HINDUSTAN TIMES, INDIA TODAY, TIMES OF INDIA (India), REUTERS, AFP, BBC Worldcrunch DELHI – Figures were released Friday showing India’s economy grew at its slowest pace in a decade during the 2012-13 financial year. Low business confidence, slumping investment, high inflation and weak export demand from Western countries were blamed for the bleak performance, which […]
Tag: economy
NEW DELHI – Dreaming with BRICs, the study published in 2003 by Goldman Sachs that traced the rise of four emerging economies (Brazil, Russia, India and China) also marked the birth of a concept that has yet to disappoint. Between 2004 and 2011, average growth in China was 10.8%, in India 8.3% — to mention […]
The first generation of entrepreneurs who built their businesses after the 1978 Chinese economic reform are giving way to their children, just as resentment against the rich explodes.
By 2015, Hunan Province alone plans to build seven new airports, joining the existing five that are losing money each year. What’s driving the boom.
-Essay- GENEVA – May is the month of Europe, celebrating the anniversary of the creation of the Council of Europe on May 5, and of the European Union on May 9. It is the opportunity to commemorate a man who played a determining role in Switzerland’s prosperity. This man was Robert Schumann, the French foreign […]
–Analysis- BERLIN – At the Sankt Oberholz café, Germany’s future lies in the balance. Here, in Berlin’s “trendy” Mitte district, an international crowd of entrepreneurial 20 and 30-somethings meet. They make up two camps. On one side, you have those who prefer to speak English as they discuss their new projects and business plans. On […]
FRANCE 24, BLOOMBERG, REUTERS Worldcrunch BERLIN/PARIS – France slipped into recession while Germany’s economy expanded by a fraction, according to European economy data published on Wednesday. Statistics showed the forecasts for Europe’s two biggest economies were weaker than expected. The German GDP increased about 0.1% from the fourth quarter while the French economy contracted by […]
MONTBELIARD – The meeting point is located just outside the city limits of Montbéliard, in eastern France, on the parking lot of a fast-food restaurant. A few steps away is the front gate of the Peugeot car factory. Twenty people or so are waiting for the bus that will take them to the workshops of […]
BEIJING – China is busy in America’s backyard. Over the past five years, Chinese businesses have been expanding their footprint in Latin America in a number of ways, beginning with enhanced trade to ensure a steady supply of bulk commodities such as oil, copper and soybeans. At this year’s Boao Forum for Asia, for the […]
ZHEJIANG DAILY, ECONOMIC OBSERVER, HUBEI DAILY (China), CHINA TIMES (Taiwan) Worldcrunch BEIJING – Is Feng Shui a superstition or a true form of wisdom? A confessional article by a Chinese official published by the Zhejiang Daily recently sparked enthusiastic discussions among the Chinese public and press. “Put a screen at the entrance to block the […]
Once it was USA for Africa, now Ethiopia’s expats are returning to be part of a striving new middle class.
NEW DELHI – It is not hard to imagine how the French government (or their counterparts in Athens or Washington) would dream of such a thing: escaping the monthly stress of publishing unemployment figures. In India, the national jobless rate simply doesn’t get calculated, and the topic is virtually absent from media and political debate. […]
CASABLANCA – For a Moroccan tomato to be sold on the Algerian market, it first has to pass through Marseille. This sounds like a joke, but it describes a well-known reality: While in all other continents, countries group themselves in a common market or free trade zone (ASEAN in South-East Asia, Mercosur in Latin America, […]
UKRAINIAN ARMED FORCES PUT ON FULL ALERT Acting Ukrainian President Olexandr Turchynov announced that the country’s armed forces had been put on combat alert, as he fears Russia could launch a continental war, Interfax reports. According to Ria Novosti, Turchynov also admitted that “the power structures are incapable of operatively taking control of the situation […]
RANGOON – Down Pyay Road, in the middle of a huge traffic-jam, children walk between old Japanese cars in the stifling heat and humidity. Like in other cities of emerging Asian countries, the children walk through the busy streets to sell soda cans and jasmine flower bouquets that are supposed to help cool down the […]
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Investing In – And From – The BRICS
In a recent interview, Goldman Sachs’ Jim O’Neill, whose pen gave birth to the concept of the BRICs —the constellation of emerging economic powers Brazil, Russia, India, and China (and now including South Africa) — said the countries’ combined growth had “exceeded all expectations.” Noted O’Neill, “in slightly over a decade the group’s GDP has […]
A new report finds that southern European households have higher net household income than places like Germany, which is shelling out euro bailout cash. Things must change.
-OpEd- PARIS – A lot of people in Europe, especially the French, cheered heedlessly when the Arab Spring took off in 2011. But then came the 70,000 dead from the Syrian war; the proliferation of terrorism in Libya and Mali; the assassination of the main Tunisian opposition leader Chokri Belaid in a country where there […]
It’s the failure of an entire business model, not just a few banks. Who might be next?
