October 2005 Edition
CHINA
In 2003, China became Canada's second largest trading partner, surpassing Japan. Two-way trade between Canada and China increased almost five-fold in the last decade, from C$4.8-billion in 1993 to $23.3-billion in 2003. Canada's merchandise trade deficit with China has increased almost eight-fold since 1993, reaching $13.8-billion in 2003.
TOURISM
Tourism to rural destinations accounted for almost half of all tourism in 2002. Young Canadians were more likely to visit rural areas, while tourists from the U.S. were more likely to be older. Domestic travellers accounted for 83 per cent of the visits to rural areas, Americans 12 per cent and foreigners about five per cent. However, Canadians accounted for only 61 per cent of money spent during rural visits while Americans accounted for 25 per cent of expenditures.
SIZE
A site on the Delhi-Jaipur highway is slated to get the world's largest shopping mall. The mall, to be known as the Mall of India, will spread over 32 acres and have parking spaces for 10,000 cars. The world's biggest malls currently are the Mall of America in Minneapolis and a mall in Shanghai.
RESEARCH
Spending on Research and Development in the field of health is representing more and more of total R&D spending in Canada. Between 1997 and 2001 R&D spending on health represented about 17 per cent of total gross domestic expenditures on R&D. By 2002, this proportion had jumped to 22 per cent. In 2003 it was up to 23 per cent and in 2004 it reached 24 per cent. The amount spend on health R&D last year was C$5.7-billion, up 9 per cent over 2003.
CLIMATE
Western Siberia is thawing for the first time in 11,000 years. The area, which is the size of France and Germany combined, could release billions of tonnes of methane, a greenhouse gas, into the atmosphere. In fact, the whole western sub-Arctic region has started to thaw and all of this has happened in the past three to four years.
ACCIDENTS
Traffic accidents on China's roads killed 36,000 people and injured 236,000 in the first six months of this year. Some 229,000 accidents occurred causing direct economic losses worth about C$145-million. Traffic accidents in China killed more than 107,000 people last year making its roads among the world's deadliest. The World Health Organization estimates that road accidents cost China's economy up to $25-billion each year, more than one per cent of gross national product.
VALUE
A new study by ACNielson in 38 markets worldwide indicates that private label brands are now widely recognized as strongly competitive with major brands and represent better value. All of the top 10 markets that ranked private label products a good alternative were in Europe, led by the Netherlands at 91 per cent, Portugal at 89 per cent and Germany at 88 per cent. On the other hand, eight of the bottom 10 markets were in Asia. In the two lowest ratings, only 35 per cent of Japanese consumers and 36 per cent of Malaysians favoured private label brands.
PEPPER
African farmers are protecting their crops from marauding elephants by planting pepper as a protective buffer. Apparently, chili peppers are unpalatable to crop-raiding mammals. While electric fences and other deterrents are prohibitively expensive, chili peppers are cost-effective because they can also be a viable cash crop.
RESTAURANTS
Partly to accommodate larger food portions and partly to accommodate larger customers, some U.S. restaurants are investing in bigger tables and chairs.
ART
London overtook New York to become the world's biggest art auction centre in the first half of the year with US$854-million of sales. London racked up a 38 per cent share of the $2.23-billion of fine art sold by Sotherby's, Christie's and other auction houses between Jan. 1 and July 18. New York sales in the same period were $833-million. New York has the biggest sales of impressionists, modern and contemporary art. London is the No. 1 market for Old Master paintings. France's market share was 5.7 per cent and that of Italy was 3.4 per cent.
TWINS
There is a restaurant in New York City called Twins. It was started by twin sisters and is staffed by 37 sets of identical twins who work the same shifts. It is reported that there are at least 125 million living twins and triplets. Up to 22 per cent of twins are left handed compared to just 10 per cent in the general population.
MARKETS
The largest fresh food market in the world is Rungis on the outskirts of Paris. It is a wholesale food market to the trade only. Previously located in central Paris, it was moved in the early 1970s to ease congestion in the city. The market covers 573 acres, an area larger than Monaco. It welcomes 26,000 cars every day and nourishes one-fifth of the French population.
SEARCHING
A new study forecast that "paid search" will become the dominant form of on-line advertising by 2010. U.S. spending on paid search ads, such as those listed as "sponsored links" at Google, will grow to US$7.5-billion by 2010, up from $3.1 billion last year. In paid searches, advertisers pay to have their links displayed prominently in response to a consumer's search. Overall on-line advertising spending in the U.S. will hit $18.9-billion in 2010, up from $9.3-billion last year. Of 464 advertisers polled, 68 per cent were confident of getting a good return from on-line advertising.
