4 Countries Wal-Mart can not conquer

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| By Susan Berfield, Bloomberg BusinessWeek

World's largest retailer is not part of the major global markets, including Germany, Russia, and South Korea.

Wal-Mart(WMT) largest retailer which world, with revenues of $135 billion in 26 countries outside the United States but it must is not shops in some of the world's largest markets. Not in Germany, not in South Korea, not in Russia. And since last week in India, not either.

On Oct. 9, Wal-Mart announced that it is companies closing with the Indian partner, Bharti, which means that the American company ambitious plans, not soon hundreds of Supercenter to open India implemented. In the official statement referred Scott Price, head of Wal-Mart Asia, oblique "Investment conditions" as part of the problem.

He was two days earlier on the Asia-Pacific Economic Cooperation Summit direct in an interview with the Associated Press. Price said that the Indian Government provided that the foreign retail chains source 30 percent of the products they sell by small and medium-sized Indian companies the "critical stumbling block". Wal-Mart have a wholesale business in India that holds it.

Price not mentioned that the Indian Government investigated allegations that Wal-Mart violated rules for foreign investment in the retail sector or that Wal-Mart carries out an internal probe on possible violations of U.S. anti-bribery laws.

Wal-Mart has no way find, like Russia, either be found out. For nearly six years, it looked to buy a local company that could facilitate cultural and bureaucratic misunderstandings. Wal-Mart lost a bid for a promising partner, a discount chain called kopejka, in 2010. Wal-Mart later closed its Moscow Office, after disagreements over the price say their takeover plans had thwarted.

Then there is Germany and South Korea. After the opening of branches in both countries, Wal-Mart closed in 2006. Not Wal-Mart employees liked treat Germans a their food in the check-out. Male customers thought that the smiling employees flirting were. And many Europeans prefer shop daily at local markets. In South Korea, Wal-Mart also set his American marketing strategies, focusing on everything from electronics to clothing and not what South Koreans go to the big markets for: eat and drink.

In the course of the summer there were rumors that Wal-Mart was interested in purchasing the Hong Kong chain, ParknShop. Not the comment that companies which would last media call (PDF), on the 15 August Doug McMillon, head of Wal-Mart international.

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Countries that spend the most on health care

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Joe Raedle / Getty Images file

The United States spends more than any other country but has the eighth-lowest life expectancy in the Organization for Economic Co-operation and Development survey.

By Michael B. Sauter and Charles B. Stockdale, 24/7 Wall St.

This week, the Supreme Court considered President Obama’s health care reform law. The Patient Protection and Affordable Care Act expands health coverage to millions of uninsured Americans. If the law is overturned, health care costs covered by the federal government would drop substantially.

While government spending on health care could decline, that will not result in lower health care costs. Based on data published by the Organization for Economic Co-operation and Development on global health issues, 24/7 Wall St. identified the countries where health care costs are the highest per person.

Spending a great deal on health care does not result in a healthier population. Of 34 OECD member countries, only three that spent the most per person have citizens that live the longest. The United States spends more than any other country but has the eighth-lowest life expectancy in the OECD. Japan, meanwhile, spends $2,878 per person -- about $5,000 less than the U.S. -- and has the highest life expectancy among developed nations. 

According to the OECD's Matthias Rumpf, health care spending does not result in better treatment. In countries that spend more, he says, people opt for expensive tests and elective procedures that drive up costs. To discourage excess in Germany, for example, citizens are penalized if they see a specialist without first consulting their doctor.

In most of the OECD countries, health care expenses come to more than $2,000 per person each year. In the case of the 10 countries with the highest costs, expenses are roughly twice that. In the U.S., spending on health care per capita comes to nearly $8,000 per person. Many proponents of public health care blame the U.S.’s highly privatized system as the reason for such high costs. But according to Rumpf, a number of factors influence the national spending on care.

How patients use medical services impacts health care expenses. Expensive diagnostic procedures and elective surgeries, like MRI scans and corrective knee surgeries, drive up costs. Conversely, irregular visits to the doctor impair preventative care.

In many of these countries, the source of high costs is drug prices. In four of the countries with the most expensive health care, pharmaceutical expenses come to at least $600 per person per year. In the U.S., those costs are more than $950 per capita.

Another factor that increases cost is poor health-related behavior of the population. Of course, excessive alcohol consumption, tobacco use and poor exercise increase health problems. The incidence of these behaviors is different country to country.

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Many of the countries that spend the most per capita on health care have highly privatized systems. In the U.S. and Switzerland, which spend the most and third-most on health care, respectively, the government pays less than 65 percent of the total health care costs. In most of the countries in the developed world, public expenditure accounts for at least 70 percent of total costs.