–Editorial- BEIJING – It is a well-known fact that Chinese people don’t like to spend money. Since the 1998 financial crisis, China’s policy makers have been trying to expand domestic demand, and in particular Chinese consumption, to let the “caged tiger” loose. In other words, it is time that people dig into their savings. Since […]
BEIJING – The 18th century British scholar Thomas Malthus predicted that when population growth exceeded agriculture’s capacity to support new population numbers, it would lead to starvation and misery. His prediction was wrong, because he did not take into account the impact of scientific and technological progress. His name has since become an adjective for […]
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How To Make Poland A Truly Modern Nation
-Essay- WARSAW – Poland has always lacked capital for important investments. The roads have always been bad, muddy, full of ruts and potholes. We have great universities, but they are woefully underfunded. In Poland there have always been “islands of modernity in a sea of backwardness,” according to economic historian Witold Kula. In this sense, […]
AUSTRALIAN FINANCIAL REVIEW, SYDNEY MORNING HERALD, AAP (Australia) Worldcrunch SYDNEY – It’s not called the “Lucky Country” for nothing. Australia’s resource-rich economy continued to expand last quarter, extending the country’s run of 21 years of uninterrupted growth. Fourth-quarter GDP grew by 0.6% from the previous quarter, and 3.1% from a year earlier according to the […]
ROME – Benedict XVI couldn’t have imagined this, because his thoughts were elsewhere: but the news of his resignation was met with cheers by thousands of people in Rome. Why? Because the resignation of a pope has the same effect as the Olympic Games or a Jubilee for the city of Rome: it brings tourists, […]
SANTIAGO – José came to Santiago, from Cali, Colombia five months ago. Some acquaintances in his hometown had put him in contact with Carlos, another Colombian who has been working in a cell phone store in the Chilean capital for the past year. Now José has joined Carlos as a salesperson in the store, where […]
SLOVENSKA TISKOVNA AGENCIJA (Slovenia), BBC NEWS (UK), REUTERS Worldcrunch LJUBLJANA – The Slovenian parliament has ousted Prime Minister Janez Janša and his conservative government amid corruption allegations and growing discontent over the country’s struggling economy. The country’s National Assembly asked opposition leader and finance expert Alenka Bratušek to form a new government, after Prime Minister […]
-Essay- We’re all critical of the leaders of our time: Obama let us down, Merkel isn’t Adenauer, and Hollande and Cameron are just pale copies of Monsieur Mitterrand and Lady Thatcher. Meanwhile, in Italy, in front of the disappointing batch of candidates for national elections, nostalgia runs deep for figures of the past from Christian […]
MAKASSAR – The nostalgic traveler who goes to Indonesia with the idea of walking in the footsteps of Joseph Conrad and living out their own Spice Route literary adventures will be stunned by the sheer luxury of Makassar’s airport. A symbol of Indonesia’s rapid modernization and economic growth, this city of 1.5 million inhabitants does […]
The dispute over the Diaoyu islands, which Japan calls the Senkaku islands, is prompting some Japanese firms to consider closing Chinese operations. They quickly run into roadblocks.
NICOSIA – The moment you arrive in Cyprus you sense something about the little eastern Mediterranean island that sets it apart from its European neighbors. There are an unusual number of men in suits carrying briefcases. And the bright billboards on the streets leading from the airport have Cyrillic writing on them. Some of the […]
BEIJING – A new study published by the National Academy of Economic Strategy (NAES) finds a global energy market that is in the midst of major changes. China, in this context, is facing both opportunities and challenges; in particular, there are concerns about China’s energy security brought on by shifts in the sector in North […]
Some skeptics, though, wonder whether all the enthusiasm for the developing world has created a sort of emerging market “bubble”.
DAILY YOMUIRI, KYODO (Japan), DOW JONES NEWSWIRES, AFP Worldcrunch TOKYO – The Japanese government has formally approved a massive 20.2 trillion yen ($227 billion) stimulus package during a cabinet meeting on Friday morning, reports the Daily Yomuiri. The national government will spend 10.3 trillion yen ($116 billion), with nearly the same amount kicked in by […]
Meet Captain Fu, who runs the Piraeus Container Terminal, which has been owned since 2009 by Chinese giant Cosco. So far, at least, business has barely been touched by the Greek crisis.
-Analysis- SANTIAGO – After presenting their closing arguments, Peru and Chile are now awaiting the verdict of the International Court of Justice (ICJ) in The Hague on a maritime border dispute dating back to the 1980s. While the verdict is not expected for several months, how both countries respond to the ruling when it is […]
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The Cliff Is Dead, Long Live the Cliff
Tuesday’s fiscal agreement defuses the fiscal cliff by deferring most tax hikes and pushing back the sequester. A deal has been made, a financial crash avoided, and near-term growth prospects look rosier. Markets have cheered news of the agreement. Is such cheer warranted? That depends on what happens next. By itself, the package raises little […]
GDP v. Happy Planet Index? Some New Year’s number crunching from Moscow, comparing life in cold and warm climates, rich and poor countries, free and less free societies.
In 2011, Sony accumulated losses of $5.6 billion, Sharp lost $4.7 billion, and Panasonic $9.6 billion. The momentum of similar huge losses at these firms has continued through 2012. All these enterprises that used to be so much admired by the Chinese are plunging, one by one, into historic lows. Of course the ups and […]
SANTIAGO – Enrique Peña Nieto hasn’t stopped moving. Since he took over as president of Mexico, two weeks ago, he has signed enough documents and made enough promises to keep his government busy for the whole six years they have in front of them. In his inaugural address, he laid out a 13-point plan with […]
Lately, it seems like the whole world is finding fault with the French. Ratings agency Moody has downgraded France and the International Monetary Fund, the Organization for Economic Cooperation and Development, and the European Commission have all acknowledged that the country needs to undertake critical economic reforms to avoid decline. The so-called “Five Wise Men” […]