the expansion which is now in its 7th year," Peter Boockvar, chief market analyst at the Lindsey Group.

25.11.2015 22:15 Russia`s economy stabilizing

There are tentative signs of economic stabilization in Russia, the International Monetary Fund said in a report released late on Monday. "The Russian economy is expected to contract by 3.8 percent in 2015, followed by a milder contraction of 0.6 percent in 2016, due to the headwinds from lower oil prices," the report said. Russian trade is improving despite low oil prices, according to the report. "The current account adjustment is progressing rapidly, supporting the ongoing external deleveraging process," the report said. The IMF predicts that inflation will decline to 12.7 percent at the end of 2015, and, in the absence of shocks to international oil prices, to continue to fall further during 2016. Currently inflation in Russia is at an annual 15.7 percent. “Monetary policy has been appropriately on hold, but normalization can resume once underlying inflation and inflation expectations are firmly on a declining path. The pace of easing should be balanced against external risks and the need to build credibility under the newly introduced inflation targeting regime," the report said.

25.11.2015 11:48 Ad Industry Accounted for 19 Percent of U.S. GDP in 2014

For anyone down on advertising, the Association of National Advertisers and The Advertising Coalition commissioned a study that highlights some of the industry`s big economic benefits. Namely, advertising contributed $3.4 trillion to the U.S. GDP last year, a figure that accounts for 19 percent of the country`s entire economic output. The study, done in partnership with IHS Economics & Country Risk, was also designed to analyze the impact a recent tax proposal would have on the U.S. economy. The proposal would allow businesses to deduct 50 percent of their annual advertising spending. "This new study underscores the essential nature of advertising in promoting both business and economic growth in this country. The very fact that this industry contributes nearly 20 percent to the nation`s GDP sends a powerful reminder to policymakers that advertising is an essential stimulus to the U.S. economy that should be promoted and not subjected to tax," Bob Liodice, president and CEO of ANA, said in a press release.

24.11.2015 12:45 Brazil`s economy takes the good with the bad

Brazil`s president is battling scandal and low poll numbers, inflation and unemployment are soaring, and ratings agencies are taking the knife to its credit rating. Is there any good news investors can count on from Latin America`s largest economy? There are some bright spots, analysts say. Yet for now, the immediate term outlook is overwhelmingly grim for the country that put the `B` in the acronym BRICS - shorthand for the most attractive emerging market economies investors once considered a sure bet. As Brazilian president Dilma Rousseff combats a slumping economy and corruption accusations, the country`s inflation surged above 10 percent while unemployment jumped to 7.9 percent, according to the latest official data. The dour state of affairs has Barclays forecasting a 4 percent economic contraction this year, followed by 3.3 percent shrinkage next year, the investment bank said in a research note last week. The political and economic turmoil has recently driven the real, Brazil`s currency, to multiyear lows, a factor helping to stoke price pressures.

22.11.2015 13:01 Commodity demand: Past, present, future

Over the past 15 years, China`s impact on global raw material demand has been nothing short of phenomenal. The spectacular growth in commodity demand between 2005 and 2010 led to the term “commodity supercycle”. However, this was no ordinary commodity cycle, as the nation with a population of more than 1 billion people rapidly urbanized. Today, despite the slowdown in commodity demand since 2011, there are still many analysts who have the firm conviction that the world remains in a commodity supercycle and that the globe is currently experiencing a pause before the acceleration in the demand for commodities resumes. Bearing these views in mind, as well as the current impact on global markets being caused by China`s growth slowdown, it is worth taking a moment to review the impact of China`s industrialization and the rapid increase in commodity demand in the past. Equally important is taking stock of current commodity demand fundamentals and looking to the future and China`s likely impact on commodity demand.

