Innovators

The Great Rebalancing

China’s economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that severe trade imbalances spurred on the recent financial crisis and were the result of unfortunate policies that distorted the savings and consumption patterns of certain nations. Pettis examines the reasons behind these destabilizing policies, and he predicts severe economic dislocations–a lost decade for China, the breaking of the Euro, and a receding of the U.S. dollar–that will have long-lasting effects. Pettis explains how China has maintained massive–but unsustainable–investment growth by artificially lowering the cost of capital. He discusses how Germany is endangering the Euro by favoring its own development at the expense of its neighbors. And he looks at how the U.S. dollar’s role as the world’s reserve currency burdens America’s economy. Although various imbalances may seem unrelated, Pettis shows that all of them–including the U.S. consumption binge, surging debt in Europe, China’s investment orgy, Japan’s long stagnation, and the commodity boom in Latin America–are closely tied together, and that it will be impossible to resolve any issue without forcing a resolution for all. Demonstrating how economic policies can carry negative repercussions the world over, The Great Rebalancing sheds urgent light on our globally linked economic future. Michael Pettis is professor of finance and economics at Peking University, a senior associate at the Carnegie Endowment, and a widely read commentator on China, Europe, and the global economy. He is the author ofThe Volatility Machine: Emerging Economies and the Threat of Financial Collapse. “[Michael Pettis is] a brilliant economic thinker.”–Edward Chancellor, Wall Street Journal “Insightful. . . . [O]ffers a sweeping perspective that links trade, […]

New features added to ProNest software

A new software update to Hypertherm’s ProNest CAD/CAM software will make it even easier for companies that fabricate or cut metal to increase the cut quality, productivity, and profitability of their operations. The update is available at no charge to customers with a current ProNest subscription. Current subscribers simply need to log-in to the ProNest online knowledge base, then select the ÒdownloadÓ option. A few of the features found in the new update include: 1. Improvements to the software’s scribe text function so customers can add varied information to parts such as a heat number or customer ID. In addition, the new changes allow customers to easily select the font they would like to use on their parts. 2. Tab enhancements for people who cut with laser. The enhancements include lead out on tabs, the ability set a maximum size for tabbed profiles, and to lock undertravel on start point ÒtabÓ leads. 3. A new Customer Experience Improvement Program. This new program collects information about people are using ProNest in an effort to identify which ProNest features to improve. “Our culture at Hypertherm is to continuously improve,” explains Derek Weston, the product manager for Hypertherm CAM. “The people using ProNest software day in and day out are a great source of ideas and we work hard to listen to our customers and make improvements they will find valuable.” ProNest has been the industry’s leading nesting software for two decades, offering best-in-class performance and reliability with a straight-forward, easy-to-use design. ProNest is also a component of Hypertherm’s Built for Business Integrated Cutting Solutions, providing support for True Hole, True Bevel and Rapid Part technologies. Hypertherm designs and manufactures advanced cutting products for use in a variety of industries such as shipbuilding, manufacturing, and automotive repair. Its product line includes handheld and […]

Successful high-altitude testing for volcanic ash-detection technology

With the threat of volcanic eruption to commercial airspace as real as ever, the industry has been testing new methods to stay safe and avoid disruption for business and passengers. easyJet and Nicarnica Aviation have entered a partnership with the European aircraft manufacturer Airbus to test the Avoid (Airborne Volcanic Object Imaging Detector) ash-detection equipment on their A340-300 test aircraft at the speed and altitude of commercial aircraft. The first phase of testing took place in July and initial test flights at altitudes of up to 40,000 feet (about 12,200 metres) were successful. The tests included mounting equipment externally on the aircraft fuselage, with recording equipment and real-time monitors placed inside the cabin allowing viewing of the sky ahead. Test flights have been performed near the Airbus home base at Toulouse, France, to first assess the sensor’s physical behaviour when mounted on the aircraft and exposed to flight environment and then the performance of the detection system without the presence of volcanic ash. Plans also included tests in any volcanic activity at Stromboli or Etna with aircraft flown to Italy to test the equipment at commercial jet flight altitudes and speeds. Test aircraft were also flying over the Atlantic Ocean west of Morocco to prove the equipment can detect the fine particles of sand at altitudes of up to 20,000 feet and a distance of up to 50km, using the Saharan air layer as a proxy for volcanic ash. In the event of a volcanic eruption, Avoid gives vital, real-time information on the amounts of ash in the atmosphere. For UK airspace, when incorporated into the safe fly protocols now agreed by the industry and overseen by the Civil Aviation Authority and other ash-measurement data and prediction models operated by theÊMeteorological Office, this could enable aircraft to fly safely to […]

Goodman signs MOU to develop premier business and logistics hub in China

BEIJING Goodman Group has announced that it has signed a Memorandum of Understanding (MOU) with the Langfang Municipal Government to participate in the development of a premier business and logistics hub for the greater Beijing-Tianjin area in northern China. The key points relating to the MOU are: Significant mixed use development project over five square kilometres, which is expected to be delivered over the next seven years Goodman will participate as co-ordinator and master planner for the project and will take a fee for service role Goodman expects to generate fee income over the life of the project and will also consider making further investments for itself and its investment partners in the development of logistics and business park product on the site on a case by case basis. Over the next seven years Goodman will work jointly with its affiliates to develop a five square kilometre parcel of land into an international standard, environmentally friendly mixed use business park. This will consist of offices and modern logistics facilities and will be co-located with residential housing and associated amenities to create a sustainable community. Mr Greg Goodman, Goodman Group CEO said, “As the strategic partner of Langfang and the master planner of the park, Goodman will use its worldwide expertise in business park development, master planning and property management to develop a comprehensive and sustainable logistics and business hub to cater to the needs of modern day business. It will also provide tremendous opportunities for local job creation.” “Goodman will draw upon its global partners to introduce international investors and banking groups to provide full scale financing support. This provides the Group important access to development land in a capital efficient manner and allows Goodman to promote the project and development in China to international customers,” he added. Langfang occupies […]