In the UK CPI is the main measure of inflation that the central bank is always considered as the primary consideration in determining interest rates.
There are two releases that the core CPI (Core CPI) and the CPI total. Core CPI does not take into account the category of food, beverages and energy (fuel oil and gas).
Data released each for month over month (m / m) compared with the previous month, and year over year (y / y) compared with the same month in the previous year.
For the British the most impact is the total CPI y / y (annual inflation) is used as a reference by the Bank of England (BoE).
Besides CPI is also released the data Producer Price Index (PPI) and the Retail Price Index (RPI), which measures only the main consumer goods and the cost of renting a place to stay (y / y), but the impact is much higher CPI.
Last month, British annual inflation down to 0.1% (or -0.1%), lower than the estimates will stagnate (or 0.0%) and was the first contraction since the last 5 months, while a monthly basis (m / m) also fell 0.1% , lower than in August rose 0.2%.
The fall in annual inflation in September caused by the decline in the cost of transport (-2.7%), food prices (-2.3%) and prices of clothing (-0.6%), while the decline in monthly inflation (m / m) mainly due to the decline in fuel prices (- 2.9%) and clothing (-2.8%).
While the core CPI in September y / y rose 1.0%, lower than the forecast will rise 1.1% and the same as in August. For the month of October 2015 is estimated to total CPI y / y will come back down to 0.1% (or -0.1%) and core CPI y / y expected to go up 1.0%.
Results of the release of higher than expected will tend to cause the GBP strengthened. 16:30 pm: Data Producer Price Index (PPI) England in October 2015 (Impact medium in GBP) This indicator measures the change in prices at the producer level and will affect the rate of inflation in the UK.
UK Producer Price Index released consisting of PPI input and output. PPI input including operational costs of production and more impactful. Last month, the UK PPI input rose 0.6%, higher than the estimate would rise 0.2% and was the first increase since the last 5 months.
For the month of October 2015 is expected to be back PPI input rose 0.2%. Results of the release of higher than expected will tend to support the strengthening of the GBP. 17:00 pm: index German ZEW Economic Sentiment and the Euro area in November 2015 (High Impact in EUR) The index number Zentrum fur Europaische Wirtschaftsforschung (ZEW) is made based on a survey of around 350 investors and analysts in Germany about his views on the economy of the euro area in general and Germany in particular for the next 6 months.
At the same time released the German ZEW index and the Euro area, but the index number for Germany will be impacted.
Investor and analyst sentiment is an early indicator for economic conditions. A positive number (greater than zero) indicates optimism was negative number indicates pessimism.
Last October ZEW index Germany stood at 1.9, lower than estimates of 6.8 and the lowest since October 2014 when the scandal emissions of Volkswagen, while the ZEW index for the euro area stood at 30.1, as expected and the lowest since December 2014. For the month of November 2015 the German ZEW index will go up to 6.7 while the figures for the eurozone will rise to 35.2.
Results of the release of higher than expected will tend to cause the EUR to strengthen. Hours 20:30 GMT: US CPI data in October 2015 (High Impact in USD) The inflation data released by the US Bureau of Labor Statistics, measures the percentage change in the CPI over the previous period.
At the same time it will be released CPI total and core CPI (Core CPI), which excludes food and energy, respectively for the month over month (m / m) compared with the previous month's data and year over year (y / y) compared with the same month in the previous year. Both are high-impact, especially the data y / y.
The Fed heed total CPI y / y and core CPI y / y as a reference for annual US inflation. US CPI data release this time will be the focus of the market because it can affect the estimated probability of the Fed rate hike next month.
Last month, total CPI y / y stagnant or 0.0%, better than expected to be down 0.1% (or -0.1%) but the lowest in the last 4 months, while a monthly basis (m / m) total CPI fell 0.2% (or -0.2%), in line with forecasts and the lowest in the last 6 months.
