Category Archives: Economy

Nasib Hasanov – Baku is Your Next Travel Destination for Business & Pleasure

Economy, ,

Exotic travel has become big business, and for good reason. As more people have expendable income, they search for the next rush of excitement – the next place to see. Businesspeople may also be looking for the next unique location to work their trade. And one little known location is Baku, the capital of Azerbaijan. Here are some tips for exploring this oasis and enjoying the sites along the way.

Certainly, as Nasib Hasanov, Azerbaijan tour guide explains, the old town is a must-see. The walled fortress can be seen in one day on foot. Make sure to look at the Guz Qalasi, a UNESCO World Heritage site. The Shirvan Shahs is the highlight of the Old City and the Maiden’s Tower is another stop along the way. There are some great sites outside of the city on the Absheron Peninsula as well.

More ideas include the Atashgah Fire Temple, the Yanar Dagh which is a mountain that is on fire continually, and the Qala. Nasib Hasanov recommends that every visitor see the Pantomima theater and the Baku Entertainment Center.

Another spot that is quite interesting for tourists is the Hamam Mehellesi Public Baths. These are the oldest baths in Baku and make for a very interesting experience.

For those who love museums there is the Azeri National Costume Museum, The Taghiyev History Museum, the Latif Karimov Carpet and Applied Arts Museum and the Home of Jafar Jabbarli.

As Nasib Hasanov, Azerbaijan tour guide explains, there is something for everyone in this magical city and it’s certainly an out-of-the-ordinary travel destination for today’s business executives and everyone else.

New Home Sales Stuck in the Mud

Economy,
New Home Sales Slower than Expected
New Home Sales Slower than Expected

The Commerce Department announced disappointing new home sales for the month of July, worrying officials that an important source of jobs is still showing signs of weakness.

The decline in sales of new homes was 2.4 percent during the month from June to July, down to a seasonally adjusted annual rate of 412,000. In a survey conducted by the Wall Street Journal, prominent economists had predicted a yearly figure of 425,000.

New home sales have consistently refused to get out of the starting gate, staying stuck in the 2013 figures which totaled 429,000 new homes sold. In contrast the numbers for already existing homes have continued to climb, with four months in a row of better sales through July.

The reason economists focus on the strength of new home sales, despite this sector only representing 10 percent of US home buying, is because building homes usually provides high-paying, middle-class jobs.

US Business Inventories and Sales Looking Good in June

Economy

Although not as strong an upward climb as in May, June’s inventories showed a continued surge with a 0.4 percent rise, not quite meeting May’s 0.5 percent. The figures were supplied by the US Department of Commerce which also revealed that there was a small gain in stock prices for non-automobile retailers.

The figures released last week for wholesale and manufacturing inventories point to a second-quarter growth estimate which may be slashed as much as a half of a percentage point by the time the government publishes its revisions on its predictions later this month.

Smaller inventories are a good sign for the third-quarter of GDP.

Sales are also on the rise. In June business sales went forward by 0.3 percent, matching a similar gain in May. If Junes pace were to continue it would take businesses to clear their shelves of their inventory in 1.20 months, the same as in May.

Georgia Takes First Place in CNBC Survey Best State for Business

Economy

According to a recent CNBC survey, Georgia came out on top of all other US states for the way business is conducted there.

The survey looks at ten key aspects of conducting business, giving a different number of points to each, according to the importance that particular aspect has for business. The CNBC Top States study uses more than 50 metrics in the ten key categories of competitiveness. The categories are weighted according to how frequently they appear as selling points in marketing literature distributed by the economic development offices of each state. This is how the survey holds the states to their own set of standards. For 2014 the following categories were evaluated, with maximum points which can be earned in each:

o    Cost of Doing Business (450 points)
o    Economy (375 points)
o    Infrastructure (350 points)
o    Workforce (300 points)
o    Quality of Life (300 points)
o    Technology & Innovation (300 points)
o    Business Friendliness (200 points)
o    Education (150 points)
o    Cost of Living (50 points)
o    Access to Capital (25 points)

Georgia finished first with 1659 points out of a maximum of 2500. In second place was Texas with 1641 points. Utah, Nebraska and North Carolina were 3rd, 4th, and 5th.

The five worst states for business were Connecticut, which ranked 46th, Alaska, which came in 47th overall; West Virginia, Hawaii, and Rhode Island coming in at the bottom of the barrel. CNBC has never rated the Ocean State higher than 48th. It is a state with high taxes, high unemployment, and high utility costs. Rhode Island is working on making some changes. They have passed over 25 business reform legislation to ease up on heavy regulations and attract more jobs. These reforms are part of a four-year plan, which Rhode Island officials say was motivated by the CNBC past surveys.

Chinese Companies Bringing Jobs to USA

Economy, ,

In an unexpected flip, more Chinese companies are coming in larger numbers to the US and creating job opportunities here at home. This changing trend comes after decades of job loss for Americans due to the opening of factories and other manufacturing plants in China instead of in the US.

Last year, for example, Chinese companies invested $14 billion in the US, a record. All together these companies employ over 70,000 Americans. That is an increase from practically zero only ten years ago.

Several strong forces are creating this trend, including shrinking wage differences, lowered US energy costs, and disparities in currency markets. Chinese investors are being wooed by mayors and economic development personnel. States in the southern section of the US have been working doubly hard to attract business: offering low labor and land costs. Tax breaks and Southern hospitality have also played their roles.

‘‘Get off the plane and the mayor is waiting for you,’’ says Hong Kong billionaire Ronnie Chan.