European banks Societe Generale, UniCredit and Intesa Sanpaolo, which suffered heavy losses in August, will be removed from the region's blue-chip STOXX Europe 50 index, the index complier STOXX said.
Finnish phonemaker Nokia, which has lost more than 40 percent of its value this year, will also be deleted from the top pan-European index with effect on Sept.
Italian banks were also weighed by worries that the currency's bloc debt problems were spreading to Italy.
UniCredit and Intesa Sanpaolo, the two biggest banks in the country, shed 25 and 30 percent in August.

Texas Instruments said its third-quarter earnings and revenue would be worse than already low expectations as concern about an economic slowdown is stifling demand for products that use its chips. Its shares extended Thursday's slide in pre-market trading Friday.
"Macroeconomic weakness is resulting in lower demand from consumers and enterprises," Ron Slaymaker, TI's head of investor relations, told analysts on a conference call.
He ruled out any inventory adjustments as a reason for slowing demand.
The executive noted that TI is cutting expenses such as variable compensation to stop profits from falling as quickly as sales. Because the shortfall is economy related, Slaymaker said he had no way of knowing when demand would improve.
"The only solace to take away from this is that it's not TI specific," said Williams Financial analyst Cody Acree who cited warnings about weak demand across the semiconductor industry.
It forecast revenue of $3.23 billion to $3.27 billion compared with its earlier target for $3.4 billion to $3.7 billion. The new forecasts missed Wall Street expectations for earnings of 59 cents per share on revenue of $3.5 billion, according to Thomson Reuters I/B/E/S.
"It's probably a bit lower than people were thinking," said MKM Partners analyst Daniel Berenbaum. "Demand is slow."
TI shares fell just 25 cents or just under 1 percent to $25.55 in extended trading after closing at $25.80 on the New York Stock Exchange. Its stock has already fallen about 18 percent since it reported its results in late July.

US President Barack Obama has laid out a jobs package worth $447bn, staking his re-election hopes on a call for urgent action to revive the economy and challenging Republicans who have consistently opposed his initiatives.

Addressing members of Congress on Thursday, Obama said the plan, which he called the "American Jobs Act", would "jolt" the country's ailing economy - which is currently experiencing an unemployment rate of 9.1 per cent.

"It will create more jobs for construction workers, more jobs for teachers, more jobs for veterans, and more jobs for the long-term unemployed. It will provide a tax break for companies who hire new workers, and it will cut payroll taxes in half for every working American and every small business.

"It will provide a jolt to an economy that has stalled, and give companies confidence that if they invest and hire, there will be customers for their products and services," Obama said.

Describing the plan as bipartisan, Obama urged Congress to pass it without delay.

"There should be nothing controversial about this piece of legislation. Everything in here is the kind of proposal that's been supported by both Democrats and Republicans – including many who sit here tonight. And everything in this bill will be paid for," he said.

Surprisingly weak jobs data has heightened fears that the US economy, the world's largest, may be headed for another recession. The Federal Reserve, the US central bank, is considering ways to bolster demand but has said the onus for recovery mainly lies with legislators who control spending.

Eyeing re-election

If his jobs plan is deemed a success, it might provide a boost in time to help Obama's re-election prospects next year. If it fails, his strategy will be to paint congressional Republicans as obstructionist and blame them for the stagnating economy.

Already on Thursday morning, White House Chief of Staff Bill Daley criticised Obama's opponents over what he described as a do-nothing climate on Capitol Hill.

"It's time for Congress, after a five-week vacation, to come back and do something and not just say 'no' to everything that gets proposed in this town," Daley said on CBS news channel.

The bruising battle in July over the country's debt levels that led to a Standard & Poor's ratings downgrade highlighted a wide chasm between Obama's Democrats and Republicans, who control the House of Representatives.

Republicans see a $800bn economic stimulus package Obama pushed through in 2009 as wasteful and want immediate cuts in the deficit. Democrats say while long-term deficits must be trimmed, the economy needs a fiscal boost.

The White House has said the jobs package will be paid for with future cuts but has not offered details. Obama will urge the congressional "super committee" that convened on Thursday to find more than $1.2tr in budget savings, but not unveil his suggestions until next week or later.

House Republican leaders John Boehner and Eric Cantor have signalled they are open to some infrastructure spending and to a programme Obama will pitch to help train unemployed workers.

"The proposals the president outlined tonight merit consideration. We hope he gives serious consideration to our ideas as well," Boehner said on Thursday.

But Mitch McConnell, the top Republican in the Senate, said the president's readiness to accuse those who don't support his ideas of being overly partisan was a political smokescreen.

"There is a much simpler reason to oppose the president's economic policies that has nothing whatsoever to do with politics - they simply don't work," he said. "This isn't a jobs plan, it's a re-election plan."

Harry Reid, the Democrats' leader in the Senate, meanwhile, said that Republicans also had their eyes squarely on the 2012 vote.

The Swiss central bank's decision to set a limit on how much the Swiss franc can appreciate against the euro is "a huge mistake," investor Jim Rogers, chairman of Rogers Holdings, told CNBC.com on Wednesday.
On Tuesday, the Swiss National Bank set a minimum exchange rate of 1.20 Swiss francs for the euro, pledging to buy other currencies in unlimited amounts to defend the target.
Analysts said this was an endurance contest by which the SNB wanted to take the shine off the Swiss franc's safe haven status, in a move that roiled markets.
The move "will work for a while, but the market will have more money in the end than the SNB," Rogers, who was the co-founder of the Quantum Fund with George Soros,
The Swiss central bank risks losing "a lot of money buying up lots of foreign currencies which they will eventually sell at a loss," he explained.

The US investigation into alleged manipulation of interbank lending rates is focusing on possible violations of a commodities law that has previously been used to send financial executives to prison.
According to people familiar with the probe into the setting of London and Tokyo interbank offered rates, U.S. authorities are modeling their investigation on an earlier prosecution of three energy companies for violations of the Commodity Exchange Act, which resulted in criminal settlements and prison terms of up to 14 years. Under the act, it is illegal to transmit a false report that would affect the price of a commodity.
The interbank lending probe, led by the U.S. Commodity Futures Trading Commission and the Department of Justice, is examining possible collusion between traders and bank treasury departments in 2007 and 2008. It has also drawn in investigators from the UK, Japan and the European Union.
In its seven-year investigation into US energy trading companies, the DoJ filed criminal charges against nearly two dozen traders from numerous oil companies. Prosecutors alleged that they submitted false trade data to Platts and other publishers – whose indices are used to price and settle physical and financial derivative natural gas transactions – to benefit their positions.
American Electric Power, Mirant Energy Trading and Williams Power agreed to deferred prosecution agreements in 2005-07, while the criminal trials extended into 2008. Under the deferred prosecution agreements, the federal government agreed not to file criminal charges provided the companies complied with settlement terms and paid a total of $91m