The fall in annual inflation in September mainly due to the decline in energy prices (-18.4%) so it can not compensate for the increase in food prices (1.6%), the price of rental apartments (3.2%) and health services (2.4%). While the decline in monthly inflation (m / m) due to the decline in gasoline prices (-9%), fuel oil (-2.4%), electricity (-0.5%), natural gas (-0.3%) were not able to offset the rise in food prices ( 0.4%) and health services (0.3%).
For core CPI y / y in September also go up 1.9%, the highest since October 2014, was to m / m rose 0.2%, higher than the estimate would rise 0.1% and the highest in the last 3 months. For the month of October 2015 estimated annual inflation (total CPI y / y) will go up 0.1%, total CPI m / m and core CPI m / m will rise 0.2%. Results of the release of higher than expected will lead to the USD strengthened.
Hours 21:15 GMT: US Industrial Production Data in October 2015 (Impact medium in USD) This data was released by the Fed and also called Factory Output. Industrial Production measures the change in the volume of output produced by the manufacturing sector, mining and other industries.
Rise and fall of production output is highly dependent on economic cycles, changes in employment and consumer incomes. Release of the data in the form of percentage changes month over month or m / m (compared with the previous month), and year over year or y / y (compared with the same month in the previous year).
The impact is m / m. US industrial output contracted in August, down 0.2% (or -0.2%), in line with forecasts and was the highest percentage decline since the last 4 months.
For the month of October 2015 estimated US industrial output will go up 0.1%. Results of the release of higher than expected will tend to support the strengthening USD.
Wednesday, 18 November 2015: Time tentative: the price index Global Dairy Trade (GDT) (High-impact on the NZD) Data released by the Global Dairy Trade shows average prices of dairy products from the last auction.
The price index released 2 times a month and usually a high impact on the NZD considering New Zealand is one of the countries producing milk and dairy products the world's major.
Milk is the mainstay of New Zealand's exports of products in addition to meat, fruits, wool and wood.
To release today the market does not provide an estimate, but if the result is higher than the previous releases were down 7.4%, or -7.4% (the lowest in the last 6 months), the NZD is likely to be strengthened.
US retail sales in October rose less than expected as consumers pocketed their money after the first refueling their cars.
Purchases increased 0.1 percent after little change in September amounted to 0%.
The median forecast of 84 economists surveyed by Bloomberg said the increase of 0.3 percent.
Reception at a service station fuel fell for the fourth consecutive month as gasoline prices declined. Consumers show caution entering during the holiday shopping season even as employment levels reached 10-month high in October and the price of fuel quiet support household budgets.
The first time the possibility of higher benchmark interest rates by the Fed since 2006, plus stock prices fluctuate, limiting the American public's enthusiasm for shopping binge.
Consumers still have quite a lot of money because of lower gasoline prices, the statement said Ryan Sweet, a senior economist at Moody's Analytics Inc. in West Chester, Pennsylvania. Estimates for retail sales in the Bloomberg survey ranged from a slight change to an increase of 0.8 percent.
The reading of September were revised down from an originally reported 0.1 percent.
Wholesale prices unexpectedly fell 0.4 percent in October, pressured by a decline in the cost of food, it was reported on separately by the US Labor Department on Friday (13/11).
Lower prices for eggs and meat contributed to the decline, as well as discounts on new models for light trucks. Seven of the 13 major retail categories showed an increase last month, led by building materials stores, a restaurant and non-store merchants, which include Internet sales, according to a report from the Commerce Department.
Reception at gasoline stations fell 0.9 percent after falling 4 percent in September, pushing sales over the past 12 months fell 20.6 percent. Commerce Department figures are not adjusted for prices, showed a decrease which reflects the cost of fuel is cheaper. Household find support from a decline in energy prices and a strong labor market.
The average cost of a gallon of regular gasoline was $ 2.20 on Nov. 11, according to AAA, the largest US auto group. That compares with an average $ 2.46 this year and $ 3.34 in 2014.
Core sales, the figure used to calculate gross domestic product and which exclude categories such as automobiles, gasoline stations and building materials, rose 0.2 percent last month, less than the 0.4 percent median forecast of economists surveyed by Bloomberg.
