June 2005 Edition
BUTTONS
There used to be seven major button makers in Canada three to four decades ago. Now, only one small one is left. The trend has escalated this year as global import quotas were lifted from Chinese textiles and apparel, driving more clothing production to that country. And as more garment-making moved to China, so the button-making followed.
GLACIERS
Nine out of 10 marine glaciers around the coast of the Antarctic Peninsula have retreated over the past half century according to a recent study. As the local climate warms, the rate of disappearing is accelerating. The mountainous peninsula will look more like the Alps and will harbour more plants and wildlife if the warming continues. Despite the changes, the melting glaciers will contribute little to rising sea levels.
BORDERS
Chronic congestion caused by tighter security at the U.S.-Canada border costs the U.S. economy $4.13-billion (U.S.) a year, according to an Ontario Chamber of Commerce study. Unlike tariffs, border delays don't produce revenue for government. The chamber's estimate is based on delays in truck shipments, losses to tourism and environmental impacts. The group has previously pegged the losses to the Canadian economy at C$6-billion a year.
BUILDINGS
Hong Kong has 7,417 skyscrapers, more than any other city. By definition, a building must be over 35 metres tall to qualify as a skyscraper. New York ranks second with 5,444 skyscrapers; Los Angeles has just 450. Chicago's Sears Tower has more floors than any of its rivals, though other skyscrapers are taller. Toronto has 1,800 and Vancouver 500.
RETIREMENT
In a recent survey by the Globe and Mail, 34 per cent of respondents stated that they wished to ease into retirement with part-time or contract work. 27 per cent wanted to finish work as soon as they can and 16 per cent wanted to take early retirement. 14 per cent want to keep working as long as possible and nine per cent plan to start a second career.
TUNGSTEN
This metal hardens anything from saw blades to turbine blades and it goes into light bulbs and weaponry. The U.S. has a stockpile that could meet all that country's demand for the next three years but prices have been going crazy. China controls 85 per cent of the world output and uses maybe 35-40 per cent of it and, as demand increases, has taken steps that cut supply. Inside China, prices rose sharply last year by some 70 per cent for the concentrate that leaves the mine. But this year prices have rocketed even more.
SALES
On-line sales by Canadian companies and government departments jumped by almost 50 per cent last year as companies did more business with each other over the Internet. Since 2000, Canadian on-line sales have more than quintupled. Last year, total on-line sales rose to C$28.3-billion as sales by private companies climbed by 45.5 per cent and those by the public sector more than doubled. More than 17,000 enterprises participated in the survey which measured sales over the Internet, with or without on-line payment.
PERFORMANCE
While most U.S. companies use performance plans to determine employee salary raises or bonuses, they are not likely to check if the plans actually help the bottom line. Of 129 major U.S. companies surveyed, 66 per cent said they used performance plans--preset benchmarks for employees to hit--to determine pay increases, and 47 per cent use them to dole out bonuses. But the survey showed that companies track the plans' success inadequately and 30 per cent of the companies didn't even measure program success at all.
BABES
The market for infant wear (newborns to three-year-olds) is declining in Canada. Last year, it fell 11 per cent to C$561.6-million from C$591.4 in 2003, after having picked up a little from the previous year. This market is expected to remain relatively flat, or decline, as birth rates continue to dip about one per cent annually. However, more affluent parents and are willing to pay more for the right products.
EXPORTS
China surpassed Japan to become the world's third-largest exporter of goods in 2004 behind the United States and Germany. A WTO-issued report cited the increased global demand for Chinese electronics as the prime motivator for the country's move up in the ranks.
SAFETY
Japan Airlines admitted recently that it has been more concerned about punctuality than safety. This startling admission comes after a series of serious mishaps. The airline acknowledged that the string of mishaps stemmed from a lack of awareness in the organization that safety should be the main priority.
ROBOTS
Researchers at Utah State University have developed a "guidebot" to help sight-impaired users get around supermarkets. The robot senses its location via electronic tags and navigates according to commands inputted through a braille keyboard. The system could be used to locate a specific brand of food if supply-chain management technology extends to supermarket shelves.
WINTER SPORTS
Citizens of the City of Dubai in the United Arab Emirates will soon be able to cool off at a local resort with tumbling snowflakes, skiing and snowboarding on five trails. By September a thick insulated roof with a sky blue ceiling will seal in the site with its 200 foot vertical drop and trails as long as 1,300 feet. It will have 23 massive air conditioners and snowmaking equipments will cover a concrete mountain with 28 inches of powdery snow. Called Ski Dubai, it will comprise about one fifth of the floor plan of the $1-billion Emirates Mall.