Many of the countries with the highest expenditure per capita on health care also have among the most government-funded health care systems. The governments of Denmark, Austria and Luxembourg pay 84 percent or more of the total health care cost. Total public spending in these countries, without accounting for private health care spending, ranges from 6.5 percent of GDP in Luxembourg to the OECD-high 9.8 percent of GDP in Denmark. In most of the OECD nations, the government foots the majority of the health care bill.

These are the countries that spend the most on health care. 

1. United States

Total expenditure on health per capita: $7,960Expenditure as percent of GDP: 17.4 percent (the most)Annual growth of total health expenditure: +2.2 percent (14th least)Life expectancy: 78.2 years (27th highest)

The U.S. has, by far, the highest total expenditure on health care per capita. America spends approximately $2,600 more per person annually than Norway, the second-highest spender. Only 47.7 percent of this amount is public expenditure -- the third-smallest percentage among developed countries. However, the actual amount of public spending, $3,795, is among the highest. The U.S. also spends the largest amount on pharmaceuticals and other medical nondurables. The country has fairly low rates of doctors and hospital beds relative to its population. It also has the eighth-lowest life expectancy, at 78.2 years.

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2. Norway

Total expenditure on health per capita: $5,352Expenditure as percent of GDP: 9.6 percent (16th most)Annual growth of total health expenditure: +8.4 percent (4th most)Life expectancy: 81.0 years (10th highest)

After its neighbor, Denmark, Norway has the most nationalized health care system in the developed world. Of the country’s $5,352 expenditures per person, 84.1 percent are covered by the public sector. Access to health care in the country is high. There are approximately four physicians per 1,000 people, the third most in the OECD. Despite the high percentage of total costs covered by the public, the nation’s residents still pay more than $800 per person on health care.

3. Switzerland

Total expenditure on health per capita: $5,344Expenditure as percent of GDP: 11.6 percent (5th most)Annual growth of total health expenditure: +2.8 percent (17th most)Life expectancy: 82.3 years (2nd highest)

Switzerland currently spends the third most on health care per capita, or the equivalent of 11.6 percent of the country’s GDP. Switzerland has one of the most privatized health care systems in the world, with 30.9 percent of expenses coming out of pocket. Because of the wealth of country, this comes to $1,650 per person, more than double every country in the developed world except the U.S.

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4. Netherlands

Total expenditure on health per capita: $4,914Expenditure as percent of GDP: 12 percent (second most)Annual growth of total health expenditure: +16.4 percent (the most)Life expectancy: 80.6 years (14th highest)

Health care costs in the Netherlands amount to $4,914 per person each year. The Dutch health expenditure is equivalent to 12 percent of the nation’s GDP -- the second greatest relative health expenditure of every nation in the OECD except the U.S. Total expenses jumped by 16.4 percent between 2008 and 2009, the most among OECD nations. Despite this increase, total out-of-pocket expenses per capita are just $227 per person, the fourth-lowest in the OECD.

5. Luxembourg

Total expenditure on health per capita: $4,808Expenditure as percent of GDP: 7.8 percent (seventh least)Annual growth of total health expenditure: +8 percent (6th most)Life expectancy: 80.7 years (tied for 12th highest)

Health care expenditure in Luxembourg is $4,808 a year, or 7.8 percent of national GDP. This is the greatest decrease among OECD countries. Of that, public expenditures account for 84 percent of the total, the eighth-highest rate among OECD countries. The country’s system faces some difficult challenges in offsetting unhealthy lifestyle choices. For instance, Luxembourg has the highest annual rate of alcohol consumption at 15.5 liters per capita.

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The countries with the cheapest gasoline

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While Americans and Europeans bemoan the cost of gasoline at the pumps, people in some other parts of the world enjoy filling up their tanks cheaply thanks to subsidies provided by wealthy, oil-rich governments. But fuel subsidies tend to benefit the rich (who own motor vehicles) more than the poor. The IMF estimated that 65 percent of the fuel subsidies in Africa benefit the richest 40 percent of households (2010). Only 8 percent of the $410 billion in government fuel subsidies worldwide went to the poorest 20 percent of the population.

The British insurance firm Staveley Head has released the latest list of the world’s gas pump prices. Here are the 10 cheapest countries on Earth to fill a gas tank.

