China may soon allow Chinese trading companies to buy and sell merchandise internationally using yuan, a step that would move one of the world's largest trading countries closer to having a fully convertible currency.

Read more here.

Secretary of State Hillary Clinton experienced a global gaffe when she presented a gift to Russian Foreign Minister Sergei Lavrov that was intended to display the Russian word for "reset" -- having to do with Vice President Joe Biden's light-hearted comment that the U.S. wants to "reset" relations with Russian.

The gift read "peregruzka." Mrs. Clinton said, "We worked hard to get the right Russian word. Do you think we got it?"

Lavrov answered, "You got it wrong." Peregruzka means "over-charged," he explained. "Reset" is "perezagruzka." Needless to say, the U.S. officials said they would correct the gift.

Now, my advice to all of you who are in the translation business? Contact the White House and get to work!

Read more here.

The first-ever Economics Bloggers Forum at the Ewing Marion Kauffman Foundation was held last week. The experts shared perspectives on the business of blogging and the most pressing topic of the day: the economy.

A couple of the questions asked:

• What is your blog's business model?

• What has been the personal impact of your blogging?

• What 1-3 blog posts have you written of which you are particularly proud?

Learn more (immediate download of 40-page PDF file):

Read The Wisdom of Economic Bloggers: Blogger Survey Summary

And here's a good listing of all the people who contributed to the report along with their blog links. Not too much of a global focus but it's a start.

It's not too early to starting thinking about how to move or store product during the holiday selling season (as noted in picture) -- especially if you decide to sell in the U.S., Canada or the U.K. Here's a success story shared by a reader:

Shipping and warehousing is one area that is essential to accelerating business growth, and simultaneously can be a drain on financial and time resources. The time-suck and hassle of shipping takes away from the other roles that business owners are more adept at—such as marketing, sales or business development. By re-evaluating shipping and logistics processes and leveraging Web-based innovation, businesses can take a hands-off approach, encourage sustainable growth and uncover hidden savings.

Marc Blaiwes, co-owner of car seat cover e-commerce company SeatGlovers, did what many smart entrepreneurs in today's climate should--he found a niche product with an untapped market and focused his energies. However, the sales success that followed was too much to handle. Marc needed to expand his warehouse, but the added costs threatened his profit margins and would have required product price increases. "Large companies play the expansion game all the time by building out storage and inventory and eating the added costs until business catches up," said Blaiwes, "Small businesses just don't have that luxury. That's why we needed Shipwire--to help us manage the double-edged sword of business growth."

"Shipwire is granting us immunity to all the flux in the market," said Blaiwes. "Shipping was a huge hassle for years, and it prevented me from growing my business. Finding Shipwire was as big for my business as selling on eBay and sourcing with Alibaba. We're growing exponentially and I'm realizing the true potential of my business. All of this at a time when many other merchants are just trying to stay afloat. Talk about a competitive advantage"

And Shipwire CEO Damon Schechter believes the way to scale and grow a business internationally is to get the product warehoused closer to local buyers.

More on Shipwire here (they offer a free, no obligation trial). Locations and shipping calculator that demonstrates cost advantages here.

What do UPS and eBay in Hong Kong have in common? More than you realize. They just announced a partnership to offer enhanced shipping solutions to select eBay users in Hong Kong. eBay PowerSellers based in Hong Kong can now use a UPS proprietary online shipping solution (http://go.ebay.com.hk/shipping) that improves business efficiency and enhances their reliability as vendors.

According to a 2008 global survey conducted by The Nielsen Company, over 85 percent of the world’s online population shop online, up 40 percent from 2006. More than half of all Internet users are regular online shoppers who make online purchases at least once a month.

Visit the shipping solution here (available in English and Chinese). Go connect with customers worldwide and transform your desktop into a virtual shipping centre.

Just posted, "For Advice That's Never Stale, Pick Up a Classic Business Book," over at the OPEN Forum by American Express OPEN.

During a time of such unprecedented economic turmoil and change, lately I find myself visiting my trusty (and dusty, I might add) in-home library of business books, looking for answers and timeless wisdom from influential authors who just might be capable of leading us fearlessly into the future.

Out of hundreds of books to choose from, here are five that deserve a spot in any collection of business classics. I’ve summarized the insightful advice I took away from the authors, all business visionaries who helped transform the world with their genius. You will find that most of the advice is more timely, practical and relevant than you could possibly imagine considering today’s global economic climate.

Check it out.

If you are trying to get and keep customers worldwide, you better have a global Web presence. After all, 95 percent of the world's population resides outside our North American borders and only about 17 percent percent of the world's Internet users live in North America. The balance of online folks are overseas.

Take a look for yourself (above) and right here at the World Internet Usage and Population Statistics. The greatest concentration appears to be in Asia with Europe following .