MAPLE SYRUP
In the 1950s, the U.S., mainly in New England, produced 80 per cent of the world's maple syrup and Canada produced the remaining 20 per cent. Now, because of temperature rise and erratic weather patterns, the countries' market share have flip-flopped with Quebec alone producing over three- quarters of the global supply. If current climate projections hold true, New England forests will be dominated by oaks and hickory trees, not maples, by the end of this century.
MEDICINE
Americans buy much more medicine per person than the residents of any other country. Almost half of all people take at least one prescription medication and one in six take three or more. The number of prescriptions has increased by two-thirds over the past decade.
TRADE
China and Australia have started talks on a free-trade pact. Few countries have granted China market economy status because of international concerns that there was still too much Chinese government interference in business. China is Australia's third-largest trading partner and second-largest export market. In 2004, bilateral merchandise trade reached $21.3-billion.
GRADUATES
Guyana loses a greater proportion of its high-skilled workforce to OECD countries than any other non-member nation. 83 per cent of that country's graduates now live in an OECD country. Smaller countries, especially African and island nations send a higher proportion of their graduates to the OECD. Big ones, such as Bangladesh, keep most of theirs.
VATICAN
One of the challenges for the new Pontiff will be to find new revenue to balance the Vatican's budget. The papacy relies on earnings from roughly US$1-billion in stocks. bonds and real estate to top up donations from Catholics around the world. While the Holy See benefited in the 1990s from booming stock markets and a strong dollar, losses on currencies plunged it to a $12.35-million loss in 2003 on revenue of $204-million. Experts predict that the papacy will be increasingly strapped for cash unless it finds new sources of revenue.
HATS
Last year, more than one-billion women's hats were sold in the United States, up 15 per cent from the preceding year and well over a threefold increase since 1986 when the Headwear Information Bureau began keeping records. The increase has been attributed to several factors including: black church women who wear hats, the Red Hat Society, a million-member social organization for women older than 50; celebrities and young people who use hats as a fashion accessory.
WINE
Australia's booming wine industry has become a victim of its own success with so many new vineyards that the country has a chronic oversupply of grapes. Vineyards in some of the most famous wine regions, including Hunter Valley, Margaret Valley and the Barossa Valley, are facing the prospect of watching their grapes wither on the vine because of a lack of buyers. Australia now has 149,700 hectares of vineyards, a three-fold increase from a decade ago. In 2004, 2.87 billion litres of wine were produced globally and 2.3 billion litres were consumed.
CUISINE
A growing Asian-American population and increasingly sophisticated American palates have driven the growth of Asian food, and--as an increasing variety of these items become available in local supermarkets--are influencing what consumers eat at home. Total U.S. retail sales of Asian foods increased by 27.3 per cent from 2000 through 2004. There are now over 41,000 independent Chinese restaurants in the U.S.
CROPS
More of this planet has been converted to crop land since 1945 than in the 18th and 19th centuries combined. According to the U.N., cultivated land now covers one-quarter of the Earth's land surface.
INVESTMENT
The beer industry illustrates how risky foreign investment in Turkey can be. Over the past two years, taxes on beer have risen by 450 per cent, to three-and-a-half times the European Union average. After the latest increase, Denmark's Carlsberg, which entered the market with a $220-million investment, accused the government of reneging on promises not to put taxes up. A can of Turkish beer now cost 15 per cent more than its equivalent at a British supermarket.
READING
Nine of the top ten magazines in Canada showed readership declines in the past year, although industry watchers say an overall stability in the business is a victory in the face of intense competition for readership. Reader's Digest, the most-read magazine in Canada for many years, saw its readership drop 4 per cent to 7.4 million. In second place was Canadian Living where readership dropped 2 per cent to 4.4 million The average number of readers among the 83 publications surveyed was about 1.3 million.
RECOGNITION
When a gang of carjackers stole a car recently in Kuala Lumpur, Malaysia, they also chopped off the driver's fingertip and took that too. The car had a fingerprint recognition system to start the engine and the thieves realized that they need a fingerprint every time they wanted to use the car.
1904
There was no Mother's Day or Father's day. Marijuana, heroin and morphine were all available over the counter at corner drugstores.
Thank you for reading the A & A Economic News Digest. For more information visit our website www.aacb.com or contact A & A Contract Customs Brokers Ltd. at strehler@aacb.com.