1. Venezuela — $0.18 per gallon
With elections looming in October 2012, President Hugo Chavez knows that raising gasoline and diesel prices would be a risky move politically. His presidency is already threatened by his deteriorating health, providing a unique opportunity for the opposition’s candidate, the telegenic Henrique Capriles Radonski, to replace the ailing leader. The last time the government attempted to raise gasoline prices in 1989, riots ensued, and hundreds of people died. Venezuelans are likely to continue paying less for fuel than bottled water for years to come.

2. Saudi Arabia- $0.48 per gallon
OPEC recently announced that Saudi Arabia’s proven oil reserves were surpassed only by Venezuela. However, the Latin American nation is much less attractive to major oil investors, leaving Saudi Arabia as the world’s largest exporter of oil — now, and for years to come. There may be problems, however. A cable released by Wikileaks from Riyadh, written in 2008, revealed that senior Saudi officials expressed worry that the country’s reserves may have been massively overstated — by 40 percent. As tensions rise over Iran’s nuclear program, Saudi Arabia will have to address an additional challenge as well: How long is the country willing to export 9 million barrels of oil per day, up from January’s 7.5 million, to keep global oil prices from rising even higher?

Saudi Arabia spends about $13.3 billion a year to subsidize gasoline and diesel prices, Abdullah Al Shehri, governor of the Electricity and Cogeneration Regulatory Authority, told the Gulf News.

3. Libya — $0.54 per gallon
During last year's revolt against the Qaddafi regime, Libya’s oil infrastructure was heavily damaged. Many oil fields were mined, ports were the sites of fierce battles between opposing rebels and Qaddafi forces, and the country’s largest refinery, Ras Lanuf, was shut down. Today, under the provisional governing authority of the National Transitional Council, Libya is in the process of restoring its capacity to produce and export oil.

The Libyan Oil Minister Omar Shakmak said that the administration expects to reach the pre-conflict levels of about 1.6 million barrels per day by the summer of 2012, up from the current 1.265 million. The boost in production along with the country’s political stabilization could help keep global oil prices in check.

4. Turkmenistan — $0.72 per gallon
The recent re-election of President Gurbanguly Berdymukhammedov for a new five-year term mothballed plans for short-term dramatic changes occurring in the authoritarian Central Asian country. This likely means that automobile owners in Turkmenistan will continue to be entitled to 120 liters (34 gallons) of free gas a month, rendering the $0.19 price of a liter almost meaningless to some auto owners. The government has promised subsidies on an array of fuels, lasting until at least 2030. However, petroleum reserves are estimated to be relatively low, so it is unclear if the government can deliver on that promise.

5. Bahrain- $0.78 per gallon
Bahrain has relatively little oil compared to its neighbors and is working hard to diversify its economy – unlike many others on the list. Bahrain has emerged as a banking hub for the Persian Gulf and has expanded into retail sales and tourism. It signed a free trade agreement with the United States in 2005, and was cited by the UN as the Arab world’s fastest-growing economy. Given the unrest among the Bahraini Shiite population, the demands for political reforms, if not the end of King Hamad’s rule, it's unlikely that gas subsidies will end anytime soon.

6. Kuwait — $0.84 per gallon
Kuwait has the sixth-largest oil reserves in the world and is one of OPEC’s top oil-producing and oil-exporting countries. Oil export revenues make up half of Kuwait’s GDP and 95 percent of state revenues. The Kuwait Petroleum Corporation plans to increase oil production capacity to 4 million barrels per day by 2020. Kuwait consumes a very small part of this oil domestically: Last year, 87 percent of Kuwaiti oil was exported.

Kuwait's fossil fuel subsidies were highest on a per capita basis, with $2,800 spent per person, according to Earth Policy Institute. The United Arab Emirates and Qatar followed, each spending close to $2,500 per person.

7. Qatar — $0.90 per gallon
As well as being the world’s largest exporter of liquefied natural gas, Qatar is an OPEC member and was the 16th biggest crude oil exporter in the world in 2009. Qatar’s own oil consumption has more than tripled since 2000, due to a growing economy (and low-priced, subsidized gasoline). The Gulf country has the second highest GDP per capita in the world, estimated at $102,700 in 2011. Qatar's proven oil reserves are at 25.4 billion barrels, and oil and gas revenues make up 50 percent of its GDP.

So far, the kingdom's economic growth has been spurred by its petroleum wealth. However, Qatar is attempting to diversify its economy and brand itself as a global "knowledge" powerhouse. In 2009, the Qatar Science & Technology Park (QSTP) was inaugurated, a 2,500 acre complex consisted of 80 research, educational, and science centers. Leading US universities such as Carnegie Mellon, Texas A & M, and Georgetown are offering various academic programs there.