The reading for September was revised up to show a 0.1 percent increase compared with the previously recorded a decrease of 0.1 percent.
The fall of gasoline and food prices may also hold the core readings. Sales at general merchandise stores, which includes a large warehouse which also sells gasoline, down 0.4 percent.
A grocery store, which usually saw revenues rise, decreased 0.3 percent.
Moibil sales figures are not always in line with industry data, which is a number that is used to calculate GDP. Cars and light trucks sold at an annual 18.1 million annual rate in October, almost the same as in the previous month.
Car sales so far this year have an average level of 17.3 million, on pace for the best year since 2000. Household expenditure that makes up about 70 percent of the economy should hold steady in the last three months of this year, according to the median projection of economists in November 11.
The consumer purchases will rise to 3 percent in annual terms in the fourth quarter after 3.2 percent in the three months ending in September.
British Pound Softer on Inflation, Retail Sales and Public Finances Ahead
This week we have three economic data releases to look forward to with the potential to move the GBP
Economic data to drive GBP exchange rates this week
The pound sterling (GBP) continues in its quest to achieve its best trading rate against the EUR for 2015 while also maintaining an upside bias against the USD.
Inflation has kicked off proceedings on Tuesday coming in-line with economist forecasts at -0.1% confirming the UK to be in its second consecutive month of deflation.
Ahead, retail Sales are forecasted to remain in the acceptable range, along with a narrowing of the UK deficit.
In essence, anything, short of negative downward movement, in these reports is anticipated to bolster the GBP, especially against the EUR in the coming week.
November 17: UK Still in Deflation
The pound has edged lower against its group-of-ten rivals on Tuesday after the UK was confirmed to be in deflationary territory.
The inflation rate confirmed the second consecutive reading of -0.1% year-over-year. The Bank of England (BoE) will unlikely raise interest rates until we start seeing inflationary pressures grow once more.
For those hoping for a stronger British pound a rising interest rate profile is needed to sustain gains and we remain sanguine on sterling's chances in the current inflationary environment.
The UK October Retails Sales will be released November 19.
UK September Retail Sales showed a noteworthy uptick, largely in part the rugby World Cup and the inclusion of The August Bank Holiday. For October, the lifting effect of the holiday will be diminished, but over half of the rugby games were played in October.
TD Securities forecast, “We see upside risks to the market consensus of -0.4% m/m, with TD expecting a reading of 0.7% m/m, but note that uncertainty remains elevated around this release owing to the special factors.”
The UK Public Finances will be released on November 20.
The UK Public Finances will be the last public accounts publication before the Autumn Statement. Generally, markets expect figures to be a bit higher than anticipated but in line with declined government borrowing in the Fiscal Year 2015 t0 2016.
TD Securities concur, “... expect the government’s (ex-banking) borrowing to have shrunk from £9.4bn in September to £6bn in October. This would mark an improvement of about £1bn relative to the October 2014 figure, largely on account of healthy tax receipts over the last year.”
"We expect the choppy USD price action to continue until this week’s US inflation data (Tue) and FOMC minutes (Wed) provide some clear direction." – ING
Analysis of exchange rates
Terror attacks in Paris have most analysts uncertain of how the market will react, for now it seems there is a little downside pressure added to market sentiment but it is worth pointing out that this theme was in play last week anyway.
Oil markets are higher due to geopolitical uncertainty with the G20 econoic summit becoming more of a war summit in light of recent terrorist events.
Nonetheless, there are still very high expectations for a December rate hike in the United States and forecasted US inflation figures are expected to encourage this decision.
Japanese Yen Outlook
"[BoJ] wary of triggering any sudden JPY depreciation... JPY crosses likely to remain bid today in a risk-off market, with EUR/JPY falling towards 130," says a technical note from ING.
Following, a second consecutive month of GDP contraction, Japan has entered into a technical recession. While further monetary stimulus by the Bank of Japan (BoJ) is certainly a possibility, no such measure is expected at the bank’s meeting this week.
