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from Breakingviews:

ECB deserves to lose market’s inflation confidence

By Swaha Pattanaik

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. 

The case of the euro zone’s vanishing inflation rate has so far stumped European Central Bank President Mario Draghi. Quite rightly, investors’ faith in his ability to do anything about the problem is also evaporating.

The clearest sign is a sharp decline in the ECB’s preferred barometer of market inflation expectations, which tracks how investors see inflation behaving over a five-year period beginning five years from now. At first glance, the measure’s modest drop - from 2.12 percent at the end of July to this week’s 1.94 percent low - doesn’t seem to reflect scepticism in the ECB’s ability to lift inflation back up to its 2 percent medium-term target. But things aren’t that simple.

Immune to the blips and dips of monthly data, the “five year/five-year forward” gauge rarely moves much. Yet it has just suffered its biggest four-week decline since 2012, and is now at its lowest since 2011, according to Credit Agricole. More sensitive indicators of inflation expectations have fallen even lower.

from David Lucas:

Photos of the week

Our top photos from the past week.

from Claire Milhench:

UK oil output threatened by platforms running out of juice

LONDON, Aug 22 (Reuters) - Britain's oil industry is facing
the threat of a cascade of North Sea rig closures, unless ageing
platforms can urgently source more gas to help squeeze out the
remaining barrels.

The potential threat to oil revenues looms as Scotland
prepares to vote in September's independence referendum -- a
debate in which oil production forecasts have become a political
football.

from Mark Jones:

Where are the women, Jon Stewart, Stephen Colbert? http://t.co/ewSra2Exzn

Where are the women, Jon Stewart, Stephen Colbert? http://t.co/ewSra2Exzn

from Photographers' Blog:

Reliving the past

Colchester, Britain

By Luke MacGregor

How does one illustrate the centenary of a war that changed global history?

There is no way to truly relive or re-experience what people went through a whole century ago. The only thing I could think of was to try and draw a revealing comparison between people’s lives then and now.

Custom silicone technician Corin Watts  as Lance Corporal Corin Watts of the Kings Royal Rifle Corps with the Rifles Living History Society participates in a rifle drill whilst recreating life as a First World War soldier at the Colchester Military Tournament in Colchester, eastern England  July 6, 2014. Corin became interested in World War One when as a child on the bus he would pass the statue of 'the driver' on the Royal Artillery Monument by Charles Sergeant Jagger, because of its size and its imposing nature it used to scare him, but provoked him to ask questions about the Great War and to learn more. He started re-enacting for that reason too. Of his fellow re-enactors he says "I like the people, its an odd community re-enactment, they are the most bizarre but at the same time most grounded and down to earth people you'd ever meet".   REUTERS/Luke MacGregor  (BRITAIN)

Custom silicone technician Corin Watts works on a prosthetic partial hand he is making at the London Prosthetic Centre in Kingston -Upon-Thames southwest London August 12, 2014. REUTERS/Luke MacGregor

I contacted a group of historical re-enactors who recreate the lives of soldiers in the Great War and attended some museum open days with them, watching as they publicly demonstrated various drills and period artifacts. But I wanted to go further than just seeing their uniforms. I wanted to show an interesting similarity between these men and the soldiers from 100 years before.

from India Insight:

First pictures of Taj Mahal to ‘Hairy family of Burma’: subcontinent photos from 1850-1910

A new exhibition in India’s capital showcases some of the earliest photographs from South Asia, taken between 1850 and 1910 when the region was under British rule.

Around 250 images from India, Sri Lanka, Myanmar and Nepal are on display at the “Drawn from Light: Early Photography and the Indian Sub-continent” exhibition in New Delhi.

from Full Focus:

Photos of the week

Our top photos from the past week.

from Breakingviews:

Asia’s reform spotlight swings to Indonesia

By Peter Thal Larsen

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

The election of a fresh, charismatic leader fuels hopes for overdue change. After Japan and India, Asia’s reform spotlight has swung to Indonesia. Joko Widodo’s rise to the presidency invites comparisons with Narendra Modi in India and even Japan’s Shinzo Abe. The challenges facing Widodo – widely known as Jokowi - are more daunting. But the rewards for faster reform could be large.

from Claire Milhench:

Brent weakens below $103 on rising supply, strong dollar

LONDON, Aug 22 (Reuters) - Brent crude oil futures drifted
lower on Friday, further below $103 a barrel, as a strong dollar
and plentiful supplies continued to pressure prices.

October Brent crude was down 16 cents to $102.47 a
barrel by 0829 GMT. U.S. crude was down 34 cents at
$93.62 a barrel.

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