National Australia Bank's potential exit from Britain through the sale of its UK operations is not imminent, The Australian Financial Review reported on Thursday citing sources close to the bank.
The paper said a source close to National Australia Bank denied any agreement with NBNK was imminent.
The source said Australia's biggest bank had held exploratory talks with NBNK and others but discussions had not progressed beyond it.
"Nothing has changed apart from these reports in the UK media and NBNK being forced to suspend their shares because of them," the paper cited a source as saying. It said the source added NAB remained comfortable holding the UK assets.
National Australia Bank owns 330 branches in the United Kingdom under the Yorkshire and Clydesdale brands with analysts estimating a book value of 2.8 billion pounds ($4.46 billion) for the assets.
A NAB spokeswoman declined to comment beyond what the bank had said earlier on the media reports.
NAB on Tuesday said the bank's priority was to grow the business organically but in the current climate it was natural for the bank to look at other options available

US employment growth ground to a halt in August as sagging confidence discouraged businesses from hiring, piling pressure on the Federal Reserve to provide more stimulus to aid the economy.
Nonfarm payrolls were unchanged last month, the Labour Department said on Friday, while employers created a combined 58,000 fewer jobs than had been thought in June and July.
The grim report fuelled recession fears. Prices for US stocks and oil fell, while US government debt prices rose as traders bet on a further easing of monetary policy.
"The economy is slowly grinding to a halt," said Steve Blitz, a senior economist for ITG Investment Research in New York.
Obama pressure
The report was the weakest reading on jobs in nearly a year and far below the 75,000 job gain Wall Street had expected.
The unemployment rate, however, held at 9.1 per cent as a survey of households found both job growth and an expanding labour force.
With the jobless rate stuck above 9 per cent and confidence falling, US President Barack Obama faces pressure to come up with ways to spur job creation.
The health of the labour market could determine whether he wins re-election next year.
Obama will lay out a new jobs plan in a speech to the nation on Thursday.
"This better be one hell of a speech next week," said Sal Arnuk, the co-manager of trading at Themis Trading in Chatham, New Jersey.
Friday's data, which pushed the Standard & Poor's 500 stock index down by two per cent in early trading, could strengthen the hand of officials at the US central bank who were ready at their August meeting to do more to help the sputtering economy.
The Federal Reserve's next meeting is a two-day gathering, scheduled for September 20-21.
The US central bank cut overnight interest rates to near zero in December 2008 and it has bought $2.3tn in securities in two bouts of bond buying, known as quantitative easing, or QE.
Many analysts say its arsenal is now largely depleted, although expectations grew on Friday of further action.

Months before global stock markets were roiled by volatility in August, U.S. financial regulators asked some major banks to test how their balance sheets would fare under extremely adverse conditions and present plans for raising emergency capital if the need arose, say people familiar with the matter.
One scenario that at least two banks were asked to run, said two of these people, was a fall 2008-type stock market rout. The banks were asked to present plans, these people added, for raising emergency capital in case a sudden need cropped up.
The summertime tests were a follow-up to a larger round of balance-sheet assessments that the country's 19 biggest banks undertook as part of the Comprehensive Capital Analysis and Review process that the Fed mandated in March, according to someone familiar with the matter.

Germany's top court has ruled that aid for Greece and rescue packages for other eurozone countries was legal but said parliament must have greater say in any future bailout deals.
The Constitutional Court, based in Karlsruhe, western Germany, was responding to a challenge brought by six leading German Eurosceptics.
The five academics and one politician argued that the bailouts violated property rights and broke the "no bailout" clause in the European Union's treaty.
In a landmark ruling, eagerly anticipated by jittery financial markets, the court said all "large-scale" future aid packages must be approved by the parliament's budget committee
Reading out Wednesday's judgement, Chief Justice Andreas Vosskuhle said: "The federal government is required to seek the approval of the parliament's budgetary committee before handing over guarantees."
In addition, the court ruled that parliament must have "sufficient influence" over the conditions attached to future rescue deals, likely limiting Angela Merkel's, the German chancellor, room for manoeuvre if new crises occur.
The court said that parliament may not approve deals that could lead to an unforeseeable burden on future parliaments.
The judges also said that parliament may not approve any deal that leads to a pooling of national debt, apparently ruling out the idea of "eurobonds".
Economists fear that requiring parliamentary assent for future rescue deals may slow down the process of helping debt-wracked eurozone nations, where rapid decisions to stem swift market moves are often required.

HSBC said Wednesday it is cutting about 3,000 jobs over the next three years in Hong Kong as part of its previously announced global restructuring
The job cuts are part of the first stage of the reorganization, which will also include cuts to operations in the United States, Canada, Mexico and Brazil, said a spokesman, speaking under cover of anonymity in line with company policy.
The British bank said in August that it cut 30,000 jobs worldwide by 2013 - about 10% of its workforce - and selling nearly half of its retail bank branches in the U.S. save up to 3.5 billion dollars as part of a plan to focus on fast growing emerging markets.
HSBC joins other large financial institutions that have announced layoffs this summer, including Goldman Sachs Group Inc., Bank of New York Mellon Corp., Bank of America Corp. and others.
Big banks aren't raking in the fat profits they used to earn from large bets on risky trading and complicated investments, which backfired and fueled the global financial crisis. Large shareholders are now pressing for cost cuts to improve returns.

HSBC will try to redeploy some staff to other roles elsewhere in the company so the number of people actually losing their jobs in Hong may be less than 3,000, said the speacker of HSBC BANK

Oil prices rose to near $87 a barrel Wednesday amid a strong rebound in equity markets, a weaker dollar and hopes that President Barack Obama will announce new economic support measures in a major policy speech later this week.

By early afternoon in Europe, benchmark oil for October delivery was up 72 cents to $86.74 in electronic trading on the New York Mercantile Exchange. Crude fell 43 cents to settle at $86.02 on Tuesday.

In London, Brent crude for October delivery was up 10 cents at $112.99 on the ICE Futures exchange.

Crude has traded between $80 and $90 for the last month — down from near $115 in May — as investors worry a sluggish U.S. economy and high unemployment rate will stymie consumer demand. Obama is scheduled Thursday to announce new government measures to create jobs and spur economic growth.

Europe's debt crisis has also weighed on oil prices and equities this week but stock markets in Asia and Europe were up significantly on Wednesday, rising at least 2 percent in several locations.

"Investors have clearly become more concerned that the global economy may be sliding back to recession," Citigroup said in a report. "We don't believe this will turn into a rerun of 2007-2008."

A weaker dollar helped boost oil prices by making crude cheaper for investors holding other currencies.

European stock markets rallied on Wednesday, with London's FTSE 100 index of leading companies climbing 3.14 percent to 5,318.59 points.

In Paris, the CAC 40 jumped 3.63 percent to 3,073.18 points and in Frankfurt the DAX rose 4.07 percent to 5,405.53 points. Milan rose 4.24 percent.

Global stocks rebounded Wednesday from recent hefty losses as investor sentiment was buoyed by a German court decision backing the country's participation in European bailouts as well as by forecast-busting industrial production figures.