8. Egypt — $1.14 per gallon
Egypt is a significant oil producer and has the largest refining sector in Africa. But due to rising domestic demand, it does import some petroleum products. Production has declined, though modestly, and was at 736,000 barrels per day in 2010. Natural gas is expected to become a larger source of revenue due to increased exploration.

Catherine Hunter, an analyst at British IHS Global Insight, commenting on the economic impact of the Arab Spring said that, "If you look at how other sectors have been declining, oil and gas investments and Suez Canal revenues have remained the two pillars of the Egyptian economy during the turmoil," UPI reports. Apache Corporation, an American oil and gas exploration firm, says it will invest $1 billion in the country in the next two years.

9. Oman — $1.20 per gallon
Oman has the largest proven reserves of any non-OPEC country in the Middle East, at 5.5 billion barrels. Production has increased 20 percent since 2007, reaching 860,000 barrels per day in 2010. Oil and gas exports were 47 percent of GDP in 2010 - led by Asia destinations. BP is contemplating whether to invest $15 billion in a gas project. "The project will make a lot of money for Oman; we just need to find a way to get a big enough piece of it for BP to make sense as an investment," Reuters quoted Jonathan Evans, BP Oman general manager, as saying.

Oman is trying to diversify its economy, with government investment in the agricultural and health services sectors. The sultanate has made education a priority, investing in basic education by establishing colleges and trade schools and offering scholarships for international studies.

10. Algeria — $1.20 per gallon
Algeria, an OPEC member, has the third-largest proven oil reserves in Africa behind Libya and Nigeria. It was the continent’s fourth largest producer in 2010 following Nigeria, Angola and Libya. The European Union relies on the North African country to meet its environmental restrictions because of the Algerian oil has a low sulfur content. Its industries are mostly nationalized and the government restricts imports, privatization, and other foreign involvement. A majority (60 percent) of Algeria’s income comes from oil production.

In order to combat high youth unemployment, the government proclaimed in 2010 that it would invest revenues from oil and gas exports in building new museums, theaters, and libraries.

Unlike Saudi Arabia, Algeria will not increase its crude oil exports because of the escalating tensions (and oil prices) over Iran's nuclear ambitions. "We have a program in place that will be maintained," said Youcef Yousfi, the Algerian Minister of Energy and Mining, the China's state-run Xinhuanet reports.

This story originally appeared in the Christian Science Monitor

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Countries where the rich, poor gap is greatest

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Among all countries studied, Mexico has the lowest amount of public social expenditure as a percentage of GDP.

By Michael B. Sauter and Charles B. Stockdale, 24/7 Wall St.

The widening gap between the rich and poor is not just an American problem. According to a new study by the Organization for Economic Co-operation and Development, income inequality in most economically developed countries is the worst it has been in nearly 25 years. 24/7 Wall St. reviewed the OECD’s report and identified the 10 countries with the worst income inequality.

“In OECD countries today, the average income of the richest ten percent of the population is about nine times that of the poorest 10 percent,” the study reports. And in many of these countries, income inequality is increasing as more and more wealth is concentrated in the hands of the rich.

In some countries the gap is even more pronounced. The income of the bottom 10 percent of earners has actually declined while the income of the top 10 percent has increased. In Israel, Turkey and the United States, the average income of the top 10 percent is 14 to one compared to the bottom 10 percent. In Mexico and Chile, it is an astounding 27-to-one.

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In many of the countries with the greatest levels of income inequality, there is also very limited public social expenditure. Seven of the 10 countries on this list spend below the OECD average — as a percentage of GDP — on social benefits.  For example, the share of unemployed who receive benefits in both Chile and Turkey are less than half the OECD average. Mexico has no unemployment insurance at all.

The 10 countries on this list are ranked by their levels of income inequality using the Gini coefficient, where zero represents perfectly equal distribution and one represents maximum inequality. Also included are the change in income inequality from the mid-1980s, employment rates and the change in income for the rich and poor. While inequality has worsened in most countries, the situation has improved in some. Even in these countries, however, inequality remains at historically high levels.

1. Chile

 Gini coefficient: 0.494 Change in income inequality: n/a Employment rate: 59.3 percent (4th lowest) Change in income of the rich: +1.2 percent per year Change in income of the poor: +2.4 percent per year

Chile is one of the few countries where the income of the poor increased at a higher annual rate than the income of the wealthy, 2.4 percent to 1.2 percent. Nevertheless, the South American nation has the worst income inequality among the 27 OECD nations examined. Chile has a particularly high rate of self-employed individuals, primarily because of its large farming class. The income ratio of the top 10 percent to the bottom 10 percent is 27-to-one.

