Stocks were clobbered Friday on Wall Street — a brutal finish to the worst week in the market in four years. The decline in Combined Operating Income for the three months ended September 30, 2015 compared with the same period of 2014 was driven primarily by the release of a $77 million tax reserve and the receipt of an $18 million recovery on an errors and omissions insurance policy that both occurred in the third quarter of 2014. Gao said this year’s trade between China and Russia could reach $100 billion, approximately 10 percent growth compared to last year.
Adjusted Book Value ( ABV ) per share (a non-GAAP measure defined in the attached Explanation of Non-GAAP Financial Measures) was $29.55 as of September 30, 2015 compared with $24.87 as of December 31, 2014. At his annual end-of-year press conference on Thursday, Vladimir Putin acknowledged the ruble has been tumbling along with the price of oil, and estimated that Western sanctions account for 25-30 percent of the Russian economic crisis.
BRICS, the group of emerging economies that comprises Brazil, Russia, India, China and South Africa, accounting for one-fifth of global economic output, has been pursuing the same goal. Local newspapers tend to lean towards emotional stories; people are more interested in a minor local event then a distant disaster. Just to show how swift this process is, last year China finally became a Service Economy.
Lesser stories are placed in the newspaper based on their importance (more important news at the front) or placed based on category (world news, sports, finance). It provides the most important and interesting news first, while answering who, what, where, when (how and why are often reserved for later). Our economic system has no solution to efficiency, no provision for mending the social problems it creates other than to have those who work support those who don’t. There is no new major economic line item that anyone in Cuba, in China, in Germany, or in the United States can even imagine!
As the demographic trend continues to level off and more and more people of the world satisfy their basic ‘necessities’ – table, chairs, bed, oven, fridge, TV, phone, computer – demand will undoubtedly suffer. Australia has been mining best quality uranium in the world and is now agreed to supply their products for nuclear power projects in India.