On Sunday April 3, documents from a Panama-based firm, Mossack Fonseca, were leaked in what is being called the biggest leak of confidential information ever. The leak amounts to approximately 11.5 million documents or 2.6 terabytes’ worth of data. The leaked documents reveal corruption and shady business dealings of politicians, world leaders, and celebrities. The leak exposes how major banks, law firms, and asset management companies manage the wealth of the world’s most powerful people.
globalEDGE Blog - By Tag: offshoring
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Within the next two decades, Brazil is expected to triple oil production and move from the 12th top oil producer to the 6th according to the 2013 World Energy Outlook Report generated by the International Energy Agency (IEA). The predicted success of Brazil’s energy industry can be attributed to the auctioning of the Libra oil field which holds 8 to 12 billion barrels of recoverable oil. With a supply of oil this substantial, the world’s crude oil demand could be fulfilled for up to 9 weeks alone by Libra.
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With unemployment in America still hovering near 9 percent, many Americans are upset that companies are offshoring jobs to countries such as China. However, according to a new analysis by The Boston Consulting Group (BCG), there is a “manufacturing renaissance” on the United States’ horizon.
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As of recent, companies in Spain have been following a common trend of expanding overseas. The country’s ability to grow in foreign markets is on the rise as successful Spanish companies turn their focus to manufacturing and developing new products in emerging markets abroad. Over the last three years, Spain has maintained a 1.8 percent share of world trade despite the rise of China and the Far East. As Spain looks to retain its position as a strong exporting nation by expanding into new markets, the domestic workforce will face steady unemployment.
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To increase productivity and save large amounts of money on labor costs, many companies are either setting up outposts overseas or contracting third parties in other countries to do some of their work for them. This trend is known to most as offshoring, and while it continues to grow, many predict that we haven't seen the worst of it.