ING economists note, "A weaker yen is currently hitting consumption harder than it is boosting exports. Hence, both the government and the central bank are wary of triggering any sudden JPY depreciation, especially given that the prospects of a Dec Fed rate hike naturally places upward pressure on USD/JPY."
Euro Outlook
"We expect the [EUR] currency to remain under pressure this time around. Should EUR/USD break the 1.07 level today, this would open the door for a move towards 1.0660/70 (April lows pre-Bund sell-off)," say ING.
It is likely to be a case of 'more of the same' for the embattled EUR going forward from here.
Currently, there are so many uncertainties playing on the European Union (EU) stage: terror attacks in Paris, which has spilled over to include the Refugee Crisis that many EU nations face, Brexit, an ousted government in Portugal, Greece’s economic future and the possible expansion of the ECB’s quantitative easing programme
British Pound Outlook
"A benign risk environment is set to weigh on GBP sentiment in the near-term, with this week’s UK data unlikely to provide an offsetting boost," ING tell clients.
ING economists will be taking in the UK’s October CPI figure, but believe it’s still too early for a “meaningful pickup”. Headline inflation is predicted to be negative and retails sales to show a downturn.
"Given the headwinds plaguing the EUR at present, we prefer to express GBP weakness via short GBP/USD positions; soft UK data is unlikely to alter the BoE-Fed liftoff gap (latest market pricing points to 9M). We look for a move back to 1.5000 following the relative UK-US inflation outcomes," says ING.
Selling the Australian Dollar is a High-Conviction Trade at Barclays
Barclays have made betting on a decline in the Australian dollar there key trade for the week commencing 16th November.
Chase the Australian dollar lower say strategists at Barclays who believe the antipodean currency has further to fall.
Recently, the Aussie dollar put in a decent performance following the release of better-than-expected employment data out of the Australian economy.
We have noted that a number of economists have taken the release with a dose of caution as the employment series can be volatile.
The British pound to Australian dollar exchange rate (GBPAUD) has managed to rebound from the post-employment data dip ensuring that the uptrend that has been in place since October the 12th remains alive.
For the pound the ride higher must cross the 2.16 barrier before an attempt on the best exchange rate of 2015 occurs once more.
To us the exchange rate looks like it is caught in a comfortable sideways moving trend and until we get indications that the Bank of England is seriously considering raising interest rates we would not be overly confident that the GBP to AUD conversion will attempt the 2.20 level once more.
Indeed, we believe such levels are a story for 2016.
Trade for the week ahead: Short AUDUSD
Turning to the AUDUSD exchange rate, opportunity potentially awaits those wishing to bet on a decline in the Aussie dollar.
“While this week’s RBA board meeting minutes (Tuesday) are unlikely to provide much new information, renewed weakness in global commodity prices should weigh on a still-overvalued AUD this week,” say strategists at Barclays.
Analysts at the bank believe recent price declines should highlight Australia’s large exposure to a slowing Chinese economy and the inability of its shrunken manufacturing export sector to compensate without further currency weakness.
Barclays’ technical strategist is also bearish AUDUSD against resistance near 0.7225 and looks for a move lower toward the 0.6935/0.6895 lows.
“A breach of the latter would signal further downside toward our greater targets near 0.6250,” says a note on the matter.
The US Dollar Shifts FX Trends, GBPUSD Could Fall to 1.47, EURUSD to 1.04
Buying interest in the U.S dollar is the prevailing influence in global FX with several notable range-breaks being witnessed in recent days.
US dollar to trend higher
The fundamental backdrop to further USD strength is in place with the US Federal Reserve providing the interest rate yield support required to sustain further gains.
Most analysts we have observed are of the opinion that further gains in the USD are readable into the end of 2015 and the stagnation that has characterised recent months in global FX could be giving way to new directional trends.
"There have been numerous key moves in the currency markets this week. The dollar index broke through resistance to complete a change of trend to up; the Euro and British Pound both broke support, changing their respective trends to down, and the dollar broke parity against the Swiss France to reach its highest level since January," says Phil Seaton at LS Trader.
Seaton is a trend follower and prefers longer-term timeframes noting them to be a more reliable prospect for currency speculators to profit on.