Though the German court said the government has to consult lawmakers in future bailouts, the decision has helped remove one potential hurdle standing in the way of a comprehensive solution to Europe's debt crisis.

"A ruling in the German Constitutional Court to reject a series of lawsuits aimed at blocking German participation in eurozone bailouts was well received by the market," said Joshua Raymond, chief market strategist at City Index.

Further support came from the news that German industrial production surged by 4 percent in July. That more than offset the 1.1 percent decline in June and outstripped market expectations for a more modest 0.5 percent increase.

In Europe, Germany's DAX closed up 4.1 percent at 5,405.53 while France's CAC-40 rose 3.6 percent to 3,073.18. Britain's FTSE 100 index ended 3.1 percent higher at 5,318.59. The euro was also supported by the positive German news, trading 0.5 percent higher at $1.4073.

In the U.S., the Dow Jones industrial average was up 1.8 percent at 11,342 while the broader Standard & Poor's 500 index rose 2.2 percent to 1,191.30.

There's little in the way of U.S. economic news over the rest of the day though the Federal Reserve's assessment of economic conditions in the U.S. — the so-called Beige Book — could muster some interest, a day ahead of a keynote speech from President Barack Obama.

The president is set to outline measures to boost employment in the U.S. The unemployment rate stands at 9.1 percent after another disappointing month in August.

Concerns over the state of the U.S. economy have combined with fears over Europe's debt crisis over the past month to send financial markets spinning.

Newsflow connected to either will likely dominate markets for some time to come.

Investors will closely watch the European Central Bank's monthly interest rate decision and the subsequent press conference from its president Jean-Claude Trichet.

In the currency markets, traders were assessing the aftermath of the Swiss National Bank's surprise decision Tuesday to peg the national currency at 1.20 francs per euro in an attempt to rein in the export-sapping appreciation of the currency. It said it would use whatever resources it has available to maintain that ceiling.

The announcement prompted a 9 percent reverse in the value of the Swiss franc Tuesday. That retreat has held Wednesday, with the euro up 0.2 percent at 1.2094 francs in late afternoon trading. The dollar, which was similarly buoyed, was down 0.2 percent at 0.8597 franc.

Lee Hardman, an analyst at the Bank of Tokyo-Mitsubishi UFJ, said the decision to announce a peg has initially helped support sentiment in the markets by potentially adding significant liquidity into financial markets.

World stock markets took a beating Monday on fears that the U.S. economy back into recession as the debt crisis in Europe was heating and economic indicators in the euro area have been collapsed.
Any unrest in the largest economy in the world cast a shadow over the markets, and a report Friday that the U.S. economy failed to add new jobs in August resulted in European and Asian stock markets falling sharply on Monday.
But the news from Europe was also discouraging. Wall Street, which was closed Monday due to Labor Day, braced for losses Tuesday after the returns in so-called peripheral euro area - Greece, Italy and Spain - has increased significantly against those of Germany, whose links are widely regarded as a safe haven.
Although retail sales in the euro zone increased by 17 nations unexpectedly in July, a survey of the service sector showed a slowdown across the continent Monday for the fifth consecutive month. The index of purchasing managers "for the euro area showed the service sector continued to grow - unlike manufacturing - but barely. This will add pressure on the European Central Bank to keep interest rates unchanged at its meeting this week.
Investors were also shaken by signs that the commitment of the Italian government for its austerity program is distorted. The government of Prime Minister Silvio Berlusconi has backtracked on some measures to reduce the deficit, prompting officials to urge EU Italy to stick to his plan promised.
The difference in interest rates between Greek and German benchmark 10-year bond, known as the spread, spiraling to new records Monday, more than 17.3 percentage points. Yields on Greek bonds were above 18 percent.

Asian stocks fell sharply Tuesday, catching up on the European market the day before and the growing fears of a deteriorating global economy.
Oil falls below $ 84 a barrel amid expectations that the continuing weakness in developed economies will hamper demand for crude oil. The rise of the dollar against the euro but lower against the yen.
Nikkei 225 in Japan by 2.1 percent, to 8,601.51, and contributed to the strength of the country's export sector, a sharp decline with increasing fears of recession in the United States last. Toshiba Corp. fell 7 per cent, and Panasonic has lost 3.1 percent.
Decline in Asia comes one day after European equities suffered sharp losses. Close FTSE 100 was down 3.6 percent, to 5,102.58. Germany's DAX index fell 5.3 percent to 5,246.18, and France's CAC-40 index fell by 4.7 percent, to 2,999.54

Oil dropped more than 2 percent Tuesday on fears that the U.S. and Europe are headed for a prolonged economic slump.
Oil prices slipped to near $84 a barrel Tuesday as fears of a recession in developed countries sent stock markets and commodities lower.

By early afternoon in Europe, benchmark oil for October delivery was down $2.32 to $84.13 in electronic trading on the New York Mercantile Exchange. Crude last settled at $86.45 on Friday because U.S. markets were closed Monday for the Labor Day holiday.
Growing concern that a debt crisis among countries using the euro currency will undermine economic growth there and around the world helped push most Asian and European stock markets lower during the last few sessions.
On Tuesday, however, some exchanges in Europe recovered as bargain hunters bought into the market. London's FTSE 100 was up 0.9 percent, while the Swiss SSMI gained nearly 4 percent after the country's central bank took steps to weaken the Swiss franc and help boost exports.
A stagnant U.S. jobs market is also hurting confidence. The Labor Department said Friday that U.S. employers stopped adding jobs in August and the unemployment rate remained at 9.1 percent.
"The price of Brent is currently being supported mainly by speculation of further quantitative easing of U.S. monetary policy," said analysts at Commerzbank in Frankfurt. "In addition, the hurricane season in the U.S. is providing psychological support. That said, we do not believe these factors could prevent a sharper price fall if recession fears continue to grow."

Mexico’s export-oriented assembly plants are closely linked to U.S.-Mexico trade in various labor-intensive industries such as auto parts and electronic goods. These export-oriented plants generate a large amount of trade with the United States and a majority of the plants have U.S.
parent companies. Foreign-owned assembly plants, which originated under Mexico’s
maquiladora program in the 1960s account for a substantial share of Mexico’s trade with the United States. The border region with the United States has the highest concentration of assembly plants and workers. The Mexican cities with the highest manufacturing activity as of December 2009 were the Mexican border cities of Tijuana, Baja California, 590 plants with 136,957 employees, and Cd. Juárez, Chihuahua, 339 plants with 168,011 employees. Prior to NAFTA, maquiladora was limited to selling up to 50% of the previous year’s export production to the domestic market. Most maquiladoras export the majority of their production to the U.S. market.
Private industry groups have stated that these operations help U.S. companies remain competitive in the world marketplace by producing goods at competitive prices. In addition, the proximity of Mexico to the United States allows production to have a high degree of U.S. content in the final product, which could help sustain jobs in the United States. Critics of these types of operations argue that they have a negative effect on the economy because they take jobs from the United States and help depress the wages of low-skilled U.S. workers.
Some observers believe that the correlation in maquiladora growth after 1993 is directly due to NAFTA, but in reality it was a combination of factors that contributed to growth. Trade liberalization, wages, and economic conditions, both in the United States and Mexico, all affected the growth of Mexican export-oriented assembly plants. Although some provisions in NAFTA may have encouraged growth in certain sectors, manufacturing activity has been more influenced by the strength of the U.S. economy and relative wages in Mexico.

