July 18th, 2012
05:11 PM GMT
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Editor’s note: Outlook is CNN's in-depth look at business climates around the world. To August 12, 2012, we’re focusing on Singapore.

Singapore (CNN) – The glass skyscrapers of the business district is how much of the world sees Singapore. Drive to the west of the city state and you see a very different view where the real economy is hard at work.

In tiny Singapore they make things, lots of things, and sometimes in partnership with companies like Keppel, very large and expansive things like oil rigs.

It is perhaps surprising to learn that around a quarter of Singapore’s GDP comes from manufacturing and is a world leader in oil rig manufacture. Keppel hope to keep that position and is currently building 30 oil rigs, with 20 set to be delivered next year. Each one costs at least $200 million.
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Filed under: Outlook Singapore


July 17th, 2012
06:17 PM GMT
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London (CNN) – The links between Barclays former chief executive Bob Diamond and the Bank of England’s deputy governor Paul Tucker - central to the Libor rates-rigging inquiry - was further spotlighted Tuesday with the release of email correspondence showing the duo’s chatty relationship with each other.

Tucker, whose promotion to his current role was announced on 10 December 2008, received an email the next day from Diamond.

Diamond’s email says: "Paul, Congratulations Well done, man. I am really, really proud of you. Talk soon. Bob." In reply Tucker writes: "Thanks so much Bob. You've been an absolute brick through this. Paul."

The emails were released in response to a request from Labour MP John Mann, who is on the Treasury Select Committee grilling banking executives on the Libor rates-rigging scandal which cost Diamond his job as Barclays chief executive.

Read: Letter to MP John Mann (PDF document)

A conversation between Tucker and Diamond - notes of which were released by Barclays - has become central to the investigation.

The notes suggest the Bank of England leaned on Barclays to lower its Libor rates submissions. Executives including Tucker, Diamond and his former right hand man Jerry del Missier have all given their differing versions of the call.

Email trail (PDF document)

The furore could derail Tucker's previously expected elevation to be next Bank of England governor.

Clarity around the meaning of the phone call remains elusive. But one thing is perhaps more obvious: Back-slapping and "absolute brick" references between these two apparent one-time buddies are likely a thing of the past.

Filed under: Business


July 17th, 2012
05:26 PM GMT
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Editor’s note: Outlook is CNN's in-depth look at business climates around the world. To August 12, 2012, we’re focusing on Singapore.

Singapore (CNN) – Singapore may rock when economic crises hit Europe or the U.S., but it is well placed to come through turbulent times, Piyush Gupta, CEO of DBS bank, told Richard Quest.

“Singapore gets buffeted quite widely,” he said, as its economy is closely correlated with the fortunes of the U.S., Europe and, to a degree, China.

The CEO of the Singapore-based bank since 2009, Gupta believes that the way the Singaporean government guides industry makes the city state more resilient than many.

“You try and build resiliency so that the ups and downs, while they are sharp on an average cycle, keep Singapore progressing well,” he said.

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Filed under: Outlook Singapore


July 17th, 2012
05:19 PM GMT
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Editor’s note: The Millennials are a generation that are constantly plugged in and moving fast to make their mark on the world. CNN’s Quest Means Business is tracking four of them. Here, CNN contributor and Millennial David Lloyd, with Jos van der Bij, a Dutch student doing an internship in London, write on the risks of mass unemployment.

(CNN) –  Youth unemployment in the 1930s destabilized Germany and radicalized a resentful youth, propelling support for extremist parties.

The consequences are well known. Now, with European unemployment rising, we should be drawing on lessons from the past. It is nothing short of a tragedy that youth unemployment in both Greece and Spain has surged above the 50% mark.

To prevent a generation of young people being unable to find jobs and set themselves up with a secure future, it is essential to act now. The policy maker who does not heed the lessons of history is guilty of negligence on a massive scale.

