t, because GDP does not fully count the export of intangibles such as software and design, GDP is understated. He shows how an iPhone manufactured by Foxconn in China using parts from 28 countries and exported to France has no direct impact on US GDP. Varian concludes that in a global supply chain, US desi

ute) has nosedived in recent weeks/months (Reuters<http://alphanow.thomsonreuters.com/2012/04/chart-of-the-week-global- trade-set-for-a-downturn/>) Foxconn closes -3.8% to 6-month low after Nokia posted loss yesterday (24% of revenues from Nokia) China Mobile posts a 3.5% gain in Q1 profit that misses

reject- EUs-budget-rise.html> Europe solar firms reportedly looking to Asia for funds DigiTimes<http://www.digitimes.com/news/a20110913PD205.html> Foxconn August revenues down DigiTimes<http://www.digitimes.com/news/a20110912PD201.html> Key Events This Week EFTA00428208 Wednesday: Troika returns to

1. Reed Albergotti reports: "A report released Sunday by China Labor Watch, a nonprofit advocacy group, accused Apple and its manufacturing partner Foxconn of a litany of labor violations, including withholding bonus payments, rolling back safety training and employing more temporary workers than China'

. Reed Albergotti reports: "A report released Sunday by China Labor Watch, a nonprofit advocacy group, accused Apple and its manufacturing partner Foxconn of a litany of labor violations, including withholding bonus payments, rolling back safety training and employing more temporary workers than China