Foreign direct investment (FDI) has been an integral part of the economic relationship between the United States and Mexico since NAFTA implementation. FDI consists of investments in real estate, manufacturing plants, and retail facilities, in which the foreign investor owns 10% or more of the entity. The United States is the largest source of FDI in Mexico. U.S. FDI on a historical cost basis in Mexico increased from $17 billion in 1994 to $97.9 billion in 2009, a 477% increase Mexican FDI in the United States is much lower than U.S. investment in Mexico, with levels of Mexican FDI fluctuating over the last 10 years. In 2009, Mexican FDI in the United States totaled $11.4 billion The sharp rise in U.S. investment in Mexico since NAFTA implementation is also a result of the liberalization of Mexico’s restrictions on foreign investment in the late 1980s and the early 1990s.
Prior to the mid-1980s, Mexico had a very protective policy that restricted foreign investment and controlled the exchange rate to encourage domestic growth, affecting the entire industrial sector.
Mexico’s trade liberalization measures and economic reform in the late 1980s represented a sharp shift in policy and helped bring in a steady increase of FDI flows into Mexico. NAFTA provisions on foreign investment helped to lock in the reforms and increase investor confidence. Under NAFTA, Mexico gave U.S. and Canadian investors nondiscriminatory treatment of their
investments as well as investor protection. NAFTA may have encouraged U.S. FDI in Mexico by increasing investor confidence, but much of the growth may have occurred anyway because Mexico likely would have continued to liberalize its foreign investment laws with or without the agreement.
Nearly half of total FDI investment in Mexico is in the manufacturing industry of which the maquiladora industry forms a major part. (See “Mexico’s Export-Oriented Assembly Plants”
below.) In Mexico, the industry has helped attract investment from countries such as the United States that have a relatively large amount of capital. Therefore, Mexico is able to attract some of the foreign direct investment it was seeking when it liberalized trade and investment barriers. Forthe United States, the industry is important because U.S. companies are able to locate their laborintensive operations in Mexico and lower their labor costs in the overall production process.

U.S. plans to raise billions of dollars in claims against more than 12 of the largest banks on the back of non-compliance related to the fundamental guarantees mortgages, which accelerated the occurrence of financial crisis in 2008.
The New York Times, which reported the story, citing three sources, the lawyer for the Federal Housing Finance to file today or early next week suits against Bank of America and JP Morgan and Goldman Sachs, Deutsche Bank and other banks.
And directs the attorneys of the Federal - which oversees Fannie Mae and Freddie Mac mortgage finance - charges for these banks that it has sold Rhona real estate on the grounds that securities to investors, while the matter of Bmguetredan the size of their incomes exaggerated, did not the banks check the technical due diligence imposed by securities law.
When borrowers default on the repayment obligations of lost securities that they bought their value, causing a loss estimated at more than thirty billion dollars incurred by the two companies Fannie Mae and Freddie Mac Madaumtan government, because buying them a part of such securities when the real estate bubble burst at the end of 2008, and was covered most of the these losses with taxpayers' money.
Posts banks
And refused to Bank of America and JP Morgan and Goldman Sachs to comment on the upcoming proceedings, while a spokesman for Deutsche Bank, "We can not comment on the lawsuit did not raise have not seen yet."
However, these banks said before that the losses recorded due to the economic crisis of public and not because of fraud related to mortgage, she said that Fannie Mae and Freddie Mac were known as well that these securities involve a certain amount of risk.
It is reported that this would adversely affect the performance of bank shares on the day in the financial markets, where shares of JP Morgan and Bank of America and Goldman Sachs in New York Stock Exchange listed shares of Deutsche Bank listed on the German stock exchange.
To indicate the expansion of U.S. banks to grant mortgage loans, regardless of the ability of borrowers to repay were the main reasons for the collapse of the mortgage market and the subsequent financial and economic crisis in America and then moved to Europe and the rest of the world's varying effects.

Commented Creditors International, the European Union and European Central Bank and the IMF, their discussions with Greece, warning that they may not get the third wave worth 9.49 billion dollars from the package saved from the debt crisis, if it did not achieve the objectives underlined in the austerity program and prevent a deficit of an additional in the budget year.
The troika (three institutions) had ended abruptly on Tuesday talks with the Greek government and left the country to be the resumption of talks after 10 days, came this warning from creditors after it became clear that the budget deficit this year, you'll be expected at about $ 1.7 billion.
Added to this is given to show that Athens is unable to implement structural economic reforms and privatization program and improving tax collection, expected to be decided by European finance ministers and the IMF do would stop paying for Greece, with the will of that - if passed - from the serious implications of the inability of Athens on the repayment of debt.
Angry creditors
Although the joint statement of the Troika delegation pointed out that his departure from Athens was to provide an opportunity for the authorities there to complete some of the technical aspects with regard to the budget 2012 and the structural reforms needed to stimulate economic growth, but European officials have expressed anger at the inability of Greece on the implementation of reforms, fiscal and structural agreed .
One of the most needed reforms to reduce the number of public sector employees and reduce their wages to receive between 60 and 70% of current wages, after Athens and has agreed to reduce the number of employees by about 150 thousand, they have not achieved significant progress in achieving this goal.

Agreed EU governments today to ban the import of Bologna Syrian oil, in a move to tighten the economic pressure on the regime of Bashar Assad because of the suppression of protests demanding the downfall.
The resolution to prevent the import or purchase or transfer of oil Syria crude and products of petroleum to the European Union, also includes the prohibition to provide any financial services or insurance for transactions related to the processes referred to, and made ​​Syria a day of 150 thousand barrels of oil from the total production of approximately 350 thousand barrels.
As the extension of sanctions on the European travel ban and asset freeze to include four of the business associated with the Assad regime, and three companies, including Bank of Syria, and will enter the new sanctions take effect tomorrow.
However, the oil embargo would not apply to ongoing contracts only on November 15 after a request from Italy, where there are contracts in progress between the European oil companies and two oil facilities in Syria are Syrian Petroleum and Sterol Committees of the Government.
Investment ban
It will be the decision of the European impact on Syria's oil revenues, where 95% of oil exports go to Damascus, the European Union, while European officials postponed a decision on the adoption of additional economic sanctions, where it prohibit any European investments in the oil sector in Syria.
According to industry sources said that even with the prohibition of Europe's oil imports, the Syrian oil giant Shell will continue to work with Syria, it has a joint venture with state oil company and Syria, an Indian company.
And monitoring information shown ship the first satellite yesterday that the Shell oil tanker chartered to go to the Syrian port of Banias to load quantities of crude early next week.
Before, and the U.S. President Barack Obama issued a few days ago, an executive decision to impose sanctions on oil and gas sectors Syrian, including banning the import of oil, but remain symbolic step because Washington does not import virtually any oil from Syria.