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2. Mexico

 Gini coefficient: 0.476 Change in income inequality: +5.1 percent Employment rate: 60.4 percent (8th lowest) Change in income of the rich: +1.7 percent per year Change in income of the poor: +0.8 percent per year

Mexico has one of the highest rates of income inequality. Among all OECD countries, Mexico has the lowest amount of public social expenditure as a percentage of GDP. It also has the lowest unemployment benefit recipient rates. Finally, the country has the lowest minimum wages as a percentage of average wages.

3. Turkey

 Gini coefficient: 0.409 Change in income inequality: -5.8 percent Employment rate: 46.3 percent (the lowest) Change in income of the rich: +0.1 percent per year Change in income of the poor: +0.8 percent per year

Turkey was one of the few OECD countries to experience a narrowing of the gap between rich and poor, with income inequality improving 5.8 percent between 1985 and 2008. However, it still has the third-highest income inequality among the countries in this study. Part of Turkey’s problem is a relatively low number of government programs to aid the poorest citizens. The average government social expenditure among OECD nations is close to twenty percent of GDP, while it spends just above ten percent  — the third-lowest percentage. The wealthiest ten percent of Turkey’s residents make 14 times more, on average, than the poorest ten percent.

 

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Banned short selling in 4 European countries

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PARIS France, Italy, Spain and Belgium are banning short sales on select to calm shares amid efforts to market turmoil, the Bank shares, the wild circular sent and has aggravated concerns about Europe's large debt.

The EU markets supervisor, the ESMA movement announced late Thursday night to increase monitoring of the stormy markets earlier in the day. Movement limited two-day Whipsaw trading that saw the market value of French banks fall and rise of billions of euros.

A trader wants to make a profit in a short sale by you bet on the decline in the price of a stock. The practice is been blamed for contributing to market volatility.

The ESMA said in a statement that "the four countries have announced today or will soon be known new bans on short sales or short positions" Friday.

The French market regulator, which announced late Thursday AMF to that net-short-selling bans BNP Paribas and Credit Agricole and leading insurer for 15 days on 11 shares, including the banks Societe Generale,.

Authority of Belgium said that it would prohibit short selling Friday on financial stocks such as leading banks and insurance companies. Belgium had already banned short selling, which is essentially a bet on a decline in the price of a share without borrowing of share since August 2008.

Several countries banned short selling in the middle of the financial crisis 2008 to try to tame the volatility. But some experts the prohibitions, actually a feeling of uncertainty contributed to.

French bankers and officials who encrypted to investors nerves after days to calm down, that France of the next largest economy, could lose the coveted AAA rating proposals. Appeared of late in the day, these efforts have an impact, but economists said that the upturn remained very fragile.

The EU markets supervisor said on Thursday that the regulatory authorities monitoring the financial markets, after which rose days of steep Selloffs.

Bank of France head Christian Noyer guilt "unfounded rumors" for crashes in shares of the top banks, BNP Paribas and Societe Generale, and said that financial institutions of the country sound were. The country's regulator warned sanctions against anyone, the fuels or benefited from rumors, the sell-off fed.

Noyer, said that French banks semi-annual "" confirmed its solidity in a difficult economic environment and the banks capital cushions were healthy.

French bank shares fell Thursday until strong us jobs data helped to drive solid gains late in the European trading day on Wall Street. BNP Paribas closed by 0.3 percent and Societe Generale rose by 3.7 percent.

France takes complaints markets ensure that there are downgraded to his credit under.

Friday's GDP figures attention are France's share of the second quarter. Some warned that France could suffer when there are significant new money to bail out more struggling States of the eurozone.

The leaders of the largest economies who gave eurozone, Germany and France, that they discuss solutions for Europe's financial difficulties Tuesday, will meet.

French President Nicolas Sarkozy said that the two "peace" on the management of the eurozone will present before the end of the summer. German Chancellor Angela Merkel spokesman said the meeting on the proposals, as economic policy and crisis management to improve would focus the zone.

Their triple-A rating of France confirmed all three leading rating agencies and analysts said that she could not identify a trigger for the market turmoil.

"There is nothing behind it, it's a Malintentioned market speculators trading on pure rumors," said Marc Touati, an economist at the French company Assya Compagnie Financiere trade.

After Societe Generale, France of the second-largest bank, the stock saw almost 15 percent of the Bank asked Wednesday, delete the French regulator, to investigate the rumors that it was because of his serious threat of debt from troubled euro-zone economies on the ropes.