A surprising number of analysts are also in agreement on the observation that the key to unlocking the next phase of the US dollar rally is the break higher by USD against the Japanese Yen.
"One currency market that we have written about for several weeks, and which we viewed as potentially the key to unlocking the currency and other markets from their long consolidation, was USD/JPY," says Seaton.
So if the dollar's fortunes against the yen could act as a path to USD gains elsewhere it is important to ask if we can expect further advances in the pair?
"USD/JPY is expected to initially re-test then break its previous 125.90 high with 130.00 looking reachable further ahead," says Lucy Lillicrap at AFEX, a foreign exchange broker.
This week finally saw the two-month box range in USD/JPY break, and this resulted in a big move in this market as well as other related markets.
"This should result in a period of further dollar strength and large moves in many other markets over the weeks and months ahead," says Seaton.
Pound to Dollar Could Hit 1.47
Looking at the two big pairs we follow at Pound Sterling Live (the GBPUSD and EURUSD), it should come as no surprise that both the euro and British pound are at risk of declining further.
Last week’s sharp 2.47% decline in the pound to dollar conversion was the largest this year and therefore has the potential to break the recent trend.
GBP/USD was taken through the bottom of a trading range that had been in place since some five months.
"This break-down is clearly a case where the two currencies really are heading in opposite directions and where sentiment is all about the timing of interest rates and, with that in mind, it is not hard to imagine sterling losing further ground in the near term. The next downside target is now looking like 1.47 or so" says Bill McNamara, technical analyst with brokerage Charles Stanley.
Euro to Dollar Eyes Fall to 1.04
Like the GBPUSD, the world's most liquid currency pair now appears to be trending lower.
With EUR prices evidently unable to re-base above previous supportive lows in the 1.0800 region further erosion now looks likely says Lillicrap who is forecasting 1.0600 and ultimately 1.0450 to come back into focus over coming weeks.
"Rebounds beforehand are considered corrective and therefore unsustainable and although some preparation is probable before new cyclical lows are scored intervening strength should prove relatively short-lived. Selling pressure begins around 1.0950 and studies argue an extension through 1.1100 as well is needed to reduce negative risk," says Lillicrap.
From a fundamental viewpoint, it is worth reading our latest coverage of a forecast change at Intesa Sanpaolo where analysts are pricing in a fall to 1.04.
Oil Approaching $40 Deepens Investor Pessimism on Recovery
Hedge funds have turned more pessimistic on oil as prices flirted with $40 a barrel for the first time since August.
"The speculators keep trying to pick the bottom and keep getting burned," Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts, said by phone.
Money managers’ short bets in West Texas Intermediate crude surged 21 percent in the week ended Nov. 10, according to data from the Commodity Futures Trading Commission. The net-long position dropped 16 percent. The release of the figures was delayed because of Veterans Day on Nov. 11.
Oil inventories in developed countries have expanded to a record of almost 3 billion barrels because of massive supplies from both OPEC and non-OPEC producers, the International Energy Agency said in a report on Nov. 13.
WTI slipped to the lowest level since August before the CFTC release Monday. Thirty-nine oil tankers are waiting near Galveston, Texas, up from 30 in May, according to vessel-tracking data compiled by Bloomberg.
"There’s been concern about excess supply in the market for a while now and that’s been strengthened by the IEA report," Lynch said.
WTI fell 7.7 percent in the report week on the New York Mercantile Exchange. Futures were down 0.1 percent at $41.68 a barrel at 11:48 a.m. in Singapore.
Prices touched $40.06 on Monday, the least since Aug. 27, before rebounding to close 2.5 percent higher.
Global Output
Oil inventories surged because of increased global production, the Organization of Petroleum Exporting Countries said on Nov. 12. U.S. crude supplies rose to 487 million barrels as of Nov. 6, the highest for this time of year since 1930, the Energy Information Administration reported on Nov. 12.