Closed the stock indices of U.S. and European yesterday decline affected not to cause the U.S. economy any job in the last month in the data is the worst year ago, the Dow Jones industrial average of 2.2% and the S & P by 2.53% and the NASDAQ 2.58%.
In Europe, the FTSEurofirst index of leading European shares by 2.5% and Germany's Dax 3.4% and France's CAC with 3.6%.
The proportion of euro volatility of stock index by 10% to more than forty-point barrier, and this is the index of leading indicators to measure the size of the concern of investors in Europe, and demonstrates the high rate on a significant decline in investor appetite for riskier assets such as stocks.
Zoellick warns
In the same direction, warned the World Bank President Robert Zoellick today that the global economy is approaching the danger zone because of the huge debt and weak growth and weak investor confidence, calling for China to accelerate the implementation of structural economic reforms to help to pay the global economy.
Zoellick said at a conference in Beijing that the financial crisis in Europe turned into a sovereign debt crisis had an impact too on the monetary union, banks and the competitiveness of some countries, considering that Washington address the issues of debt and spending and reform tax to stimulate private sector growth.
Ireland and Italy
On the other hand, the IMF said yesterday that he would give Ireland a second batch of bailout package in the amount of $ 2.11 billion, adding that his decision came only after the committed Ireland Heavily debts to the implementation of the program of economic reforms aimed at reducing debt and strengthening its financial sector, and the Irish economy has shown signs its stability, the IMF said.
The European Central Bank President Jean-Claude Trichet said today achieve the goals set by Italy to reduce its budget deficit "will be crucial and vital to maintain Rome's credit worthiness," and that relate to international markets with confidence in its economy.
Trichet called the economic conference in northern Italy, Silvio Berlusconi's government to implement a package of austerity measures adopted by the last month and requires the provision of 45.5 billion euros (64.6 billion dollars).
On the other hand, the IMF said yesterday that he would give Ireland a second batch of bailout package in the amount of $ 2.11 billion, adding that his decision came only after the committed Ireland Heavily debts to the implementation of the program of economic reforms aimed at reducing debt and strengthening its financial sector, and the Irish economy has shown signs its stability, the IMF said.
The European Central Bank President Jean-Claude Trichet said today achieve the goals set by Italy to reduce its budget deficit "will be crucial and vital to maintain Rome's credit worthiness," and that relate to international markets with confidence in its economy.
Trichet called the economic conference in northern Italy, Silvio Berlusconi's government to implement a package of austerity measures adopted by the last month and requires the provision of 45.5 billion euros (64.6 billion dollars).

Today revealed details of the economic sanctions resolution adopted yesterday by the European Union against Syria, targeting the European centers of economic power in Syria a support element for the continuation of the regime of Bashar Assad, and it comes with some big investors, mainly Syrians and the Chamber of Industry of both Aleppo and Damascus, Syria's largest city.
The European Union imposed a freeze of assets and travel bans on President of Aleppo Chamber of Industry Fares al-Shihabi, Chairman of the Chamber of Industry in Damascus Imad Ghreiwati, the founder of food commodities is Ali Tarif Akhras, a relative of one wife Asma al-Akhras Bashar al-Assad.
Included the black list, the European Essam tube holder group of companies bearing his name, and is active in the food industry, and extended sanctions to include the Land Bank Syrian owned by the government in Damascus and Cham Holding, an investment fund active in many fields Kalakar, tourism, finance, and included in the list of sanctions Mada Company for the transfer of the group Cham by the text of the resolution.
Investment ban

But analysts say the ban on the import of oil and petroleum products from Syria and punish companies and business supporters of the system will not have a significant impact will also be to ban European investments in Syria, a decision that continues to Union officials discourses around
However, experts in the industrial sector said that the Europeans find a solution for demonstrating some European capitals, from failure to agree a ban on investments, where companies Ckshal Dutch-British and France's Total has significant investments in Syria.

The size of the Mexican economy is much smaller than that of the United States. Mexico’s gross
domestic product (GDP) was an estimated $1.0 trillion in 2010, about 7% of U.S. GDP of $14.6
trillion. Mexico’s economy was hit harder than most Latin American countries during the global
recession of 2009 but showed strong economic growth in 2010. In 2009, Mexico’s the percent
change in Mexico’s real GDP growth was -6.1%, while that of the United States was -2.6%. In
2010, Mexico’s economy experienced a higher than expected growth rate of 5.0%, while the U.S.
economy experienced a somewhat lower growth rate of 2.8%. Although the Mexican economy
appears to be recovering, job creation in Mexico’s manufacturing sector remains weak and could
dampen Mexico’s economic prospects over the long-term.2
The immigration issue has received much attention by political leaders in recent years, and it is
one that can be linked to the economic situation in Mexico, although it has social and political
aspects as well. In March 2008, there were approximately 12 million unauthorized immigrants
living in the United States, with 59% from Mexico.3 Economic conditions in Mexico, as well as
in other countries, such as poverty and unemployment, are a major factor related to the migration
issue. Per capita income in Mexico is significantly lower in Mexico than in the United States. In
2010, Mexico’s per capita GDP in purchasing power parity4 was $15,720, or 67% lower than U.S.
per capita GDP of $47,160. Ten years earlier, in 2000, Mexico’s per capita GDP in purchasing
power parity was $10,561, or 70% lower than the U.S. amount of $35,265. The lower income
levels in Mexico, combined with higher poverty rates, have contributed to the migration of
workers from Mexico to the United States. These workers often send money to their families in
Mexico to help provide food and shelter. Although there is a notable income disparity with the
United States, Mexico’s per capita GDP is relatively high by global standards and falls within the
World Bank’s upper-middle income category.
The Mexican economy is very much tied to the U.S. economy because of Mexico’s reliance on
the United States as an export market and the relative importance of exports to its overall
economic performance. Exports accounted for 32% of Mexico’s GDP in 2010 (see Table 1). The
United States is, by far, Mexico’s most important partner in trade and investment, while Mexico is
the United States’ third-largest trade partner after China and Canada. Many economists and other
observers have focused much attention on the ongoing transformation of Mexico into a
manufacturing-for-export nation since the late 1980s and the importance of exports to its
economy. After oil and gas, most of Mexico’s exports are manufactured goods. Over 80% of
Mexico’s exports are headed to the United States.
Mexico’s reliance on the United States as a trade partner appears to be diminishing, although
slightly. Between 2004 and 2009, the U.S. share of Mexico’s total imports decreased from 56% to
48%, while the share of total Mexican exports going to the United States decreased from 89% to
81%.6 Mexico’s share of the U.S. market has lost ground since 2002. In 2003, China surpassed
Mexico as a top supplier of U.S. imports, and Mexico now ranks third, after China and Canada, as
a source of U.S. imports. Because over 80% of Mexico’s exports are destined for the United
States, any change in U.S. demand can have strong economic consequences in Mexican industrial
sectors.
Mexico ranks second among U.S. export markets and is the United States’ third-largest trading
partner in total trade (exports plus imports). In 2010, 12% of total U.S. merchandise exports were
destined for Mexico and 12% of U.S. merchandise imports came from Mexico. After the
significant decrease in trade in 2009 that resulted from the global economic downturn, U.S.-
Mexico trade increased considerably in 2010. U.S. exports to Mexico increased 25% in 2010
from $105.7 billion to $131.6 billion. U.S. imports from Mexico increased 40% in 2010, from
$176.3 billion to $228.8 billion. In 2009, U.S. exports to Mexico decreased by 19.6%, while
imports from Mexico decreased by 18.5%. Mexico’s second-largest trading partner is China,
accounting for approximately 6% of Mexico’s exports and imports.
Although some of the increase in U.S.-Mexico trade since the 1990s could be attributable to
NAFTA, there are other variables that affect trade, such as exchange rates and economic
conditions. Mexico’s currency crisis of 1995 limited the purchasing power of the Mexican people
in the years that followed and also made products from Mexico less expensive for the U.S.
market. Economic factors such as these played a role in the increasing U.S. trade deficit with
Mexico, which went from a $1.4 billion surplus in 1994 to a $97.2 billion deficit in 2010 (see
U.S. imports from Mexico increased from $85.0 billion in 1997 to $216.3 billion in
2008, and then decreased to $176.3 billion in 2009 before increasing to $228.8 billion in 2010.
U.S. exports to Mexico increased from $68.4 billion in 1997 to $131.5 billion in 2008, and then
decreased to $105.7 billion in 2009 before increasing to $131.6 billion in 2010

