1.On Thursday, it was Liechtenstein and Andorra. On Friday, Austria, Luxembourg and Switzerland likewise decided to change their banking laws to allow for more cross-border cooperation. The days of European tax havens are numbered. Tax Havens Give In to EU Pressure

2. Major Vienna banks wanted to capture the Eastern European market and benefit from its growth. Now they are waking up to the hangover caused by what could end up being a series of bad loans. The government, while trying to reassure the banks, is also seeking international assistance. By Rüdiger Falksohn and Walter Mayr Austria Feels Pinch of Eastern European Downturn

3.Within US policy circles, the rapid rise of China as a major force in the global economy is provoking a reconsideration of whether free trade is still in the US national interest. Trade wars can lead to shooting wars – By Henry C K Liu

4.Juha Pikkarainen has been out of work since Stora Enso Oyj shuttered the world’s northernmost pulp mill last year in Finnish Lapland, heralding the end of an era. Ghost Towns Dot Finland as Forestry Collapse Threatens Growth – By Kati Pohjanpalo and Diana ben-Aaron

5.Two German institutes are forecasting that the economic downturn will be worse than previously thought as the government confirms that Germany’s industrial production was down sharply in January. Germany Hasn’t Hit Bottom Yet, Economists Say

6.Fiscal stimulus and interest rate cuts are sowing the seeds of recovery, but the private sector has to respond to make it sustainable, says Frederic Neumann, senior Asia economist at HSBC Global Research. Asia’s response to export shock is encouraging

7.People trying to cope with less as global economy shrinks for first time since WWII.
Crisis Takes a Mounting Toll on Developing Countries

8. Earlier today the Census Bureau reported that both imports and exports continued to decline in January. But February is looking even worse. Last week China reported exports had collapsed in February. And from the Journal of Commerce Online today: St. Petersburg TEU Traffic Plunges LA Port Import Traffic Collapses in February

9.The Baltic Dry Index (BDI) is a measure of what it costs to ship raw materials—like iron ore, steel, cement, coal and so on—around the world. The Baltic Dry Index is compiled daily by The Baltic Exchange. To compile the index, members of the Baltic Exchange call dry bulk shippers around the world to see what their prices are for 22 different shipping routes around the globe. Understanding the Baltic Dry Index

10. Diverson:

The Guinness Book has recently acknowledged that the biggest swimming pool in the world is located in Chile. It is 115 feet deep, 1000 yards long and 20 acres – the perfect place to do laps in because the 66 mil of gallons of water prove to be more than enough. The saltwater pool contains 250,000 cubic metres of water and is navigable in small boats.

San Alfonso del Mar Resort, Chile

Source: Travel Guide