Climate change is expected to cause growing losses to American infrastructure and property and impede the rate of economic growth, according to a major new study. (Photo: AFP/Robyn Beck) "With continued growth in emissions at historic rates, annual losses in some economic sectors are projected to reach hundreds of billions of dollars by the end of the century - more than the current gross domestic product (GDP) of many US states," the latest edition of the National Climate Assessment said. "Without substantial and sustained global mitigation and regional adaptation efforts, climate change is expected to cause growing losses to American infrastructure and property and impede the rate of economic growth over this century," it added. The effects will spill over into global trade, affecting import and export prices and US businesses with overseas operations and supply chains, it added. Some of these impacts are already being felt in the United States, the report said, and recent extreme … [Read more...] about Climate change could cost US “hundreds of billions” a year: Study
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US mid-term elections: Balance resumed
The map of this year’s US midterm elections was evenly covered with the colours of red and blue, without the occurrence of the scenario in which the Republican Party’s “red tide” overwhelmed the Democratic Party’s “blue wave”, which would have helped the Republicans defend their control of the current bicameral Congress. The Republican side easily surpassed 51 seats to continue its control of the Senate but left the majority in the House of Representatives to the Democratic side. Reclaiming dozens of seats from the “Elephant”, the “Donkey” party has gained new power and resumed its control of the House of Representatives after eight years in the minority at this important legislative body. It can be said that the newly announced election results are a tremendous victory for the Democrats after a lengthy loss of its legislative control. Thanks to its efforts to mobilise voters and strong competition, the Democratic Party … [Read more...] about US mid-term elections: Balance resumed
National Assembly set to ratify historic trade deal
Nguyen Viet Thang, head of X26 JSC’s Planning Division based in Hanoi, greeted the news on November 12 that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will be officially adopted by the National Assembly (NA). Vietnam will be the sixth nation to ratify this milestone deal, after Australia, Japan, New Zealand, Mexico, and Singapore. Last week, New Zealand adopted this deal. Brunei, Canada, Chile, Malaysia, and Peru are also expected to ratify the deal in the near future. “Our company has been awaiting the adoption of the CPTPP for a long time. If the deal is adopted by all 11 member states, we will be able to export more due to the import tax exemption, which will become true upon the deal’s entry into force,” Thang told VIR. Currently, the average rate is 12-18 per cent, depending on the market and product, Thang said, adding that the company has been “seeking more partners in other CPTPP nations, and contracts will be … [Read more...] about National Assembly set to ratify historic trade deal
Asia Pacific advances trade liberalisation as US swims against current
Market-opening international trade policy reform tends to yield positive results. When trade flows increase, nations on both ends tend to benefit. At the enterprise level, in a trade transaction both parties usually perceive a benefit, otherwise the transaction would not take place. Douglas Lippoldt, chief trade economist at HSBC Global Research Trade often delivers benefits domestically thanks to increases in productivity from economies of scale and specialisation, competition, and returns to investment in innovation. The economic gains generally outweigh any trade-related adjustment costs by a large margin. According to one big historical study, countries that liberalised their trade regimes were able to accelerate annual economic growth on average by about 1.5 percentage points. Among the Asia-Pacific nations we can see this in action. Global, regional, and bilateral accords are delivering increased market openness. This rules-based framework is helping to reduce policy … [Read more...] about Asia Pacific advances trade liberalisation as US swims against current
Vietnam economy grows at best rate in a decade
Vietnam's economy saw its strongest first-quarter growth in a decade, data showed on Thursday (Mar 29), driven by a surge in electronics manufacturing and exports. While agriculture and wholesale and retail trade have seen steady rises, manufacturing remains a the pillar of Vietnam's growth. (Photo: AFP/Hoang Dinh Nam) The reading comes as the communist country is poised to expand its overseas markets after signing an 11-nation Asia-Pacific trade deal this month that replaces the Trans-Pacific Partnership (TPP), scrapped by the US last year. Observers said a spike in exports was a promising sign that Vietnam's market has not been dented by US President Donald Trump's protectionist agenda. The 7.38 per cent GDP expansion in January-March was sharply up from the rate of just over five per cent seen in the same period last year, according to the Government Statistics Office, and well above the government's annual target of 6.7 per cent. The figures are the best since a 7.40 per … [Read more...] about Vietnam economy grows at best rate in a decade