The bilateral economic relationship with Mexico is of key interest to the United States because of
Mexico’s proximity and because of strong cultural and economic ties between the two countries.
Mexico has a population of 113 million people, making it the most populous Spanish-speaking
country in the world and the third-most populous country in the Western Hemisphere (after the
United States and Brazil). The economic relationship with Mexico has developed strong ties
under the North American Free Trade Agreement (NAFTA). Trade between the two countries more than tripled since the agreement was implemented in 1994. Through NAFTA, the United States, Mexico, and Canada form the world’s largest free trade area, with about one-third the world’s total gross domestic product (GDP).
The United States and Mexico share many common interests related to trade, investment, and regulatory cooperation. The two countries share a 2,000 mile border and have extensive interconnections through the Gulf of Mexico. There are links through migration, tourism,
environment issues, health concerns, and family and cultural relationships.1 The economic relationship with Mexico is important to U.S. national interests and to the U.S. Congress for many reasons. The 112th Congress will likely maintain an active interest in Mexico on issues related to cross-border trade between the two countries, the implementation of NAFTA trucking provisions, economic conditions in Mexico, migration, counternarcotics, and border issues. This
report provides an overview of U.S.-Mexico trade and economic trends, the Mexican economy,the effects of NAFTA, and major trade issues between the United States and Mexico.

Paris - The US aerospace giant, Boeing, announced that it will hold a trade summit next October 12 in Casablanca in partnership with the Ministry of Industry, Trade and New Technologies.

This trade mission aims at introducing Boeing’s suppliers to Moroccan companies and encourage strong partnerships with the country through the Moroccan Aerospace Industries Association, the aerospace company said at a press conference at the Paris Air Show in Le Bourget.

"We have a long and productive relationship with Morocco, dating back to 1969 when Royal Air Maroc first purchased a Boeing 727," said Stan Deal, vice president and general manager of Supplier Management for Boeing Commercial Airplanes at a joint press conference with Ahmed Réda Chami Industry, Trade and New Technologies Minister.

"We are experiencing an unprecedented surge in demand for airplanes. The Moroccan government has made a strong commitment to developing its aerospace industry, both in infrastructure and workforce training, that will support growth. We feel that Boeing and our suppliers can benefit from an expansion of the aerospace industry there," Deal added.

Boeing is already a shareholder in MATIS, a Moroccan company specializing in aerospace wiring and harness products that will celebrate its 10th anniversary of operation later this year. The US aerospace company has also developed strong relationships with many of the 100 other aerospace-related companies in Morocco.

Chami, for his part, recalled that "Morocco has identified the aerospace industry as a key sector for investment as part of its global industrial strategy."

"We believe that partnerships, like the one we have with Boeing, demonstrate that we have developed an attractive aerospace value proposition that includes specific incentives in infrastructure, training and taxes, among others,” the Moroccan official said.

Chami expressed satisfaction regarding the promotion of partnership with Boeing to include more of the aerospace company’s suppliers who “will find a welcoming environment for investment in Morocco."

Still, the flow of aid to Africa can be seen as a response to the small volume of private
capital flows and, of course, it is also a response to the state of poverty in the region. Africa
receives more aid per capita than any other major region. There are a few countries with extremely high aid dependency ratios, mainly those countries that have emerged from civil war
and internal conflict and are in a rebuilding phase. Other countries have high ratios because
of debt write-offs, while others have gradually done better economically and have become
‘donor-darlings’.
Has aid to Africa been effective in terms of its impact on economic growth? The most
recent studies find that there is a significantly positive effect of aid on growth, although
they are less positive in the tropics (and many African countries fall into this category). This
result is not generally conditional on good policies, although good policies of course make
outcomes better.
Private remittances to Africa have shown an increasing trend, according to official statistics,
and the official flows are estimated to be about 2.5% of GDP, which is considerably
less than flows to other developing countries. One important positive feature of remittance
incomes is that the flow has been rather stable, while both aid and FDI have fluctuated considerably.
Remittance incomes provide an opportunity for low-income households to access
formal financial services.
At the Millennium Summit of 2000, world leaders agreed on a set of common development
targets, the Millennium Development Goals, for development efforts until 2015. In
2005, proposals for massive increases in aid to Africa in particular were presented by the UN
and the Commission for Africa. In terms of the promises made by the Western countries,
for example at the G8 meeting at Gleneagles in 2005, the aid flow to Africa should increase
rapidly during the next few years. There is also agreement within the EU that all (the old)
members will give at least 0.56% of GNI as aid by 2010 and 0.7% by 2015. Sweden already
surpasses this figure, while the average for the whole of (old) EU was 0.35% in 2004. Whether
the member countries will live up to these promises remains to be seen.
One of the most notable aspects of the current process of globalisation is the increase
in trade between sub-Saharan Africa and Asia, particularly China and India. African exports
to Asia grew by over 10% per year from the early 1990s to 2003. In parallel with increasing
trade, Chinese FDIs have risen rapidly but from a low level. Chinese companies have invested
in various sectors, including oil, mining, fishing, telecommunications, construction and
power generation. Moreover, Chinese companies have been setting up plants to circumvent
quota regimes in the West for textiles and clothing.
The increase in trade with China and India implies both threats and opportunities. First,
the effects of a natural resource boom are difficult to handle for countries with weak institutions,
and there is a risk of domestic conflict, or at least gross misallocation of government
income resources. Second, imports of cheap manufactured goods are a threat to Africa’s
manufacturing sector and might lead to de-industrialisation. There are also threats related to
FDI. Chinese firms tend to invest in extractive industries with few links to local firms. They
also use their own labour to a high degree and do not invest much in African workers.
On the other hand, China’s trade and investment in sub-Saharan Africa is an opportunity
for economic growth and integration into the world economy. Growth rates are higher than
for decades, which no doubt is related to the commodity boom induced by China and India.
Moreover, the increase in trade has made cheap consumer goods available to many Africans,
thus raising living standards. And investments in production and infrastructure are bound
to have many beneficial effects. Furthermore, China and India have huge and expanding
consumer markets.

