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Wednesday, 27 July 2011

Dow CEO - US Becoming 'Laughingstock' as Debt Talks Drag -

Dow CEO - US Becoming 'Laughingstock' as Debt Talks Drag - 

America is "becoming a bit of a laughingstock" to Europe because of its inability to resolve its debt problem, Dow Chemical CEO Andrew Liveris told CNBC Wednesday.
Liveris paraphrased Winston Churchill in describing Europe's view — America finally does the right thing when it runs out of all other possibilities — at a time when the continent has its own debt problems.
He stressed, "We’re a greater country than this," but noted the rancor in Washington "is a massive distraction we didn’t need. Let’s get pragmatic and put it behind us and let’s get to the business of creating jobs" as well as tax reform, getting rid of duplicative regulations and improving the economy.
These important business issues have fallen by the wayside as the partisan divide widens before the Aug. 2 deadline, he said.
Dow Chemical [DOW  35.56    -0.29  (-0.81%)   ] posted a better than expectedquarterly profit Wednesday as higher prices and volumes offset a 30 percent jump in raw material costs.
A lot of that profit came from emerging markets, he said.
"Our travel is an indicator. We spend two weeks to 2.5 weeks a month overseas" meeting with customers and governments, Liveris said. "There are governments out there who work with business to work on growth. We have growth economies around the world," including Germany.


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