Need to know:
Spanish bond yields rose as expected today, Reuters said.
Spain is among the countries grappling with a double-digit unemployment rate Europe wants to help fix by making it easier for Europeans to seek jobs across country borders.
The European Commission is proposing new rules to make it easier for workers to take cross border jobs without losing pension or unemployment benefits or gaining tax hurdles.
Want to know:
The case of Bo Xilai illustrates just how far wealthy Chinese may go to secretly shift money out of the mainland, my colleague Benjamin Carlson writes.
Bo’s wife Gu Kailai is suspected of poisoning British businessman Neil Heywood after he threatened to expose her shady ways of sending money offshore.
China is thought to have sent more illicit money out – an estimated $2.74 trillion - of the world than any other country between 2000 and 2009. “Almost unimaginable sums of money are illegally leaving China every single day,” economist Sarah Freitas told Carlson.
Dull but important:
The emerging world is on an easing spree.
Brazil’s central bank trimmed interest rates 75 basis points to 9 percent last night, becoming the second of the powerful BRICS – Brazil, Russia, India, China and South Africa to shift its monetary policy stance this week.
China also is hinting at a possible rate cut, Marketwatch reported, and South Africa is expected to keep rates steady as the emerging markets driving world economic growth take steps to drive their own economic growth.
In the latest twist to the automotive globalization story, German automaker Audi said it would build its first North American factory in Mexico.
It’s not yet clear where in violence-torn Mexico the plant will be located, but it will produce the Q5 sports utility vehicle.
The company expects to produce 150,000 Audis in Mexico in hopes of helping it reach its goal of selling 1 million Audis in the US by 2018, Reuters said.
Strange but true:
Virgin Galactic and Abu Dhabi’s government has decided it’s time to make Abu Dhabi a regional hub for space tourism.
Richard Branson’s company, which aims to provide sub-orbital space flights to the public, has selected the United Arab Emirates’ capital for its second spaceport.
So far, 500 people are said to be in line for a ride on Virgin Galactic. They’ll pay $200,000 each, which hopefully is enough to help them avoid additional baggage fees.