WILLS
Seniors who want to prevent arguments among their heirs should focus more on who gets the china than the cash. When it comes to inheritance, emotion-laden personal items are five times more likely to create family conflict than money. Most people wrongly assume the most important issue is money. While it isn't trivial, it's way down the list a new survey shows.
LISTINGS
Over the past decade, China, South Korea, Taiwan and Malaysia saw big increases in the number of domestic companies listed on their stock exchanges. Slovakia also posted a sharp rise, reflecting the mass privatizations of the 1990s. By contrast, many latin American companies opted to list on international exchanges, not local ones.
RISK
Researchers from Columbia University and the World Bank have gathered data showing which parts of the world have been the most ravaged by nature--floods, drought, volcanoes and landslides--over the past 25 years. The research is intended to help identify those areas of the globe where prevention should receive the highest priority. Apparently, the safest places on earth to live are Siberia and north-central Canada.
SELF-CHECKOUT
As self-service shopping has gone mainstream in supermarkets, supercentres and home improvement centres, self-checkout systems in the U.S. will generate transactions worth $161-billion in 2005. A new study forecasts that the value of these transactions will increase to $450-billion by 2008 as new systems are deployed. Men are 60 per cent more likely than women to use self checkout.
COCOA
Mars Inc, the maker of M&Ms and Snickers candy is in discussion with pharmaceutical companies to develop treatments for diseases including diabetes and dementia using an ingredient in cocoa. Flavanols, antioxidants responsible for the bittersweet taste in chocolate, increase blood flow to the brain and can reduce blood clotting. Mars is exploring ways to add the compound to foods.
BIKES
Americans purchased more bicycles than new cars and trucks combined in the past year, and all without employee discounts or zero-per-cent financing. Bike sales and equipment is a $5- to 6-billion business per year and over 19 million bikes were sold in the U.S. last year. With oil prices at an all-time high and the nation's obesity epidemic raging, more people are riding their bicycles to work.
PROPERTY
Britain has long been a favourite with non-European property investors. These investors put US$6.5-billion into British property last year but sold $9.6-billion worth. The same thing happened in the U.S. Investors from outside North America bought $8.6-billion worth of real estate but sold $11.6-billion. In contrast, they invested $1.4-billion in Canada and sold almost nothing. Japan too was a one-way story: investors from outside the Asia-pacific region put in $1.8-billion but barely sold at all. It is estimated that cross-border property activity was worth US$99-billion last year, up from $82-billion in 2003.
FRIES
The U.S. Department of Agriculture forecasts that China's demand for frozen French fries will increase by 20 per cent annually during the next five years as Western-style fast-food restaurants expand there. Although China is increasing its domestic production of frozen French fries, it cannot keep up with demand. Current demand is estimated at 100,000 tonnes, with more than two-thirds of the supply imported. China is expected to import 83,000 tonnes of fries in 2005, up from 69,548 tonnes last year.
DRINK
For the first time since the Gallop Poll began keeping track in 1992, more Americans have reported that their alcoholic beverage of choice is wine, not beer. 39 per cent of U.S. drinkers said they drank wine most often while only 36 per cent said they drink beer most often.
RABIES
Worldwide, about 55,000 people die of rabies every year, mostly in Asia and Africa.
MEAT
In much of the U.S., the Brazilian picanha, an unadorned sirloin cut, is overshadowing the all-American New York strip steak. The rising popularity of the salty Brazilian cut among American steak lovers is a prime example of Brazils growing influence in the global meat market. Two years after surpassing the U.S. as the world's largest meat exporter, Brazil has launched a subtle strategy to expand its influence by promoting gaucho churrasco, a previously obscure style of barbecue that has spread from Hong Kong to New York City. Gaucho barbecue uses only sea salt and garlic to season the meat.
WOMEN
Research released recently by a major Canadian bank showed that small businesses run by women have been rising at a rate of over three per cent annually for the past 15 years, 60 per cent faster than men. The bank expects the number of female entrepreneurs to jump to a million, from the 800,000 there are now, by 2010. The 2.35 million small businesses currently in Canada contribute more than 25 per cent of the country's GDP.
HIGH ACHIEVER
North Korean officials report that their "Dear Leader" Kim-Jong 11 can fly jet fighters, write operas, produce films, and when he recently took up golf, he shot 11 holes-in-one during his first game.
