Culture defines the behavioral patterns that are distinguishing characteristics of members of a society. It gives an individual an anchoring point, an identity and codes of conduct. Culture has 164 definitions in English alone but all of them accept that culture is learned, shared and transmitted across generations. Cultural awareness in business has been recognized over centuries. When the East India Company came and initiated the spice trade in India in the 17th century, its members embraced Indian cultural values in order to integrate with society and promote business. To be effective marketers across cultures and borders, companies must recognize that cultural differences exist and then adapt their approach to marketing accordingly.
1. U.S. deficit falls to $680 billion. The federal government’s latest annual deficit is the smallest it’s been since 2008, according to Treasury Department data released Wednesday. http://money.cnn.com/2013/10/30/news/economy/deficit-2013-treasury/index.html
2. Islamic world slipping behind economically, Pakistan PM warns. Economic and intellectual stagnation has left Islamic nations incapable of punching their weight in the wider world, the prime minister of Pakistan has warned. http://www.telegraph.co.uk/news/worldnews/asia/pakistan/10411814/Islamic-world-slipping-behind-economically-Pakistan-PM-warns.html
3. Is Puerto Rico the next Detroit? Puerto Rico has been called the next Detroit and the next Greece. It’s buried in debt and possibly teetering on the edge of bankruptcy. http://money.cnn.com/2013/10/31/investing/puerto-rico-hedge-funds/index.html
4. US criticizes Germany and China policies.The US has criticized Germany’s economic policies, saying that its export-led growth model is hurting the eurozone and the wider global economy. http://www.bbc.co.uk/news/business-24753267
5. Russia to invest $1.5 bn into new domestic energy projects in Ecuador, making the South American country a key partner in the region, President Vladimir Putin said at a meeting with Ecuadorian President Rafael Correa in Moscow. http://rt.com/business/russia-invest-ecuador%20energy-956/
United States Trade Representative Michael Froman welcomed Pakistan Prime Minister Nawaz Sharif to Washington, D.C. today. Their meeting stressed the vitality of the trade relationship between the United States and Pakistan, which in 2012 was valued at $5.2 billion. Both parties vowed to work together to strengthen their bilateral trade and investment relationship as it in their mutual best interest.
Progress has been made in addressing issues that have resulted from the Trade and Investment Framework Agreement (TIFA) between the two nations. Additionally, Ambassador Froman offered to host the next TIFA council meeting here in Washington, D.C.
Source: USTR, Image: http://www.coldwarstudies.com/2011/05/02/cold-war-timeline-pakistan/