Societe Generale CEO Frederic Oudea called the rumors "totally unfounded" and "irrational". Speaking on France-info radio, he urged calm and insisted that basics are the Bank.

Oudea said that Societe Generale their exposure to Greek debt had taken a profit in the second quarter.

France's growth prospects are much better than that of Italy and Spain, but its economic expansion slowed, and it is to reduce a deficit for years, to 7.1 per cent in the last year was not. No other euro-zone economy an AAA-rated has a higher debt as France - around 85 per cent of gross national income.

Adding to the market provide French presidential elections planned for spring 2012 can it make the Government on further cost-cutting measures at a time when the economy slows down.

Elsewhere in Europe announced prefer an increase in unemployment, after a series of unpopular austerity measures aimed, Greece out of debt, the problems in the euro area raised.

And Italian Finance Minister Giulio Tremonti, told lawmakers Thursday that hard and rapid measures are needed in the next two years, to balance the budget by 2013. Top has seen the market turmoil Italy's borrowing costs in the markets up to uncomfortably high.

___

Gabriele Steinhauser in Brussels and Melissa Eddy in Berlin contributed to this report.

Copyright 2011 of the associated press. All rights reserved. This material cannot be published, sent, rewritten or redistributed.

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Other countries with AAA credit ratings

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The markets have been roiled about S&P's downgrade of the U.S., and the likely new recession that will come from the austerity measures. When we last covered the full list of nations that still have triple-A ratings from key credit rating agencies our point was simple: there are some strong triple-A nations and some weak triple-A nations. As of today, there are many more weak triple-A ratings than there were just six months ago.

Moody’s affirmed the U.S. government’s AAA rating, but with a negative outlook. Fitch also affirmed its AAA rating for the U.S., but warned that the rising debt profile to over 100 percent of GDP (after 2012) is not consistent with retaining the crucial AAA sovereign rating.

As a result of the weakening economy, and following the ratings agency actions, 24/7 Wall St. has decided to reassess the entire global triple-A landscape. Our previous take was that some nations already seemed to be far less deserving of the triple-A rating category than others. The key assumption here is that the U.S. is no longer a true triple-A-rated nation. This implies that other nations with similar conditions are also at risk of losing their triple-A rating, and that there are really far fewer than 16 true nations in the triple-A club now. Our review includes updated figures from Standard & Poor’s and Moody’s along with revised statistics from the CIA World Factbook. We’ve sourced also from the Economist Intelligence Unit, Fitch, Egan Jones, and elsewhere.

S&P still has a triple-A rating on Australia, Austria, Canada, Denmark, Finland, France, Germany, Netherlands, Norway, Singapore, Sweden, Switzerland, and the United Kingdom. Other triple-A nations like Guernsey, Isle of Man, Liechtenstein, and Luxembourg we left out due to their small size and dependence upon other nations. Moody’s ratings were also used to make sure that the discrepancies are not overlooked.

Keep in mind that Japan lost its AAA rating in the late 1990s. It was further downgraded earlier this year. It was as recently as 2009 that S&P cut Ireland’s AAA rating. Italy and Spain were both AAA rated in the 1990s, but Spain was actually raised back to AAA before losing it again in 2009.

Safe AAA rating:

1. Australia
GDP per capita: $39,699.358
Australia was a solid AAA earlier this year and nothing has changed. Sure, it faces pressure from floods earlier this year, but the country is rich in natural resources that have to be used to build the world whenever the economy rises again. The low population of 21.5 million, an $882.4 billion GDP in 2010 projections, vast resource reserves, lower labor costs, and a low unemployment rate all act as a shield of global woes. Its public debt for 2010 was only projected to be 22.4 percent of GDP. The AAA rating is stable at S&P, and at Moody’s it’s AAA with a stable outlook.

2. Canada
GDP per capita: $39,057.444
Canada has a solid triple-A rating, and its deep trading ties to the U.S. does not jeopardize it, even if the U.S. has a troubled triple-A with a negative outlook. Canada has vast natural resources and its citizens mostly avoided the real estate and debt bubble that hurt the U.S. The population is under 34 million, its GDP is about $1.33 trillion, and public debt at the end of 2010 was a mere 34 percent or projected GDP. Neither Moody’s nor S&P have any issues with the triple-A ratings and stable outlook, and our take is that Canada is perhaps the safest triple-A rating of all nations in the Western Hemisphere.

