Archive for October, 2010

Popular Cars May Be Bypassing U.S. Market

With the U.S. no longer the world’s No. 1 car market, global automakers are looking past regulations and fickle American buyers to target booming emerging markets.

For years the secret to success in the automotive business was to penetrate the U.S. market. Automakers such as Toyota (TM), Honda (HMC), BMW (BMW:GR), and Mercedes-Benz (DAI) enjoyed plush revenues as their network of dealerships expanded across North America. So great was the market that automakers were willing to jump through U.S. regulatory hoops. They installed such devices as catalytic converters and introduced new models and engines—in some cases adapting right-hand-drive vehicles to offer left-hand drive. They kept production costs down and spent millions of marketing dollars to entice credit-happy American consumers.

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October 29, 2010 at 7:14 am

Korean Government submits EU FTA

SEOUL, Oct. 25 (Yonhap) — The government submitted the South Korea-European Union (EU) free trade pact ratification bill to the National Assembly on Monday, officials said.

South Korea and the EU signed the bilateral free trade agreement (FTA) on Oct. 6 while they provisionally agreed to put the pact into effect starting on July 1, 2011.

Source: Yonhap News Agency

October 27, 2010 at 6:53 am

Trade Seminar: Taxation, International Accounting and Financial Reporting Standards

Event Description:
In today’s economy, it is more important than ever that businesses be aware of tax laws that can directly impact profits. We have seen numerous changes to those laws this year, and more changes are certainly coming. Learn about strategies that may save your company time and money.

Topics include:
– Small Business Jobs Act of 2010
– 2010 Health Care Reform Act
– Hiring Incentive to Restore Employment (HIRE) Act
– Federal and state tax credits and incentives
– International tax update


Location:Northern Kentucky Chamber of Commerce
300 Buttermilk Pike, Ft. Mitchell, KY

Cost:$15 Chamber Members; $25 Future Members

Presented by:
Supported by:
Toyota Motor Engineering and Manufacturing

October 25, 2010 at 6:51 am

Temporary Exports From, Imports Into Brazil to be Eased with Adoption of Carnet System

Doing business in Brazil will soon become easier for many international businesses following that country’s agreement to adopt the use of carnets, an international passport for merchandise honored by more than 75 countries. The Brazilian Senate’s approval of the Istanbul Convention will facilitate trade in many items by eliminating the need to endure extensive customs procedures, pay duties and value-added taxes, and purchase temporary import bonds. Brazil’s decision to participate in the international carnet system follows several years of efforts by STTAS do Brasil in conjunction with the World ATA Council and the U.S. Council for International Business.

The Istanbul Convention, adopted by the World Customs Organization in June 1990 and in force since 1993, is primarily designed to facilitate the temporary entry and exit of goods by removing the need to pay customs taxes or complete entry procedures. Commercial representatives, exhibitors, executives and other professionals use carnets to move goods among signatory countries with relative ease and flexibility and little cost.

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October 13, 2010 at 7:00 am

For Sale: Greek Islands

The Greek government is considering selling islands and other luxury properties to erase some of its debt. The only problem is no one knows who owns what.

Shortly before Easter in 2008, Antoine Maalouf arrived at the offices of the Greek Tourism Minister with an unusual request: He wanted to buy a Greek island. The 63-year-old general director of the Monaco-based investment company MMC Group slid €15 billion, in the form of guarantees issued by some of the largest financial institutions in the U.S. and Europe, across the mahogany conference table, right under the minister’s nose.

Maalouf’s idea was simple. He and his investor group would pay €120 million for Patroklos Island—a barren 1,000-acre strip in the Saronic Gulf nicknamed “Donkey Island” by fisherman—and construct a Las Vegas-style theme park. It was a short boat ride from Athens, and Maalouf planned to pack it with casinos, golf courses, luxury accommodations for 50,000 people, and a marina for thousands of yachts. The project would employ 8,000 Greeks at a time when the country was hurting for jobs. Donatella Versace had signed on to build a luxury hotel.

“All I needed to start was a letter that promised government assistance in overcoming Greece’s ridiculous bureaucracy,” Maalouf says. “I wanted commitment, an official written commitment.”

In response, Maalouf claims, Tourism Minister Fani Palli-Petralia said: “The Greek government gives you its full support,” and, “you have our blessing.”

Source: BusinessWeek, October 7, 2010, A.C. Copetas,

October 12, 2010 at 7:00 am

China’s Leap in Supercomputer Rankings

In merely a decade, China has become the world’s third-greatest power in high-performance computing. Will it soon boast the fastest computer?

When a list of the world’s 500 fastest computers is revealed on Nov. 15, it may contain a surprise. China, currently known to own the second-fastest computer, may reach the top spot. “Of the Top 10 machines today, China has two,” says Jack Dongarra, director of the innovative computing laboratory at the University of Tennessee. “I know for sure they’re going to have a third one in November.” Dongarra has overseen the semiannual Top 500 list since it first appeared in 1993. “There’s a great belief that the Chinese will be No.1,” he says, adding that he has yet to see the data for next month’s list.

Source: BusinessWeek, October 5, 2010, By Rachael King,

October 11, 2010 at 7:00 am

U.S. Businesses Urged to Promote Trade (source:

The ranking member of the U.S. House Ways and Means Committee urged business owners and managers attending the National Foreign Trade Council’s annual dinner in Washington on Wednesday to talk to their employees about the benefits of trade.
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October 4, 2010 at 10:03 am

Travel with the Northern Kentucky Chamber in 2012

Peru - August 12-20, 2012
To learn more about the program, please email Kyle Horseman or call 859.426.3653.

RSS Northern Kentucky Chamber – Calendar

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