"We think the next few months will be very weak," Sarah Emerson, managing director of ESAI Energy Inc., a consulting company in Wakefield, Massachusetts, said by phone. "The market is focused on inventories. Prices shouldn’t rally in the coming year unless we have a disruption."
Speculators’ net-long position in WTI dropped by 27,198 contracts to 144,854 futures and options, the biggest decline since the week ended July 21, CFTC data show. Shorts climbed by 23,766 contracts while longs decreased by 3,432.
Brent Positions
Traders increased their bullish stance in Brent crude to the highest level in a month during the period. Speculators raised Brent net-longs to 187,479 contracts, according to data from ICE Futures Europe.
In other markets, net bearish wagers on U.S. ultra low sulfur diesel decreased 5.2 percent to 30,818 contracts. Diesel futures slipped 5.1 percent in the period to $1.4865 a gallon.
Net bullish bets on Nymex gasoline fell 14 percent to 15,434. Futures dropped 5.8 percent in the period covered by the CFTC report to $1.3618 a gallon.
Oil rose Monday after failing to drop below $40 as French fighter planes dropped bombs on Syria, heightening tensions in Europe and the Middle East in the wake of deadly terrorist attacks in Paris on Nov. 13.
French President Francois Hollande vowed to boost security spending, limit constitutional protections and win a war against Islamic terrorism.
"It doesn’t look like this will have any impact on oil supply," Tim Evans, an energy analyst at Citi Futures Perspective in New York, said by phone.
"It’s hard to distinguish between the unstable mess we had in the Middle East on Thursday and what we are looking at today. The overriding concern in the market right now is excess supply."
U.K. Inflation Rate Stays Below Zero for a Second Month
U.K. inflation stayed below zero for a second month in October, extending the weakest run in more than half a century.
The Office for National Statistics said consumer prices declined 0.1 percent from a year earlier, matching the median forecast of economists in a Bloomberg survey. That’s the third negative reading this year, with the latest decline largely driven by food and education costs. Core inflation, which excludes volatile food and energy prices, accelerated to 1.1 percent from 1 percent.
The pound pared its decline against the dollar after the data were published and was little changed at $1.5205 as of 10:38 a.m. London time.
The Bank of England expects inflation to remain low into 2016 before picking up toward its 2 percent target. BOE Governor Mark Carney has highlighted core inflation as an important measure for policy makers as they weigh when to begin interest rate increases after keeping them at a record low for more than six years.
Oil Effect
“Price pressures are being influenced more by lower energy prices than by domestic economic weakness,” said Ruth Miller, an economist at Capital Economics in London. “It will take a long time for inflation to return to target” and there’s still “very little pressure” for officials to raise interest rates soon, she said.
Consumer-price inflation has been below 1 percent all this year and less than 2 percent since the end of 2013. Britain last saw a sustained period of price declines in 1960, according to a historic series constructed by the statistics office.
In forecasts published this month, the BOE said inflation is likely to reach its goal in late 2017 and accelerate to 2.2 percent a year later. Services inflation, a proxy for domestic price growth, was at 2.2 percent in October.
“In the absence of sharp movements in global commodity prices, inflation is likely to accelerate quickly beyond October as the direct impact of past falls in oil drops out,” said Dan Hanson, an economist at Bloomberg Intelligence in London. “Evidence that this is happening is likely to be enough for the BOE to begin monetary tightening in May.”
Based on a separate measure, the retail-price index, inflation was at 0.7 percent in October, the lowest since March 2009. Excluding mortgage interest costs, the gauge is at the lowest in 40 years.
In another release, the ONS said U.K. house-price growth accelerated to 6.1 percent in September, the most in six months, from 5.5 percent in August.
APEC State Investment Indonesia Over Five Years to Reach US $ 76 Billion
Indonesia has been a member of the Asia-Pacific Economic Cooperation (APEC) since 1984.
APEC itself is a regional economic cooperation forum to promote trade and investment in the Asia Pacific region.
Realized investment countries that are members of the Asia-Pacific Economic Cooperation dominate investment flows into Indonesia.