Just like in the 1930s, when the Great Depression caused youth unemployment to hit the 50% levels in Germany, the current financial crisis is wreaking havoc on young people.
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July 17th, 2012
02:14 PM GMT
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London (CNN) –Thirty years on from designing his first Formula 1 car, Red Bull’s chief designer Adrian Newey still refuses to do his drawings on a computer. He draws by hand, first sketching and then moving to a drawing board. He says it helps him to develop his ideas, that he views drawing as a language. But this self-confessed “last dinosaur” of the industry is still at the top of his game.

 

This week’s Make, Create, Innovate gets to the heart of his design process, and the cars that have brought him so much success.

 

Filed under: Quest Means Business


July 17th, 2012
01:55 PM GMT
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London (CNN) – Even in this high-tech world, slow and steady still wins the race. It's estimated world bicycle production overtook car production in the 1960s - and now two wheels outstrip four by more than two to one.

This week's Make, Create, Innovate takes you into the world of a bicycle that has sought to revolutionise commuting.  The Brompton bicycle was developed in the 1970s by an engineer working as a landscape gardener.

Since then they have developed a cult following, with a retro look and the ability to fold up small enough to take on the bus. Around 27,000 bikes are built each year at the factory in West London with each bike taking around six hours to build and test by hand.

Filed under: Quest Means Business


July 16th, 2012
07:20 PM GMT
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Editor’s note: Outlook is CNN's in-depth look at business climates around the world. To August 12, 2012, we’re focusing on Singapore.

Singapore (CNN) – It is 47 years since Singapore became an independent city state and a swamp was transformed into an economic powerhouse.

Fostering a sense of identity among Singaporeans was key to its early development, which is why city planners in the 1960s made public housing a priority, giving 80% of the population a place to live.

Today the building continues as the trading port, once an important stop on the Silk Route, is one of the three busiest in the world and welcoming more shipping each year.

If trade and a maritime history have made Singapore what it is today, the city’s planners are already looking to the future and other industries to keep its economy in check. Tourism has joined hi-tech and precision manufacturing as priorities for the government with long-term plans for growth.

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Filed under: Outlook Singapore


July 13th, 2012
09:53 AM GMT
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Tbilisi, Georgia (CNN) - In marshland off Georgia's Black Sea coast, Georgia’s president plans to build a brand new city – which he wants to call Lazika.

The promotional spiel promises dazzling skyscrapers and a special economic environment to make this the ideal spot, according to the Georgian government, to live and do business. Plus it will house another port - along a coastline teaming with ports - to support Georgia's role as a major hub for international trade.

Georgia owes much of its growth - which was nearly 7% last year - to its strategic location, straddling East and West. As well as being an important transit point for Chinese goods, Georgia is also home to Chinese companies investing directly in various sectors of the economy, from manufacturing to tourism to energy.

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July 12th, 2012
10:03 AM GMT
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(CNN) – South Korea on Thursday cut its benchmark interest rate for the first time in more than three years, fueling concerns that the global economic downturn is taking its toll on one of Asia's largest economies.

Seoul's move followed similar cuts in Europe, China and Brazil last week.

Why did China slash interest rate?

After lowering its rate by 25 basis point down to 3%, the Bank of Korea pointed to a slower-than-expected growth rate in trade and domestic consumption. FULL POST

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Filed under: South Korea


July 12th, 2012
03:51 AM GMT
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Hong Kong (CNN) – With China now the world’s second largest economy and increasing its influence all the time, it’s no surprise that Mandarin is becoming the language to master.

Just look at the case of the American lawyer who left his job, upped sticks and moved his family to Western China to study the language, the recent launch of the New York Times’ Chinese language site, or even Bloomberg’s ranking of Confucius’ tongue as top business language, excluding English – they all point to the importance of communicating with this economic superpower on its terms. FULL POST

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Filed under: China


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CNN International's business anchors and correspondents get to grips with the issues affecting world business, and they want your questions and feedback.

 
 
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