3. Denmark
GDP per capita: $36,449.554
Denmark has a relatively strong economy and claims a well-educated population. The nation has a large dependence on foreign trade for goods and services and a small population of just over 5.5 million. Revised GDP data was put at $201.7 billion. What helped Denmark so much is that it had a surplus in its balance of payments before the government started spending to drive the economy. Its high property prices are a concern, as is a slowing trade environment. S&P has a solid AAA with a stable outlook and Moody’s has a AAA with a stable outlook. The country has kept the Danish Kroner rather than officially joining the euro. Low birth rates, an aging population, taxation, immigration trends, and climate change are all risks for the small country longer-term by our count. However, Denmark has a sub-5 percent unemployment rate and a 2010 debt to GDP of only 46.6 percent. Denmark’s triple-A status remains firm here unless its services sector gets hit too hard with land prices all over again.

4. Germany
GDP per capita: $36,033.284
Germany is still what we call “King of the Euro” with what is now just an undervalued Deutsche mark. With a population of 81.4 million and having the No.5 global economy, it cannot avoid leading the eurozone bailouts. GDP was $2.94 trillion in 2010 and its unemployment rate is healthy for a European nation. It also has a highly skilled labor force. The growing pains of absorbing East Germany are behind it and the ratings agencies bring no quarrel with its triple-A rating. Budget deficits, subsidies, tax cuts, aging population trends, immigration and the obvious leadership in eurozone bailouts do pose a risk. Still, public debt is tolerable at 78.8 percent of 2010 GDP. While any continued spending would pose longer-term risks, our take is that Germany will keep a triple-A rating longer than most nations.

5. Holland
GDP per capita: $40,764.548
Holland, or The Netherlands, is in better shape than many eurozone countries. Its population is nearly 16.8 million and GDP is roughly $676.9 billion. A solid labor force, a surplus to its current account, and strong global industry all make it appear better than many eurorzone sister nations. High-tech exports, financial firms dominance, and its trade are all lags if and when the next recession takes hold. Budget deficits were high at 4.6 percent of 2009 targets and 5.6 percent of GDP in 2010 per earlier CIA data this year. Public debt is now projected at 64.6 percent of GDP and the ratings agencies have no current issues with the Dutch. Our take is that the triple-A rating has no severe risk as long as those dikes holding back the sea continue to work just fine.

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6. Norway
GDP per capita: $52,012.506
Norway has one of the best ratings going for it and the Economist Intelligence Unit gave it the only true AAA in earlier reports. The nation is rich in resources with a low population of almost 4.7 million people. GDP is highly dependent on the price of oil and was about $255.3 billion, and unemployment remains very low. Public debt was 47.7 percent of GDP. Norway is just about self-sufficient even if the climate of ‘welfare capitalism’ exists with close to 50 percent of exports being in oil. It also has the world’s second largest sovereign wealth fund valued at more than $500 billion. S&P and Moody’s have no issue with the triple-A ratings, and we view Norway as being just fine unless oil and fish suddenly go out of style.

7. Singapore
GDP per capita: $56,521.731
Singapore is the sole Southeast Asian nation with a solid triple-A rating. Despite a reliance on foreign trade exports, investors consider Singapore the safest place today for Asia. Its population is tiny at 4.74 million and its revised GDP is $291.9 billion. Singapore did not avoid the recession, but it also proved to bounce back the most. Public debt is artificially high at 102.4percent of GDP but that is a government tie of the Central Provident Fund. Imagine this for austerity measures: Singapore has actually not borrowed to finance any government deficits since the 1980s. S&P and Moody’s have no issues with the AAA rating and outlook, nor should investors. The only obvious risks are military action, climate change, or an unknown geological event. Barring those, Singapore has as solid of a triple-A status as they come.

8. Sweden
GDP per capita: $38,031.484
Sweden is the largest of Scandinavian nations with nearly 9.1 million people. GDP was $354.7 billion per revised 2010 CIA data. Public debt in 2010 was 40.8 percent of GDP, shockingly low for Europe and Scandinavia. The nation was also not wrecked by World War II due to its neutral-nation status. Still, the country does rely heavily on exports; it was not immune from the recession; and it has reformed some financial policies while recovering. Immigration and population trends have been an issue, but the ratings agencies actually have no issue with its triple-A status. For that matter, we can’t criticize the triple-A rating at this point.

9. Switzerland
GDP per capita: $41,663.047
Switzerland has only grown in standing since the woes of Europe and the world have grown in 2011. The solid triple-A status appears to be immune to the happenings around its border nations. The world’s banking center has actually had to warn that it might intervene if its currency strengthens too much more because it cannot export if other currencies keep falling. The mountain nation has a population of just over 7.6 million and 2010 revised GDP of about $324.5 billion. Unemployment is shockingly low; public debt is still at 38.2 percent per revised 2010 data; its taxation is rather low; its healthcare system is a blended mechanism; there are barriers to getting citizenship; and a sensible retirement model all combine to offer no real threats at all to the triple-A rating here. The world can drive itself to hell, and Switzerland dominates.