After a period of falling per capita incomes that started in the 1970s, Africa finally saw a turn around
from about 1995, with initially modest increases in per capita incomes. However, the
last few years have actually seen average per capita incomes in Africa grow by above 3% on
average, partly due to the resource boom, but also due to improved economic policies.
Sub-Saharan Africa is a very small player in the global economy. At current exchange
rates, sub-Saharan Africa produced only 1.4% of global GDP in 2005 and had an average per
capita income that was 1/41 of that of the high income countries. Adjusting for differences
in purchasing power, the gap shrinks to 1/16, which is still enormous. In PPP terms, Africa
is clearly the poorest region in the world.
The growth experiences vary considerably across countries and over time. The countries
that receive much Swedish aid today generally did badly in the 1980s, somewhat better in the
1990s and many have been doing very well since the turn of the century. The average for
the main recipients of Swedish aid in 2001–05 is 2.2% growth in per capita income per year,
which is slightly better than the sub-Saharan African average of 2.0%. Civil war has been
an important cause of bad economic performance in several countries in Africa, and the
elimination of remaining conflicts as well as the maintenance of peace is very important for
progress in poverty reduction.
The industrial sector, including manufacturing, has not been able to expand as hoped for
at independence or as it has done in Asia. The import-substitution policy that was pursued to
support manufacturing growth in Africa achieved some results in the 1960s, but the policies
did not lead to the creation of a manufacturing sector that could compete internationally. In
1960, sub-Saharan Africa supplied 4.2% of world exports, but by the turn of the century this
had shrunk to only 1.4%. By 2005, however, Africa had increased its global market share somewhat
due to the boom in natural resources such as oil, and this is, of course, also one of the
reasons for the growth acceleration. The bulk of African exports are raw materials, agricultural
products and also tourism services. There is still no breakthrough in terms of manufacturing
exports. Even if Africa is of marginal importance in world trade, African economies are more
dependent on the world market than are those of high income countries.
Africa is not only the poorest region in the world, but it also has an increasing share of
the world’s population. The population growth rate is declining in Africa as in other regions,
but since the region is lagging economically, it has not come as far as the other regions in the
demographic transition process. The result of this is that the sub-Saharan African share of
the world population has increased from 7.4% to 11.5% over a 45 year period.
Economic growth requires investments, and investments are financed by savings. They
can be domestic savings or international savings transferred to the country. The African
region saved 17.6% of GDP in 2005, which is low compared to the fast growers in Asia.
Official financial flows or aid were US$ 30.5 bn in 2005, foreign direct investments US$ 16.6
bn and other private transfers, which include various forms of private remittances, were US$
9.8 bn. Foreign direct investments in particular have increased in recent years, mainly in the
natural resource sector.

Public policy is another important indicator of the future of the clean energy economy.
Policies intended to advance the clean energy economy—from comprehensive energy plans, renewable energy standards and energy efficiency measures to the development of alternative fuels, job retraining and waste reduction efforts—have been adopted or are being actively considered by both the federal government and states. It is too early to tell to what degree these efforts will succeed in stimulating U.S. job growth, strengthening America’s competitiveness, curbing pollution and conserving resources. But Pew’s analysis indicates such policies have great potential
because they create significant incentives for both the private and public sectors to develop new technologies, infrastructure and processes for clean energy, efficiency and conservation. Now that we have baseline data in hand, Pew will conduct follow-up research to assess which approaches are particularly effective in generating jobs, businesses and investments in the clean energy economy.
State policies. Governors and legislators across the country are seeking to get to the double bottom line of economic growth and environmental sustainability by adopting policies to advance the clean energy economy.
l Financial incentives. Forty-six states offer some form of tax incentive to encourage corporations and residents to use renewable energy or adopt energy efficiency systems and equipment. Thirty-three states provide residential, commercial and industrial loan financing for the purchase of renewable energy or energy efficiency systems or equipment. And 22 states and the District of Columbia offer rebate programs to promote the installation of solar water heating or solar panels for electricity generation.
l Renewable portfolio standards. Twenty-nine states and the District of Columbia have adopted renewable portfolio standards, which require electricity providers to supply a minimum amount of power from renewable energy sources.
l Energy efficiency standards. Nineteen states have established energy efficiency standards for energy generation, transmission and use.
l Regional clean energy initiatives. Twenty-three states are participating in three major regional initiatives seeking to increase renewable energy generation and reduce carbon pollution from power plants that causes global warming.
l Vehicle emissions standards. Fourteen states and the District of Columbia have adopted (and three more states are poised to adopt) California’s vehicle emissions standards, which allow states the right to require automakers to reduce carbon emissions from new cars and light trucks more aggressively than federal standards mandate. On May 19, 2009, President Barack Obama established national limits on vehicle emissions by adopting fuel efficiency standards that match California’s.
Federal policies. The federal government also has played a critical role, adopting policies and making investments that have spurred economic growth and environmental protection from coast to coast. Laws enacted in the 1960s and 1970s helped develop the recycling, waste reduction and waste management industries. The EPA’s Energy Star and Water Sense certification and labeling initiatives long have helped consumers choose and use products that conserve energy and water. And for almost two decades, the U.S. Department of Commerce has helped manufacturers improve efficiency, reduce waste and develop clean technologies and products.
In the last three years, federal policy makers have taken major steps to drive the clean energy economy forward. President Obama’s recent efforts to enact stronger fuel efficiency standards built on earlier legislation. In 2007, President George W. Bush signed into law the first congressionally mandated increase in fuel efficiency standards for cars and light trucks in more than 30 years. The Energy Independence and Security Act of 2007 is projected to save consumers $25 billion at the gas pump, save 1.1 million barrels of oil a day and reduce greenhouse gas emissions.
Enacted in February 2009, ARRA—the federal stimulus bill—includes an array of provisions to spur clean energy generation and energy efficiency businesses, jobs and investments. Among the almost $85 billion the package allocates to energy- and transportation-related spending, about $21 billion is dedicated to extending tax incentives for wind, solar and other renewable energy manufacturers. ARRA also provides more than $30 billion for direct spending on clean energy programs, including $11 billion to modernize the nation’s electricity grid; $2 billion for advanced battery technology; more than $6 billion for state and local efforts to achieve energy efficiency; $5 billion for weatherization of low-income homes; $500 million for job training to help workers participate in the clean energy economy; and $300 million to purchase thousands of new, fuel-efficient vehicles for the federal fleet from American auto companies.
Moving forward. Given America’s need to create enduring jobs and industries while conserving natural resources and reducing carbon emissions, federal leaders are deliberating additional measures to spur the clean energy economy.
President Obama has signaled his support for a federal clean energy plan to reduce greenhouse gas emissions by at least 80 percent by 2050, and a national renewable