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
In 2003, China became Canada's second largest trading partner, surpassing Japan. Two-way trade between Canada and China increased almost five-fold in the last decade, from C$4.8-billion in 1993 to $23.3-billion in 2003. Canada's merchandise trade deficit with China has increased almost eight-fold since 1993, reaching $13.8-billion in 2003.
TOURISM
Tourism to rural destinations accounted for almost half of all tourism in 2002. Young Canadians were more likely to visit rural areas, while tourists from the U.S. were more likely to be older. Domestic travellers accounted for 83 per cent of the visits to rural areas, Americans 12 per cent and foreigners about five per cent. However, Canadians accounted for only 61 per cent of money spent during rural visits while Americans accounted for 25 per cent of expenditures.
SIZE
A site on the Delhi-Jaipur highway is slated to get the world's largest shopping mall. The mall, to be known as the Mall of India, will spread over 32 acres and have parking spaces for 10,000 cars. The world's biggest malls currently are the Mall of America in Minneapolis and a mall in Shanghai.
RESEARCH
Spending on Research and Development in the field of health is representing more and more of total R&D spending in Canada. Between 1997 and 2001 R&D spending on health represented about 17 per cent of total gross domestic expenditures on R&D. By 2002, this proportion had jumped to 22 per cent. In 2003 it was up to 23 per cent and in 2004 it reached 24 per cent. The amount spend on health R&D last year was C$5.7-billion, up 9 per cent over 2003.
CLIMATE
Western Siberia is thawing for the first time in 11,000 years. The area, which is the size of France and Germany combined, could release billions of tonnes of methane, a greenhouse gas, into the atmosphere. In fact, the whole western sub-Arctic region has started to thaw and all of this has happened in the past three to four years.
ACCIDENTS
Traffic accidents on China's roads killed 36,000 people and injured 236,000 in the first six months of this year. Some 229,000 accidents occurred causing direct economic losses worth about C$145-million. Traffic accidents in China killed more than 107,000 people last year making its roads among the world's deadliest. The World Health Organization estimates that road accidents cost China's economy up to $25-billion each year, more than one per cent of gross national product.
VALUE
A new study by ACNielson in 38 markets worldwide indicates that private label brands are now widely recognized as strongly competitive with major brands and represent better value. All of the top 10 markets that ranked private label products a good alternative were in Europe, led by the Netherlands at 91 per cent, Portugal at 89 per cent and Germany at 88 per cent. On the other hand, eight of the bottom 10 markets were in Asia. In the two lowest ratings, only 35 per cent of Japanese consumers and 36 per cent of Malaysians favoured private label brands.
PEPPER
African farmers are protecting their crops from marauding elephants by planting pepper as a protective buffer. Apparently, chili peppers are unpalatable to crop-raiding mammals. While electric fences and other deterrents are prohibitively expensive, chili peppers are cost-effective because they can also be a viable cash crop.
RESTAURANTS
Partly to accommodate larger food portions and partly to accommodate larger customers, some U.S. restaurants are investing in bigger tables and chairs.
ART
London overtook New York to become the world's biggest art auction centre in the first half of the year with US$854-million of sales. London racked up a 38 per cent share of the $2.23-billion of fine art sold by Sotherby's, Christie's and other auction houses between Jan. 1 and July 18. New York sales in the same period were $833-million. New York has the biggest sales of impressionists, modern and contemporary art. London is the No. 1 market for Old Master paintings. France's market share was 5.7 per cent and that of Italy was 3.4 per cent.
TWINS
There is a restaurant in New York City called Twins. It was started by twin sisters and is staffed by 37 sets of identical twins who work the same shifts. It is reported that there are at least 125 million living twins and triplets. Up to 22 per cent of twins are left handed compared to just 10 per cent in the general population.
MARKETS
The largest fresh food market in the world is Rungis on the outskirts of Paris. It is a wholesale food market to the trade only. Previously located in central Paris, it was moved in the early 1970s to ease congestion in the city. The market covers 573 acres, an area larger than Monaco. It welcomes 26,000 cars every day and nourishes one-fifth of the French population.
SEARCHING
A new study forecast that "paid search" will become the dominant form of on-line advertising by 2010. U.S. spending on paid search ads, such as those listed as "sponsored links" at Google, will grow to US$7.5-billion by 2010, up from $3.1 billion last year. In paid searches, advertisers pay to have their links displayed prominently in response to a consumer's search. Overall on-line advertising spending in the U.S. will hit $18.9-billion in 2010, up from $9.3-billion last year. Of 464 advertisers polled, 68 per cent were confident of getting a good return from on-line advertising.
