DAVOS， Switzerland， Jan. 20 (Xinhua) -- Christine Lagarde， managing director of the International Monetary Fund (IMF)， warned against negative competition in policies at the World Economic Forum happening here.
"If we end up in a race to the bottom on tax， financial regulation and trade， that would have devastating consequences，" she warned during a panel session on the 2017 global economic outlook， saying， "for me that would be a really big black swan."
"Black swan" is a term used to describe an event that is often surprising and with a disproportionately major effect， often with negative consequences.
The IMF managing director questioned， in particular， the long-term results of combined American fiscal and trade policies.
"We have revised up the United States，" Lagarde said of the IMF's outlook on announced fiscal policies for the incoming Trump administration of the United States.
"The question we have that's not completely clear， is how these fiscal measures will combine with trade measures，" she said. While fiscal stimulus would likely have a net positive on the United States economy， she said， the combination with trade policies would probably not be an overall net positive.
The IMF predicted "an upside in the short term，" with possible "negative spillover" from trade policies that many have worried will have protectionism， rather than globalization， as an effect. She questioned what the policy shift would be in the United States going forward.
Lagarde remained cautiously optimistic， however， about the overall global economic outlook for the year.
"In terms of numbers， we are seeing for the first time numbers that are not being revised down by the IMF，" she explained， noting that economies worldwide were improving， with the euro area doing notably better and in a recovery period.
She insisted， however， that growth would not be sustainable if it wasn't inclusive， and "that means supporting those countries that are in the development process."
The World Economic Forum， a Swiss non-profit organization， is holding its 47th annual meeting in Davos-Klosters， Switzerland， and has welcomed over 3，000 participants from across the world.
CARACAS
Cheap Air Max 2018 Outlet , Sept. 23 (Xinhua) -- Three Venezuelans on Tuesday were sentenced to 24 years and 26 years in prison for murdering former Venezuelan beauty queen and her ex-husband.
Monica Spear, 29, a famous actress and Thomas Berry, 39
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The three men confessed the murder and others were accomplices, said a statement from the attorney general's office.
Jean Carlos Colina, 19, got a 26-year sentence
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Four other men, one woman, and two teenagers still face proceedings in the case.
Spear won Miss Venezuela in 2004 and lived in the United States. When the incident happened, she was vacationing along with Berry and her five-year-old daughter
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The incident shocked Venezuela, a crime-ridden nation where the official homicide rate in 2013 rose to 39 per 100,000 citizens, making it one of the most dangerous countries in Latin America.
WELLINGTON
Cheap Nike Air Max , April 17 (Xinhua) -- New Zealand farmers might be tightening their belts because of the global plunge in dairy prices, but they stand to benefit in the long term, an expert said Friday.
"The low prices are the best thing that can happen as it will limit the European expansion," Lincoln University agribusiness and food marketing program director Nic Lees said in a statement.
New Zealand and Europe were currently fighting a "cost war
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"Quotas have come off production in Europe so they are expanding production. This is similar to what is happening in oil with expanding production due to shale gas," Lees said.
"Ireland, for example, is planning to increase milk production by 50 percent."
New Zealand was "the Saudi Arabia of milk" -- the lowest cost producer -- but it needed to focus on grass-based production to weather the storm.
"Grass will always be the lowest cost source of feed and New Zealand has the most efficient grass-based dairy system in the world
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"Ireland can grow grass too, but currently they utilize less than half what they grow. The large housed dairy operations in Europe are also only profitable at high milk prices."
However, high prices were unlikely to return soon.
Dairy giant Fonterra has told farmers to expect a payout of 4. 70 NZ dollars (3.61 U.S. dollars) per kilogram of milk solids -- well below the 6 NZ dollars (4.61 U.S. dollars) that many farmers need to be viable -- but farmers needed to be profitable at 5 NZ dollars (3.84 U.S. dollars), he said.
Opportunities existed in other areas
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"Beef is a great story with China needing to increase its beef imports by up to 20 percent a year for the next five years to meet its surging demand for protein," he said.
The average price on the fortnightly Fonterra-run GlobalDairyTrade auction over Wednesday night fell by 3.6 percent to 2,620 U.S. dollars a tonne -- or 51 percent down from the peak dairy price in February 2014.
Analysts have argued that Russia's trade war with Europe is sending European dairy products on to the global market and driving down prices.
The government's Statistics New Zealand agency said last month that export values of milk powder, butter and cheese -- New Zealand's largest export commodity group -- fell by 41 percent year on year in February to 913 million NZ dollars (681.39 million U.S. dollars)
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More than three-quarters of the drop in value was due to falling exports to China, it said.
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