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     How does one rank countries by economy? GDP (gross domestic product) springs to mind, but GDP doesn't account for the differences in lifestyle between countries. Food, real estate, luxuries, all these cost and weigh differently in different countries, and a direct comparison of GDPs will not produce a sufficient conclusion.
     So how do economists do it? They use a different unit: PPP (purchasing power parity). PPP is a tool specifically designed to measure the relative values of different currencies around the world, and PPP exchange rates can be used to convert GDPs into a common, comparable value.
     According to new PPP data, China, which was predicted in 2005 to overtake the USA in 2019, will now overtake the United States by the end of the year to become the world's largest economy. This 20% jump in predicted PPP reflects China's immense economic growth, which forecasts predict will continue to outpace the USA.

More Here: The Economist

     'Ethics in business is important.' This was essentially the conclusion drawn from the first Asia Ethics Summit held last year in Hong Kong. Considering the setting, this result is somewhat unsurprising, but the panel has since gone on to elaborate on their decisions, regarding the differences in ethical business between the East and the West. Their elaborations have revealed some interesting insights into ethicality in the Asian marketplace, including risk management and problem assessment.

Read their insights here

Image: nanocarbon.cz

     Scientists at Trinity College Dublin have made a leap forward in the race for mass production of graphene, using water, soap, and a blender that reportedly cost €39.95.
     In 2010, Andre Geim and Konstantin Novoselov won a Nobel Prize for their experiments regarding the material, after peeling off thinner and thinner layers of carbon graphite with scotch tape until they produced graphene, a material no more than a few atoms thick. Now, researchers at the materials science center in Dublin have substituted the sticky tape method for a blender, which separates the layers of graphite, and a water-based surfactant which keeps the layers apart.
    Graphene has fascinated the scientific community since its discovery, and now that progress is being made towards the production of the wonder material, a wholly new realm of possibilities is revealing itself. The graphene industry, which is predicted to be worth $100 million by 2018, could potentially revolutionize everything from clean water, to smartphones, to cleanup of nuclear waste.

More Here: Independent

Image: General Mills

     Just a couple of weeks ago, General Mills added a small grey banner to the top of their website notifying visitors of an update to their privacy policy and legal terms, also noting that 'all disputes relating to the purchase or use of any General Mills product or service to be resolved for binding arbitration.' In essence, this removes the rights of customers to dispute cases against General Mills in court, (apart from exceptions in small claims court) should the customer(s) agree to the terms and conditions.
     More specifically, customers must attempt to resolve any dispute through informal negotiations with the company for at least thirty days before choosing to go to small claims court or resolving the dispute through arbitration. In agreeing to the terms, customers also waive their right to litigate any dispute in court and before a jury. But what constitutes an agreement? According to General Mills, a customer 'agrees' to their terms by 'using our websites, joining our sites as a member, joining our online community... or otherwise participating in any other General Mills offering' among other things.
     This broadening of definition is a clear attempt by General Mills to reduce its accountability and protect itself from litigation. While this is not the first time a company has introduced a policy of binding arbitration, the attempts by General Mills to slip these terms past their customers with its questionable definition of acceptance is expected to spark legal issues, particularly over the ambiguity of the policy.
   Though these actions are understandable, they raise questions over the freedom of companies to determine policy. While companies should be free to create their own rules, all companies must follow certain broad guidelines in order to participate in a federally governed marketplace. Courts might see this new policy as an overextension by General Mills, and certain experts have already said that customers must be aware of the terms and conditions for them to be applicable. The outcome of this initial controversy has the potential to redefine business as we know it, and other large companies will be watching the General Mills case intently. Personally, while binding arbitration (if a bit suspect) is not unethical, more effort should be put into notifying customers of this drastic change in policy, and I hope that if any cases are claimed against General Mills in the coming weeks, that they won't be dismissed just because the customer has redeemed a 'box top for education', or 'liked' General Mills' Facebook page.

More Here: New York Times

Image: Insomniac Arts

   



     Following in the footsteps of Germany, Unions in France have passed acts that discourage the use of mobile phones for work after 6pm. The new labor agreements state that employers will not be allowed to pressure employees to work after-hours, and workers themselves will have to resist the temptation to look at work-related content on their devices.

More here: Guardian

Image: seatactaxi.com

     High Frequency Trading has been the source of much debate and confusion, particularly after this heated debate on CNBC between IEX Exchange CEO Brad Katsuyama and BATS Global Markets President William O'Brien.
     For those of us just getting into the action, all the jargon and logistics surrounding HFT can be overwhelming, so Themis Trading LLC has cleverly shown us here how HFT is analogous to a real-world, relatable occurrence: taxicabs at airports. 
     Marketplace.org also has a brief beginners guide to HFT on vimeo, (bear in mind this was uploaded 4 years ago)

Image: Anatoly Kabanets

     In light of protests against furniture retailer Harvey Norman, members of the Australian parliament are looking to make boycotts against companies based on environmental claims illegal. Australia already has laws in place that ban secondary boycotts, but environmental groups are currently exempted from the law.
     In recent years, environmental factors have become a large non-market focus for companies, as greater awareness of industrial impacts on nature have led to harsher inspection in the public eye. Should this law pass, it would relieve some of the pressure on companies such as Harvey Norman to maintain certain environmental standards, and limit the public voice on such matters.
     Then again, the intent of this law does not seem to be to allow companies leeway, but merely to discourage dishonest campaigns, as Parliamentary Secretary for Agriculture Richard Colbeck claims. In addition to this law, Colbeck says, he supports an addition to Australia's competition laws that would establish guidelines for determining the legitimacy of boycott claims.

More here:
- The Guardian

Will Germany's new laws help reduce worker stress? Image: Shutterstock

     Germany has introduced a new law, stating that employees cannot be punished for failing to respond to messages from managers after working hours. This move is clearly aimed at reducing worker stress, but is this taking away from the companies of Germany?
     Some may argue that employees are part of the company 24/7, not just when they are required to be at their desks. In my opinion, if an employee's contract specifically states work/non-work hours, then this is a non-issue. If a company wants the benefit of calling on its employees at any time, their contract and benefits should be adjusted accordingly. 
     Perhaps this might be a situation best handled by individual companies, tailoring contracts to their specific needs, but this is nevertheless a strong move by the Labor Ministry in an effort to combat worker stress.