Past issues of the A&A Economic News Digest can be found at http://www.aacb.com/publications/ed/index.asp
There used to be seven major button makers in Canada three to four decades ago. Now, only one small one is left. The trend has escalated this year as global import quotas were lifted from Chinese textiles and apparel, driving more clothing production to that country. And as more garment-making moved to China, so the button-making followed.
GLACIERS
Nine out of 10 marine glaciers around the coast of the Antarctic Peninsula have retreated over the past half century according to a recent study. As the local climate warms, the rate of disappearing is accelerating. The mountainous peninsula will look more like the Alps and will harbour more plants and wildlife if the warming continues. Despite the changes, the melting glaciers will contribute little to rising sea levels.
BORDERS
Chronic congestion caused by tighter security at the U.S.-Canada border costs the U.S. economy $4.13-billion (U.S.) a year, according to an Ontario Chamber of Commerce study. Unlike tariffs, border delays don't produce revenue for government. The chamber's estimate is based on delays in truck shipments, losses to tourism and environmental impacts. The group has previously pegged the losses to the Canadian economy at C$6-billion a year.
BUILDINGS
Hong Kong has 7,417 skyscrapers, more than any other city. By definition, a building must be over 35 metres tall to qualify as a skyscraper. New York ranks second with 5,444 skyscrapers; Los Angeles has just 450. Chicago's Sears Tower has more floors than any of its rivals, though other skyscrapers are taller. Toronto has 1,800 and Vancouver 500.
RETIREMENT
In a recent survey by the Globe and Mail, 34 per cent of respondents stated that they wished to ease into retirement with part-time or contract work. 27 per cent wanted to finish work as soon as they can and 16 per cent wanted to take early retirement. 14 per cent want to keep working as long as possible and nine per cent plan to start a second career.
TUNGSTEN
This metal hardens anything from saw blades to turbine blades and it goes into light bulbs and weaponry. The U.S. has a stockpile that could meet all that country's demand for the next three years but prices have been going crazy. China controls 85 per cent of the world output and uses maybe 35-40 per cent of it and, as demand increases, has taken steps that cut supply. Inside China, prices rose sharply last year by some 70 per cent for the concentrate that leaves the mine. But this year prices have rocketed even more.
SALES
On-line sales by Canadian companies and government departments jumped by almost 50 per cent last year as companies did more business with each other over the Internet. Since 2000, Canadian on-line sales have more than quintupled. Last year, total on-line sales rose to C$28.3-billion as sales by private companies climbed by 45.5 per cent and those by the public sector more than doubled. More than 17,000 enterprises participated in the survey which measured sales over the Internet, with or without on-line payment.
PERFORMANCE
While most U.S. companies use performance plans to determine employee salary raises or bonuses, they are not likely to check if the plans actually help the bottom line. Of 129 major U.S. companies surveyed, 66 per cent said they used performance plans--preset benchmarks for employees to hit--to determine pay increases, and 47 per cent use them to dole out bonuses. But the survey showed that companies track the plans' success inadequately and 30 per cent of the companies didn't even measure program success at all.
BABES
The market for infant wear (newborns to three-year-olds) is declining in Canada. Last year, it fell 11 per cent to C$561.6-million from C$591.4 in 2003, after having picked up a little from the previous year. This market is expected to remain relatively flat, or decline, as birth rates continue to dip about one per cent annually. However, more affluent parents and are willing to pay more for the right products.
EXPORTS
China surpassed Japan to become the world's third-largest exporter of goods in 2004 behind the United States and Germany. A WTO-issued report cited the increased global demand for Chinese electronics as the prime motivator for the country's move up in the ranks.
SAFETY
Japan Airlines admitted recently that it has been more concerned about punctuality than safety. This startling admission comes after a series of serious mishaps. The airline acknowledged that the string of mishaps stemmed from a lack of awareness in the organization that safety should be the main priority.
ROBOTS
Researchers at Utah State University have developed a "guidebot" to help sight-impaired users get around supermarkets. The robot senses its location via electronic tags and navigates according to commands inputted through a braille keyboard. The system could be used to locate a specific brand of food if supply-chain management technology extends to supermarket shelves.
WINTER SPORTS
Citizens of the City of Dubai in the United Arab Emirates will soon be able to cool off at a local resort with tumbling snowflakes, skiing and snowboarding on five trails. By September a thick insulated roof with a sky blue ceiling will seal in the site with its 200 foot vertical drop and trails as long as 1,300 feet. It will have 23 massive air conditioners and snowmaking equipments will cover a concrete mountain with 28 inches of powdery snow. Called Ski Dubai, it will comprise about one fifth of the floor plan of the $1-billion Emirates Mall.