Pew’s framework takes into account that technology, scientific research, market forces and public policy will continue to drive innovation and competition, so the largest segments of today’s clean energy economy may not be its driving forces tomorrow.
Our data base show that 63 percent of today’s clean energy economy jobs are in the category of Pollution Mitigation and Conservation sector that reflects the growing recognition among the public, policy makers and business leaders of the need to recycle waste, conserve water and mitigate emissions of greenhouse gases and other pollutants. But three other categories Clean Energy, Energy Efficiency and Environmentally Friendly Production are growing at a far faster clip. And about 77 % of venture capital investments in 2010 were in the sectors of Clean Energy and Energy Efficiency: businesses and jobs working to develop clean, renewable energy
Sources such as wind and solar and products and services that reduce our overall energy consumption all of which will help meet the demands of a carbon-constrained economy.
The flow of venture capital indicates which sectors are most attractive to investors and have the greatest growth potential. The number of jobs and businesses in Clean Energy and Energy Efficiency will grow over time—and as the country increases the amount of power it draws from renewable sources, we will generate less waste, reduce our reliance on foreign oil and produce fewer carbon emissions that cause global warming. That does not mean that jobs in the Conservation and Pollution Mitigation category will disappear. As other countries seek to follow America’s lead, they increasingly will need help managing their finite natural resources and addressing the adverse effects of their use of fossil-fuel energy sources—creating a new market for our products, technology and know-how.

Pew partnered with Collaborative Economics, Inc., a public policy research firm based
in California, on the research. While organizations on both sides of the political spectrum have weighed in with forecasts and economic modeling to estimate the size of the clean energy economy, Pew’s analysis is the first of its kind to count actual jobs, businesses and investments for each of the 50 states and the District of Columbia. Our numbers are conservative and may be lower than some other reports for three reasons: First, we developed a stringent definition of the clean energy economy; second, we used a new, labor-intensive methodology that counted only companies that we could verify online
as being actively engaged in the clean energy economy; and third, we counted businesses and jobs supplying products and services generated by the clean energy economy,
not the companies using these products and services to make themselves “greener” (i.e.,
we counted only companies and jobs on the supply side, not the demand side, of the
clean energy economy).
Policy makers, business leaders and the
public need credible, reliable data to ground their policy deliberations and choices, and
to understand where emerging economic opportunities lie. They also need a clear, concrete and common definition of what constitutes the clean energy economy so they can track jobs and businesses and gauge the effectiveness of public policy choices and investments.

With traditional manufacturing jobs declining during the past decade, states have been working aggressively to develop new industries and create jobs that will endure—and remain within U.S. borders. They also have been working to address the public’s concerns about high energy prices, national security and our dependence on foreign
oil, and global warming—all with an understanding that America is on its way to being a carbon-constrained country. “While our economic engine has for years been powered by relatively inexpensive energy,
there is evidence that this era is coming to a close,” a National Governors Association report noted in 2007. “Meanwhile, we are increasingly aware of the serious impacts of global climate change—and how America’s consumption of fossil fuels is contributing
to a warming Earth.”
Pew’s analysis shows that every state has a piece of America’s clean energy economy. Texas, for instance, generates more electricity from wind than any other state, had more than 55,000 clean energy economy jobs in 2007, and attracted more than $716 million in venture capital funds for clean technology between 2006 and 2008. Tennessee has succeeded in cultivating jobs in recycling, waste treatment and water management, among other conservation industries; jobs in Tennessee’s clean energy economy grew by more than 18 percent between 1998 and 2007, compared with 2.5 percent growth in all jobs in the state. Colorado has raised the amount of power electricity providers must supply from renewable energy sources to stimulate job growth in solar and wind power and other forms of clean energy generation. Ohio ranked among the top five states with the most jobs in clean energy, energy efficiency and environmentally friendly production in 2007. Idaho, Kansas, Mississippi and South Dakota are among more than a dozen states where the number of jobs in the clean energy economy in 2007 was modest, but the average annual growth rate of those jobs was among the highest in the country. All told, in 38 states and the District of Columbia, job growth in the clean energy economy outperformed total jobs growth between 1998 and 2007. In a number of states, job gains in the clean energy economy have helped lessen total job losses.

Research by The Pew Charitable Trusts shows that despite a lack of sustained policy attention and investment, the emerging clean energy economy has grown considerably—extending to all 50 states, engaging a wide variety of workers and generating new industries. Between 1998 and 2007, its jobs grew at a faster rate than overall jobs. Like
all other sectors, the clean energy economy has been hit by the recession, but investments in clean technology have fared far better
in the past year than venture capital overall. Looking forward, the clean energy economy has tremendous potential for growth, as investments continue to flow from both the government and private sector and federal
and state policy makers increasingly push for reforms that will both spur economic renewal and sustain the environment.
By 2007, more than 68,200 businesses across all 50 states and the District of Columbia accounted for about 770,000 jobs that achieve the double bottom line of economic growth and environmental sustainability (Exhibit 1).
In today’s tough financial climate, when millions of jobs have been lost, those numbers may sound modest. Three quarters of a million jobs represent half a percent of all jobs in the United States today. But Pew’s research shows that between 1998 and 2007, clean energy economy jobs—a mix of white- and blue-collar positions, from scientists and engineers to electricians, machinists and teachers—grew by 9.1 percent, while total jobs grew by only 3.7 percent. And although we expect job growth in the clean energy economy to have declined in 2008, experts predict the drop in this sector will be less severe than the drop in U.S. jobs overall.
Pew’s research indicates a strong start for a new economy still very much in its infancy.
To put our clean energy economy numbers
in perspective, consider the following. Biotechnology, which has developed applications for agriculture, consumer products, the environment and health care and has been the focus of significant public policy and government and private investment, employed fewer than 200,000 workers, or about a tenth of a percent of total U.S. jobs in 2007, according to a 2008 Ernst & Young report. And the well-established traditional energy sector—including utilities, coal mining and oil and gas extraction, industries that have received significant government investment—comprised about 1.27 million workers in 2007, or about
1 percent of total employment.
Growing attention and financial support from both the private and public sectors indicate that the clean energy economy is poised to expand significantly. Signaling interest in
new market opportunities, venture capital investment in clean technology crossed the
$1 billion threshold in 2005 and continued to grow substantially, totaling about $12.6 billion during the past three years. Although they have dropped significantly in recent months because of the recession, investments in clean