WILLS
Seniors who want to prevent arguments among their heirs should focus more on who gets the china than the cash. When it comes to inheritance, emotion-laden personal items are five times more likely to create family conflict than money. Most people wrongly assume the most important issue is money. While it isn't trivial, it's way down the list a new survey shows.
LISTINGS
Over the past decade, China, South Korea, Taiwan and Malaysia saw big increases in the number of domestic companies listed on their stock exchanges. Slovakia also posted a sharp rise, reflecting the mass privatizations of the 1990s. By contrast, many latin American companies opted to list on international exchanges, not local ones.
RISK
Researchers from Columbia University and the World Bank have gathered data showing which parts of the world have been the most ravaged by nature--floods, drought, volcanoes and landslides--over the past 25 years. The research is intended to help identify those areas of the globe where prevention should receive the highest priority. Apparently, the safest places on earth to live are Siberia and north-central Canada.
SELF-CHECKOUT
As self-service shopping has gone mainstream in supermarkets, supercentres and home improvement centres, self-checkout systems in the U.S. will generate transactions worth $161-billion in 2005. A new study forecasts that the value of these transactions will increase to $450-billion by 2008 as new systems are deployed. Men are 60 per cent more likely than women to use self checkout.
COCOA
Mars Inc, the maker of M&Ms and Snickers candy is in discussion with pharmaceutical companies to develop treatments for diseases including diabetes and dementia using an ingredient in cocoa. Flavanols, antioxidants responsible for the bittersweet taste in chocolate, increase blood flow to the brain and can reduce blood clotting. Mars is exploring ways to add the compound to foods.
BIKES
Americans purchased more bicycles than new cars and trucks combined in the past year, and all without employee discounts or zero-per-cent financing. Bike sales and equipment is a $5- to 6-billion business per year and over 19 million bikes were sold in the U.S. last year. With oil prices at an all-time high and the nation's obesity epidemic raging, more people are riding their bicycles to work.
PROPERTY
Britain has long been a favourite with non-European property investors. These investors put US$6.5-billion into British property last year but sold $9.6-billion worth. The same thing happened in the U.S. Investors from outside North America bought $8.6-billion worth of real estate but sold $11.6-billion. In contrast, they invested $1.4-billion in Canada and sold almost nothing. Japan too was a one-way story: investors from outside the Asia-pacific region put in $1.8-billion but barely sold at all. It is estimated that cross-border property activity was worth US$99-billion last year, up from $82-billion in 2003.
FRIES
The U.S. Department of Agriculture forecasts that China's demand for frozen French fries will increase by 20 per cent annually during the next five years as Western-style fast-food restaurants expand there. Although China is increasing its domestic production of frozen French fries, it cannot keep up with demand. Current demand is estimated at 100,000 tonnes, with more than two-thirds of the supply imported. China is expected to import 83,000 tonnes of fries in 2005, up from 69,548 tonnes last year.
DRINK
For the first time since the Gallop Poll began keeping track in 1992, more Americans have reported that their alcoholic beverage of choice is wine, not beer. 39 per cent of U.S. drinkers said they drank wine most often while only 36 per cent said they drink beer most often.
RABIES
Worldwide, about 55,000 people die of rabies every year, mostly in Asia and Africa.
MEAT
In much of the U.S., the Brazilian picanha, an unadorned sirloin cut, is overshadowing the all-American New York strip steak. The rising popularity of the salty Brazilian cut among American steak lovers is a prime example of Brazils growing influence in the global meat market. Two years after surpassing the U.S. as the world's largest meat exporter, Brazil has launched a subtle strategy to expand its influence by promoting gaucho churrasco, a previously obscure style of barbecue that has spread from Hong Kong to New York City. Gaucho barbecue uses only sea salt and garlic to season the meat.
WOMEN
Research released recently by a major Canadian bank showed that small businesses run by women have been rising at a rate of over three per cent annually for the past 15 years, 60 per cent faster than men. The bank expects the number of female entrepreneurs to jump to a million, from the 800,000 there are now, by 2010. The 2.35 million small businesses currently in Canada contribute more than 25 per cent of the country's GDP.
HIGH ACHIEVER
North Korean officials report that their "Dear Leader" Kim-Jong 11 can fly jet fighters, write operas, produce films, and when he recently took up golf, he shot 11 holes-in-one during his first game.
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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