20.11.2015 12:31 APEC 2015: Micro enterprises, innovation take center stage

The Asia-Pacific Economic Cooperation (APEC) capped off a year`s worth of focusing on policies to support micro and small to medium enterprises (MSMEs) with a summit designed to tackle some of the current trends that can inspire entrepreneurs. The summit entitled "Innovation and Big Ideas: Pushing boundaries” was held on Nov 16, a day ahead of the center piece meeting to be attended by APEC economy leaders. Promoting MSMEs has been a central feature of the country`s APEC hosting this year, which revolved around the theme of inclusive and sustainable growth. These small businesses, which make up 99.7% of APEC economies, have been identified by the APEC Business Advisory Council (ABAC) as key to tapping into inclusive growth. “Unlocking the remarkable potential of entrepreneurs needs robust innovation ecosystems. MSMEs are oftentimes better poised to understand new customer expectations and create transformational business models through innovation,” said Doris Magsaysay-Ho, 2015 ABAC Chair. The article contains some of the ideas discussed at the summit.

18.11.2015 22:11 Common goals shared by APEC, G20

The Asia Pacific Economic Cooperation (APEC) and the Group of Twenty (G20) are sharing common goals of stable global economic growth and quality and inclusive growth, said Indonesian Vice President Jusuf Kalla. At the APEC CEO Summit 2015 in Makati City on Wednesday, Kalla said strengthening of synergy of policies in both fora would support the recovery and stability of the global economy as well as ensuring the growth to trickle down. Indonesia is member of both APEC and G20. G20 concluded its 2015 Summit in Antalya, Turkey on Monday and was attended by other APEC member economies including Indonesia, Australia, Canada, China, Japan, Mexico, Russia, South Korea, and the United States. The APEC Economic Leaders` Meeting (AELM), on the other hand, started on Wednesday. “The G20 Meeting highlights important priorities: global recovery and strengthening potentials, enhancing alliance and reinforcing sustainability. These priorities are very much in line with the theme of APEC this year which focuses on growth and inclusiveness,” Kalla said.

16.11.2015 18:41 G20: Success or failure?

The fall of Lehman Brothers is one of the most shocking economic events that the West has experienced since the Great Depression that started in 1929. It was the first sign that showed that the so-called global financial crisis (GFC) would spread around the world. U.S. President George W. Bush called for a G20 Leaders Summit to discuss the fault lines that caused the GFC and to agree on measures to fix them. This was a clever maneuver since this was a global crisis and therefore, the problems should be solved in a coordinated and comprehensive manner. Since the early 2000s, emerging economies such as China, Brazil, India, South Africa and Turkey made their presence felt in the global economy. Discussing global economic issues at the G8 platform was no longer accurate and constructive. The G20 is a more appropriate platform to discuss how to reform global finance and economy. So far the G20 has made important progress in reshaping the governance of global finance by implementing macro-prudential policies, developing strict rules on the "too big to fail" problem, increasing the lending capacity of the International Monetary Fund (IMF) and collecting richer information on the shadow banking system. But this progress is not sufficient. There is still much to be done.

13.11.2015 14:32 Russia`s Economy: What Do the Numbers Tell Us?

Before the Bolshevik revolution, Vladimir Lenin supposedly said “the worse the better.” Essentially, what he meant was that the more conditions deteriorated under the Russian czar (and in its aftermath) the more likely the Bolsheviks would obtain power. In this, Lenin was quite prescient. Today, the Russian economy has fallen into a “worse” phase. The collapse in oil prices, coupled with economic sanctions, has significantly impaired economic growth. The question is: How bad is it, and what are the future prospects for recovery? In short, the prospects currently look dismal. Even a rapid and sustained resuscitation in energy prices is unlikely to restore growth to levels experienced earlier this decade. One striking fact is that Russian growth started to decline rapidly in 2012 Q1, well before oil prices fell or economic sanctions took hold. Growth had plunged to approximately one percent before either phenomenon occurred. Russia`s 4 percent GDP growth rate was largely manufactured by enormous growth in consumer credit, which was not sustainable. The World Bank estimates that, by 2017, Russia`s real GDP will be smaller than it was in 2012.


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