Based on data from BKPM investment realization, in the last five years of the 20 top countries, APEC member economies to contribute up to 77.5% with a value of US $ 76 billion. Head of the Investment Coordinating Board (BKPM) Sibarani Franky said that the top five countries that realize the investment in Indonesia in the last five years is included in the APEC economies.
"This shows the relevance of investment in the APEC economic cooperation forum is very large," he said in an official statement to Beritadaerah.co.id, Tuesday (17/11).
The top five countries are also APEC members included the United States, Japan, South Korea, Malaysia and Singapore, said Franky.
"So the total realization of the five countries had reached US $ 67.2 billion, or 68% of total investment realization top 20 countries," said Franky.
From year to year, the trend of the realization of investment from APEC countries also showed a positive thing. The position of the APEC investment realization in the year 2010 reached US $ 9.2 billion increase to US $ 10.5 billion in 2011, and then increased again to US $ 12.8 billion in 2012, as well as increased quite drastically to $ 16 , 1 billion in 2013 and US $ 15.1 billion in 2014.
The position of 2015 to September reached US $ 11.9 billion. From the distribution of location, investment from APEC countries are still centralized in Java with the proportion reaching 62.4%.
"The investment value of the APEC countries into Java reached US $ 43 billion, followed by other regions.
While the majority of the sectors of investment are in the secondary sector with a share of 41%, followed by the tertiary sector by 36% and 24% of primary sector "he concluded. Head of BKPM itself accompanied by Vice President Jusuf Kalla in attending the APEC summit in Manila 17 to 20 November 2015 and is scheduled to follow the APEC CEO Summit and ABAC Dialogue Dialogue.
This annual meeting to discuss the many important issues of trade and investment between the countries that are members of the Asia Pacific region.
Currently the APEC Economic Forum has had 21 Members and office center in Singapore. APEC held a summit (Summit) every year the summit is rotated annually among members of APEC itself.
Many Know in Various Fields, No Expert in One Sector
Why book Asians Are Less Than Westerners Creative writing Prof. Ng Aik Kwang from the University of Queensland became a best seller because it opens the minds of many Asians, which are less creative than those of the Western Hemisphere.
Kwang observed that many Asians become an Olympic champion in physics, mathematics but very little or nothing to get a Nobel Prize or other international awards are based on innovation and creativity.
Wave management theories also come from countries or university in the west instead of east.
The term good to great, balanced scorecard, talent management, and more all come from the west.
Kwang mention Asians as a Jack of all trades but master of none, meaning to know many things and various fields but does not become the master anything.
After reading this term may soon be seen, how the condition of the company leaders, employees, often can see in many things, but not expert in one bidangpun.
In the Indonesian government this is often the case, how easily one is moved from one position to another as an excuse to make the government clean of corruption, as a result of civil servants come to know many things, but not too expert in one field.
Kwang wrote that most Asians measure of success is to become a doctor, scholars and other economies that are thought to bring a person to have a guarantee of life so that work-based creativity and innovation are less popular.
Kwang added that this behavior makes Asians appreciate the many riches of the way to get it is not surprising behavior tolerated corruption as something natural.
One hypothesis Kwang, which is at the root of the weakness of creativity and innovation in the Asian nations is synonymous with rote education based not answer key to understanding.
Indonesia itself since elementary school level to university to use this approach to achieve intellectual maturity.
This condition weakens the curiosity that became the basis for developing knowledge, is formed into a fear of wrong and fear of losing.
So ask deemed ignorance, so the curiosity becomes dead in the educational process. Is a common sight during a discussion or a seminar, in a question and answer session none of the participants were asked, but after the session ends, many participants gathered around a resource to ask for additional explanations.
The behavior is caused by fear of wrong and fear of being stupid. Kwang offers several solutions to be able to change it, start to appreciate people of devotion instead of wealth, would need to be modified to educate rote-based, and let someone understand the areas most preferred. Kwang stated that taste like (passion) This is a gift that must be developed.
Basic creativity is the willingness to learn and it comes from the curiosity that is often risky considered stupid and wrong, but ask. Kwang write something controversial but be a good mirror for the nation's progress.
