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from Photographers' Blog:

Rio’s ballerinas

By Pilar Olivares

When I first reached Ballet Santa Teresa’s school for underprivileged girls and met the students, I didn’t take a single picture. I didn’t dare to. The girls, who are almost all from families living in some form of social risk, approached as if confronting me, dancing and yelling.

For a while I felt like an intruder. They were wearing jeans instead of ballet dresses, and were listening to Rio’s famous funk carioca music. At my home in a mountainous neighborhood of Rio, I hear funk floating towards us from the surrounding shantytowns known the world over as favelas.

So these girls, completely fascinated by this music that I find irritating, shut off their music players as soon as Vania arrived. Vania, a former professional ballerina and now director of the school, doesn’t like funk either, and doesn’t like them to listen to it. The girls, who can be as rude as they are angelic, hurriedly dressed and suddenly became purely feminine as they put on their makeup for an important rehearsal. Several of them didn’t know how to use makeup, so Vania came over to help.

I was impressed by the mixture of races and colors among the girls, each of them beautiful and brave.

from Photographers' Blog:

Gabriel just wants to play

By Ricardo Moraes

What would people say if I told them that I met a footless boy who plays football? (Of course, since I'm talking about Brazil, football is really soccer.) I don't think even my family or closest friends would believe me. Luckily, I'm a photographer and can show them. The beautiful part of this story is not just that Gabriel plays football without feet, but that he plays incredibly well.

Gabriel Muniz, an 11-year-old boy born with malformed feet, grew up like most Brazilian children with a soccer ball by his side.

from MacroScope:

Losing the gold medal in football – and economics

Noe Torres and Jean Luis Arce contributed to this post. Blog updated Sept 5 to add Q2 GDP data for Brazil and Mexico.

Three weeks ago, Mexico beat Brazil on Saturday to win its first-ever men's football Olympic gold medal. What does that have to do with economics? Maybe nothing. But as The Economist notes, Mexico’s victory might just prove "just a warm-up for more good results to come" -- on the economic field.

from Photographers' Blog:

Farewell to Fafá

By Ueslei Marcelino

Once upon a time, there was Fafá.

A brave lioness, wild by nature, strong and imposing, Fafá was born and raised in the Brasilia Zoo, and she was undoubtedly one of its biggest attractions.

The star’s last show, however, was a most unusual scene, inside a CAT scanner. Fafá, nearly 18 years old, had stopped eating, had bleeding nostrils, and suffered seizures, and everyone who cared for her at the zoo became concerned.

from Global Investing:

Olympic medal winners — and economies — dissected

The Olympic medals have all been handed out and the athletes are on their way home.  Which countries surpassed expectations and which ones did worse than expected? And did this have anything to do with the state of their economies?

An extensive Goldman Sachs report entitled Olympics and Economics  (a regular feature before each Olympic Games) predicted before the Games kicked off that the United States would top the tally with 36 gold medals. It also said the top 10 would include five G7 countries (the United States, Great Britain, France, Germany and Italy), two BRICs (China and Russia), one of the developing countries it dubs Next-11  (South Korea), and one additional developed and emerging market. These would be Australia and Ukraine, it said.

from Breakingviews:

Review: Not another BRIC in the wall

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

BRICs is by no means an obsolete tag. The acronym coined by Goldman Sachs economist Jim O’Neill in 2001 continues to operate as both a useful shortcut and a fertile provocation to compare and contrast the world’s four biggest developing economies: Brazil, Russia, India and China. But like all neat catchphrases, there is a danger that one day it will veer into cliché. It’s already easy to over-associate the term with all emerging markets.

from Global Investing:

India, a hawk among central bank doves

So India has not joined emerging central banks' rate-cutting spree .  After recent rate cuts in Brazil, South Korea, South Africa, Philippines and Colombia, and others signalling their worries over the state of economic growth,  hawks are in short supply among the world's increasingly dovish central banks. But the Reserve Bank of India is one.

With GDP growth slowing to  10-year lows, the RBI would dearly love to follow other central banks in cutting rates.  But its pointed warning on inflation on the eve of today's policy meeting practically sealed the meeting's outcome. Interest rates have duly been kept on hold, though in a nod to the tough conditions, the RBI did ease banks' statutory liquidity ratio. The move will free up some more cash for lending.

from Global Investing:

Mrs Watanabe in Istanbul

Japanese mom-and-pop investors' penchant for seeking high-yield investments overseas is well known. Mrs Watanabe (as the canny player of currency and exchange rate arbitrage has come to be known) invests billions of yen overseas every year via  so-called uridashi bonds, debt denominated in currencies with high yields.  Data shows the lira has suddenly become the red-hot favourite with uridashi investors this year.

In a note entitled Welcome Mrs Watanabe, Barclays analysts estimate $2 billion in lira-based uridashi issuance this year, ahead of old favourite, the  Australian dollar.

from Global Investing:

10%-plus returns: only on emerging market debt

It's turning out to be a great year for emerging debt. Returns on sovereign dollar bonds have topped 10 percent already this year on the benchmark EMBI Global index, compiled by JP Morgan.  That's better than any other fixed income or equity category, whether in emerging or developed markets. Total 2012 returns could be as much as 12 percent, JPM reckons.

Debt denominated in emerging currencies has done less well . Still, the main index for local debt, JPM's GBI-EM index, has  racked up a very respectable 7.6 percent return year-to-date in dollar terms, rebounding from a fall to near zero at the start of June.  Take a look at the following graphic which shows EMBIG returns on top:

from Global Investing:

More EM central banks join the easing crew

Taiwan and Philippines have joined the easing crew. Taiwan cut interbank lending rates for the first time in 33 months on Friday while Philippines lowered the rate it pays banks on short-term special deposits. Hardly surprising. Given South Koreas's shock rate cut on Thursday, its first in over three years, and China's two rate cuts in quick succession, the spread of monetary easing across Asia looks inevitable. Markets are now betting the Reserve Bank of India will also cut rates in July.

And not just in Asia. Brazil last week cut rates for the eighth straight time  and Russia's central bank, while holding rates steady,  amended its language to signal it was amenable to changing its policy stance if required.

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