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from India Insight:

Hope floats for Delhi’s e-rickshaws after minister’s backing

The office of the New Arcana India e-rickshaw company is not easy to find. It is in a nondescript building nestled among other nondescript buildings in West Subhash Nagar, a middle-class neighbourhood of New Delhi.

If enthusiasm showed up on a map, it would be hard to miss the place. Inside on a recent Thursday, a meeting of Delhi's Battery Rickshaw Welfare Association was in session. Steaming cups of tea were being handed out to members, mostly manufacturers of battery-operated rickshaws.

There are an estimated 100,000 such "e-rickshaws" working Delhi's streets. Introduced in 2010 and operated by unlicensed drivers, they are a less environmentally harmful and cheap way to get around the city compared to traditional gas-powered autorickshaws and cars that are too expensive for many people to buy. They're also easier on the operators than pulling a traditional rickshaw or riding a bicycle taxi. But transportation officials nearly made driving e-rickshaws illegal earlier this year in a bid to curb nightmarish traffic congestion and reckless driving.

"Police used to trouble us sometimes. They would stop us for minor offences, forcing us to stop work during the day," said e-rickshaw driver Narendra Kumar, a bearded 60-year-old man and former street hawker.

from Breakingviews:

China’s corruption purge nears tricky second phase

By John Foley 

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

China is entering the second stage of its colossal fight against graft. Nabbing high-profile culprits was a good start. Now, other miscreants have to believe the same could happen to them. Finally, the rewards for good behaviour must be made comparable to the spoils of wickedness. From here, things get tougher.

from MacroScope:

New EU takes shape

juncker.jpg

The new EU aristocracy will be put in place this week with the European Parliament to confirm Jean-Claude Juncker as the next European Commission President today and then EU leaders gathering for a summit on Wednesday at which they will work out who gets the other top jobs in Brussels.

Although Juncker, who will make a statement to the parliament today which may shed some light on his policy priorities, is supposed to decide the 27 commissioner posts – one for each country – in reality this will be an almighty horse-trading operation.

from Mark Jones:

New EU takes shape http://t.co/k9p7ng5pt0

New EU takes shape http://t.co/k9p7ng5pt0

from Expert Zone:

Budget strikes the right chord on reviving investment

(Any opinions expressed here are those of the author and not of Thomson Reuters)

Finance Minister Arun Jaitley (C) poses as he leaves his office to present the federal budget for the 2014/15 fiscal year, in New Delhi July 10, 2014. REUTERS/StringerPatient, consistent baseline play rather than aggressive serve and volley -- that about sums up the Narendra Modi-led government’s maiden budget.

from Nicholas Wapshott:

Nothing pacific about it: Japan pushes back on China

Members of Japan's Self-Defence Forces' airborne troops stand at attention during the annual SDF troop review ceremony at Asaka Base in Asaka

China is on the march. Or, to be precise, China has made a strong push, militarily and otherwise, into seas nearby, setting off alarms among its neighbors. Now Japan has pushed back, announcing it will “reinterpret” its pacifist constitution so it can be more militarily aggressive in responding to China’s persistent territorial expansionism.

Japan’s actions, however, have also raised alarms. A century ago, Japan set out on a destructive path of conquest, and many still remember firsthand the brutality with which Japanese troops occupied the region -- from Korea and the Philippines, through Manchuria and China, Vietnam and Thailand, all the way to Singapore. Though China is now threatening peace, the memory of Japan’s savage adventurism adds to the general unease.

from Stories I’d like to see:

Google’s lost links, U.S. border crossing guards and when a Tea Party loss is a win

A Google search page is seen through a magnifying glass in this photo illustration taken in Brussels

1. Google’s dilemma:

Writing in the Guardian last week, Google general counsel David Drummond described the trouble the European unit of his company is having trying to implement a European Union court’s decision that the search giant must eliminate links to certain web articles or postings about people that these people claim are unduly embarrassing.

The European court’s “right to be forgotten decision,” Drummond wrote, “found that people have the right to ask for information to be removed from search results that include their names if it is ‘inadequate, irrelevant or no longer relevant, or excessive.’ In deciding what to remove, search engines must also have regard to the public interest.

from Counterparties:

The Abenomics arrows

Abenomics grinds on. Bloomberg has just put out a new report on the state of Japanese prime minister Shinzo Abe’s project to revive his country’s economy and concludes that “the record is mixed.” “Inflation is up, though import prices rather than wages account for the bulk of the increase. A skeptical public remains unconvinced that long-term prospects are brighter.” Japan is a little over 18 months into Abenomics, and two of the three “arrows” — fiscal stimulus and monetary easing — have been deployed. Barry Ritholz thinks they’ve already been pretty successful so far: “deflation is being replaced by inflation; profits and investments are both increasing for Japanese companies; and the Nikkei 225 is up considerably.”

However, there’s plenty to be worried about. Back in April, Japan raised the consumption tax to 8% from 5% — the first hike since 1997 (which threw the economy into a tailspin). It was supposed to be “the fatal flaw in Abenomics,” according to theEconomist, but “the early signs are that a preternaturally lucky Mr Abe has got away with it.” However, the Japan Times writes today that the economy has taken a significant hit after the tax hike: average household consumption is down, wage growth is below inflation, corporate capital investment hasn’t made up for the fall in household consumption, and export growth is sluggish.

from Breakingviews:

Citi settlement imposes awfully pricey babysitter

By Reynolds Holding

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

Citigroup’s settlement over dodgy mortgages imposes an awfully pricey babysitter. A former prosecutor will watch the bank as part of its $7 billion deal with Uncle Sam. That may ensure compliance. But as Apple and others can attest, independent monitors are too often meddlers fond of excessive oversight and multimillion-dollar fees.

from Alison Frankel:

DOJ should end secret selection process for corporate watchdogs

Thomas Perrelli just won quite a plum assignment. The former U.S. associate attorney general, who resumed his partnership at the law firm Jenner & Block in 2012, was appointed Monday to serve as Citigroup's independent monitor as part of the bank's $7 billion settlement with the Justice Department and five state attorneys.

Perrelli and the team of Jenner lawyers who will undoubtedly join him in watching over Citigroup will be paid by the bank, as is customary in corporate monitorships. The specifics on what Citi will pay him aren't public, and, to be sure, Perrelli's mandate under the settlement agreement is limited. But rest assured: He and his firm are going to earn a lot of money as Citi's monitor. As a federal judge who has overseen a corporate monitor told my Reuters colleague Casey Sullivan, "It is a huge cash cow. These are very, very lucrative appointments."

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