MAPLE SYRUP
In the 1950s, the U.S., mainly in New England, produced 80 per cent of the world's maple syrup and Canada produced the remaining 20 per cent. Now, because of temperature rise and erratic weather patterns, the countries' market share have flip-flopped with Quebec alone producing over three- quarters of the global supply. If current climate projections hold true, New England forests will be dominated by oaks and hickory trees, not maples, by the end of this century.
MEDICINE
Americans buy much more medicine per person than the residents of any other country. Almost half of all people take at least one prescription medication and one in six take three or more. The number of prescriptions has increased by two-thirds over the past decade.
TRADE
China and Australia have started talks on a free-trade pact. Few countries have granted China market economy status because of international concerns that there was still too much Chinese government interference in business. China is Australia's third-largest trading partner and second-largest export market. In 2004, bilateral merchandise trade reached $21.3-billion.
GRADUATES
Guyana loses a greater proportion of its high-skilled workforce to OECD countries than any other non-member nation. 83 per cent of that country's graduates now live in an OECD country. Smaller countries, especially African and island nations send a higher proportion of their graduates to the OECD. Big ones, such as Bangladesh, keep most of theirs.
VATICAN
One of the challenges for the new Pontiff will be to find new revenue to balance the Vatican's budget. The papacy relies on earnings from roughly US$1-billion in stocks. bonds and real estate to top up donations from Catholics around the world. While the Holy See benefited in the 1990s from booming stock markets and a strong dollar, losses on currencies plunged it to a $12.35-million loss in 2003 on revenue of $204-million. Experts predict that the papacy will be increasingly strapped for cash unless it finds new sources of revenue.
HATS
Last year, more than one-billion women's hats were sold in the United States, up 15 per cent from the preceding year and well over a threefold increase since 1986 when the Headwear Information Bureau began keeping records. The increase has been attributed to several factors including: black church women who wear hats, the Red Hat Society, a million-member social organization for women older than 50; celebrities and young people who use hats as a fashion accessory.
WINE
Australia's booming wine industry has become a victim of its own success with so many new vineyards that the country has a chronic oversupply of grapes. Vineyards in some of the most famous wine regions, including Hunter Valley, Margaret Valley and the Barossa Valley, are facing the prospect of watching their grapes wither on the vine because of a lack of buyers. Australia now has 149,700 hectares of vineyards, a three-fold increase from a decade ago. In 2004, 2.87 billion litres of wine were produced globally and 2.3 billion litres were consumed.
CUISINE
A growing Asian-American population and increasingly sophisticated American palates have driven the growth of Asian food, and--as an increasing variety of these items become available in local supermarkets--are influencing what consumers eat at home. Total U.S. retail sales of Asian foods increased by 27.3 per cent from 2000 through 2004. There are now over 41,000 independent Chinese restaurants in the U.S.
CROPS
More of this planet has been converted to crop land since 1945 than in the 18th and 19th centuries combined. According to the U.N., cultivated land now covers one-quarter of the Earth's land surface.
INVESTMENT
The beer industry illustrates how risky foreign investment in Turkey can be. Over the past two years, taxes on beer have risen by 450 per cent, to three-and-a-half times the European Union average. After the latest increase, Denmark's Carlsberg, which entered the market with a $220-million investment, accused the government of reneging on promises not to put taxes up. A can of Turkish beer now cost 15 per cent more than its equivalent at a British supermarket.
READING
Nine of the top ten magazines in Canada showed readership declines in the past year, although industry watchers say an overall stability in the business is a victory in the face of intense competition for readership. Reader's Digest, the most-read magazine in Canada for many years, saw its readership drop 4 per cent to 7.4 million. In second place was Canadian Living where readership dropped 2 per cent to 4.4 million The average number of readers among the 83 publications surveyed was about 1.3 million.
RECOGNITION
When a gang of carjackers stole a car recently in Kuala Lumpur, Malaysia, they also chopped off the driver's fingertip and took that too. The car had a fingerprint recognition system to start the engine and the thieves realized that they need a fingerprint every time they wanted to use the car.
1904
There was no Mother's Day or Father's day. Marijuana, heroin and morphine were all available over the counter at corner drugstores.
Thank you for reading the A & A Economic News Digest. For more information visit our website www.aacb.com or contact A & A Contract Customs Brokers Ltd. at strehler@aacb.com.
Past issues of the A&A Economic News Digest can be found at http://www.aacb.com/publications/ed/index.asp
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