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from Breakingviews:

Review: Hustling helps Africa’s partial success

By Martin Hutchinson

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

“Kanju” makes modern Africa work. In her new book “The Bright Continent,” the American journalist Dayo Olopade claims that this Yoruba word for hustling, striving and rule-breaking explains how the invisible hand outwits the dead hand of corrupt bureaucracy in much of the continent. Sadly, kanju also makes most African countries tough places to do fully organized business.

Olopade’s most distinctive claim is that formality and progress are enemies in Africa. Large-scale projects get bogged down and achieve little, whether they are promoted by corrupt local governments or by multilateral aid agencies, which often have non-African agendas. In contrast, individual Africans with very limited resources are able to innovate successfully in field after field, often running around or simply flouting the central authorities’ restrictions.

Olopade divides the bulk of the book into five “maps,” each reflecting one way in which African economic life differs from that in the “fat” Western economies.

from Photographers' Blog:

City Slickers

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London, Britain

By Eddie Keogh

The beast that is Canary Wharf underground station spits out its batch of workers every morning and swallows them up again every evening, Monday to Friday.

The relentless cycle never seems to change for the financial markets’ suited workers, who return every day, smartphone in hand. They are concentrating on their emails – the oxygen of business.

from Expert Zone:

Reflections from Davos

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

It’s been an exciting week at Davos. The annual meeting of the World Economic Forum this year was refreshingly different from previous editions. There is a general sense of optimism.

Although the effects of the recent crisis linger on, businesses and business leaders are acknowledging that we are seeing signs of recovery. In Davos, I had conversations with business leaders, heads of industry bodies, as also members of the academic and media fraternity. Each of these conversations resonated optimism.

from India Insight:

Wedding photographers in India beat economic gloom

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Rising costs and a slowing economy haven't darkened the mood of wedding photographers in India. More couples than ever are willing to spend thousands of rupees on photo albums, pre-wedding shoots and videos, allowing photographers to take a bigger slice of India's $30 billion weddings business.

“People are willing to spend more money now compared to what they were spending three years back," said Delhi-based photographer Vijay Tonk, who charges around 100,000 rupees for clicking pictures at a two-day function, 10 times more than what he charged in 2010. "It’s a status symbol now to spend money and have good (pictures).”

from Photographers' Blog:

The end of the Lusty Lady

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San Francisco, California

By Stephen Lam

Sometimes, you just have to wait.

A few weeks ago I was assigned to photograph the closure of the Lusty Lady, the first unionized and worker-owned strip club in the United States, located in San Francisco’s popular North Beach neighborhood.

In the week leading up to the event, I had a difficult time getting in touch with my contact at the club, but I was finally able to get the green light two days before it shut. The club had been extremely busy since the closure was announced, but they allowed us to cover the story on the condition that I remained respectful to everyone there: challenge accepted.

from The Great Debate:

‘Inclusive Capitalism’: Bridging business-labor divide

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Economic policy debates often focus on areas of division and discord. On the minimum wage, you’ll see some businesses fighting labor. On regulation, you have government versus the free market.

There are plenty of areas where American workers and companies agree, however, such as the need for public investments in infrastructure and education.

from Expert Zone:

Budget 2013: Need to review tax incentives

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

It's going to be a tight budget this year and Finance Minister P. Chidambaram will be looking to save every rupee in revenue to reduce the budget deficit, to which he has committed. One option would be to withdraw tax incentives which have outlived their purpose.

The finance ministry is only too aware of revenue lost from tax incentives. In 2011/12, it was a loss of 5.29 trillion rupees. If tax incentives are withdrawn, the 2013/14 budget would be in surplus. Nothing would amuse the finance minister more.

from Global Investing:

Corruption and business potential sometimes go together

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By Alice Baghdjian

Uzbekistan, Bangladesh and Vietnam found themselves cheered and chided this week.

The Corruption Perceptions Index, compiled by Berlin-based watchdog Transparency International, measured the perceived levels of public sector corruption in 176 countries and all three found their way into the bottom half of the study.

from Global Investing:

Easy business trend in emerging Europe

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Polish central bank governor Marek Belka doesn't apportion a lot of importance to the fact that Poland can boast the second biggest improvement in the latest World Bank's ease of doing business index, after Kosovo.

"This year we have improved, but I don’t care too much about it,"  Belka said at a meeting in London today.

from Jack and Suzy Welch:

(Business) haters gonna hate – but who gets hurt?

“You didn’t build that.”

“Corporations aren’t people.”

With the first, a revealing gaffe, and the second, a wildly cheered campaign refrain, one party has certainly made it clear how it feels about American business these days.

It ain’t good.

Well, big surprise, we don’t agree. We consider entrepreneurs American heroes and, as we’ve opined recently, we think many corporations brim with humanity. Business can’t operate unfettered, of course, without any form of oversight or control. But our view, essentially, is that business is a source of great good for society, with the power to create hope and opportunity like no other institution going.

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