The International Energy Agency (IEA) has predicted that the global demand for oil will continue to increase in line with economic expansion. However, a lower increase in fuel consumption is expected in 2011 if the worldwide economy grows at a slower pace. According to the agency, demand for the whole of 2010 will average about 86.62 million barrels per day (bpd) and this figure is expected to rise to 87.89 million bpd next year. This figure is 50,000 bpd lower than previously forecast. A report published by www.gulf-daily-news.com notes that developed economies are boasting near record oil supplies and that consumption is rising in many such areas and within the Asia-Pacific region. The IEA remains confident of meeting the level of demand anticipated over the next year and is certain that stock levels should also help meet unforeseen developments, particularly given the downside nature of potential risks. Other analysts appear less enthusiastic in their outlook and believe that a situation is arising whereby supply will outstrip demand.
The latest annual Global Competitiveness Report provided by the World Economic Forum (WEF) shows that Switzerland remains as the top ranked nation. Sweden and Singapore fill the next two spots, with the United States falling two places to fourth. Analysis of publically available data combined with a rigorous survey conducted by the WEF and its partner organizations is used to generate the report, which is based on 12 indicators of competitiveness. These factors include institutions, infrastructure, macroeconomic environment, health and primary educations, higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness, market size, business sophistication and innovation. According to a report published by www.swissinfo.ch, Switzerland’s innovation capabilities were noted along with the country’s business culture. Praise was also heaped on its research institutions and for their relationship with the business sector. Level of spending on research & development, high number of patents and safeguarding of intellectual property were other positives cited. In order to remain highly competitive, the WEF advises Switzerland to increase its university enrollment rate and aim to improve attainment within higher education in order to ensure that sufficient talent is available.
An article published by the Korea Times (www.koreatimes.co.kr) points out that the increasing popularity of franchises has seen the number of such businesses double since 1999. After fast food restaurants started the ball rolling, the attraction has spread to other sectors such as clothing chains, discount stores, cleaning services and educational establishments. The country’s Ministry of Knowledge Economy now values franchising at around $70.2 billion, with food-related franchises accounting for just over half of this amount. A further 36.2 percent of the total is attributed to the retail sector, while education, cleaning, real estate and mailing services are among those that help make up the remainder. Analysts believe that strong demand remains for franchising opportunities, particular within service sector areas that include senior care, fitness, personal services and party planning and catering among others. Interest in frozen yogurt, pet products and children’s items is also apparent. On the negative side, potential franchisees are warned of the high start up revenues needed to cover rental and equipment purchase. Involvement with major companies can additionally require the payment of loyalty fees, which increases the burden further. There is some indication that Koreans are attracted to US franchises because they are dealing with established companies with proven management skills. But since such companies are typically at the higher end of the cost scale, the report notes the growing appeal of domestic chains as an alternative. Significantly less capital is needed to secure franchises with Korean firms, whose attraction is magnified by the fact that they already cater to local tastes. The report advises anyone interested in taking up a franchise to seek the advice of a specialist consultant, conduct thorough research to check the franchiser’s credentials and to ensure that the correct procedures are followed if an agreement is made.
The outlook for economic growth in Finland is somewhat unclear, the International Monetary Fund (IMF) claims. After posting the worst GDP performance in the Euro zone in 2009 with its 8 percent fall, there are fears about the strength of its recovery. In the report, as published by the Guardian (www.guardian.co.uk), the IMF expresses concerns about a total output loss within an economy driven by exports and commodities. Like many other advanced economies, Finland has an ageing population and the increased burden of healthcare and pensions is also likely to impact on growth. Recovery should continue through 2011, although the pace is expected to be sluggish. The IMF also anticipates that unemployment will continue to rise from the 8.3 percent recorded in 2009 but supports Finland’s move to retain fiscal support to boost recovery aims. While the report acknowledges that these measures will have to be removed, there is some disagreement as to how quickly withdrawal should take place.
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