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At risk of losing AAA rating:

1. Austria
GDP per capita: $39,634.128
We were surprised to see Austria has a triple-A rating with a stable outlook. Its business ties to the lands of the PIIGS and to Eastern Europe hurt its balance sheet. The country has a low population above 8.2 million and its 2010 GDP was roughly $332 billion per adjusted figures. The 2010 public debt ratio was 70.4 percent of GDP. Our take is that the ties to Germany may give it perhaps an artificial triple-A rating. The EIU said, even before the latest waves of weakening in trading partner nations, that Austria needs to continue restructuring, emphasizing knowledge-based sectors, move to greater labor flexibility, and grow labor participation to offset unemployment and aging trends and low fertility rates. Our own internal risk assessment is more critical than S&P and Moody’s and we just do no count Austria as a true triple-A in the European austerity path and with the the PIIGS nations facing so many woes, whether the European Union bails them out or not.

2. Finland
GDP per capita: $34,585.453
Finland is a worrisome triple-A nation. It has a large landmass and a small population of about 5.25 million. It has a GDP of roughly $186 billion, a higher unemployment rate today, and a deep reliance on trade. Its precious technology sector is suffering with Nokia’s decline and the CIA Factbook noted that general government finances will remain in deficit during the next few years. Being rich in timber today does not weigh as much as being reliant entirely on imports of energy, raw materials, and many components for manufacturing. While 2010 debt to GDP was only 45.4 percent, it is easy to argue that this could skyrocket higher in hard times. Aging population trends, taxation risks, and that pesky Nokia problem all act in unison to keep us from considering Finland as a true triple-A nation.

3. France
GDP per capita: $34,077.040
France is one of the world’s strongest nations and is the runner-up for Big Brother status in the euro. The population is now about 65.3 million and GDP was ranked as No.10 in the world at $2.145 trillion. France actually withstood the recession better than many other nations. But the CIA data showed that budget deficit rose from 3.4percent of GDP in 2008 to 7.8 percent of GDP in 2010 with its public debt going from 68percent of GDP to 84percent over the same period. With France being a key guarantor in the EU and the woes of the PIIGS nations, France could easily find itself at-risk of losing its the triple-A rating. Its banks also own substantial U.S. debt. We still view the debt rating risks more harshly than the ratings agencies on a longer-term basis. Pension reform, tax reform, demographics, immigration, a high degree of exposure to bailouts, all combine with a very stubborn labor force to put France potentially under the same risk that the U.S. faces in the years ahead.

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4. United Kingdom
GDP per capita: $34,919.511
The United Kingdom has kept its triple-A rating since ratings were initiated. The third largest economy in Europe after Germany and France has a population of about 62.7 million and its revised GDP figure was $2.17 billion. England is in a funk even if the ratings are not under immediate fire. The Brits face property woes and S&P did actually give the nation a ‘negative outlook’ before reverting back to ‘stable’ in 2010. That puts our top allies at risk all over again if collateral damage comes from the U.S. Our banking systems have many overlaps. One risk is that while it has coal, natural gas, and oil resources, reserves are declining and it is now a net importer of energy.

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The U.K.’s revised public debt to GDP was left at 76.5 percent. The financial meltdown and property crash was brutal in England, perhaps even more so than in the U.S. Taxation issues are ongoing, along with risks of bank nationalization, unavoidable austerity measures, rising debt, deficit spending, and urban immigration remain — all present large challenges in the intermediate-term and in the long-term. What has helped to save England is that it stayed out of the euro, so it can print pound sterling if needed. Still, the U.K. has nearly all of the same risks as the U.S. has for its triple-A status, which puts it at real risk.

After you have reviewed the nations with triple-A ratings, the reality is much more sobering than it was even six months ago. The United States has been a large part of the ratings woes, but Europe shares in much of the blame. The post-austerity world is going to create new winners as well as some losers. The global business climate is challenging, at best.

This article was written by a concerned American who tried to leave political views at the door. The ratings agencies did no favors before the recession took hold and they are doing no favors today. Still, a look in the mirror and action by all economic participants from the very bottom to the highest level is still needed. A triple-A rating just does not have the same meaning that it used to.

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Copyright © 2011 24/7 Wall St. Republished with permission.

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