After bad economic news from Germany, China and the United States over the past few weeks, here are two more. Brazil and India, two of the world's largest emerging economies, are increasingly vulnerable to another crisis or to the eventual end of the ultra-loose monetary policies in developed economies after five years of a severe global slowdown.
from India Insight:
(Any opinions expressed here are those of the author, and not necessarily of Thomson Reuters)
from Global Investing:
What a difference a few months have made for Indian markets.
The rupee is 8 percent up from last summer's record lows. Foreigners have ploughed $17 billion into Indian stocks and bonds since Sept 2012 and foreign ownership of Indian shares is at a record high 22.7 percent, Morgan Stanley reckons. And all it has taken to change the mood has been the announcement of a few reforms (allowing foreign direct investment into retail, some fuel and rail price hikes and raising FDI limits in some sectors). A controversial double taxation law has been pushed back. The government has sold some stakes in state-run companies (it offloaded 10 percent of Oil India last week, netting $585 million). If the measures continue, the central bank may cut interest rates further.
from Africa News blog:
Tired of being criticised for being one of the world's most
secretive governments, Angola is finally throwing back some
Top government officials, including the economy minister,
the finance minister and the head of the central bank, held a
news conference late on Friday to discuss the government's first
200 days in power -- the second news conference of the kind this
"You thought we wouldn't do this again," said Carlos Feijo,
Angola's powerful minister of state who is seen by many as the
president's right-hand man. "Well, here we are."
He then went on to speak non-stop for 40 minutes, describing
how the economy had improved in recent months, plans to pay
billions in debt to construction firms and the fight against
poverty and corruption before opening up the floor to questions.
Many journalists praised the government's decision to hold
the news conference as a step in the right direction in a nation
where officials seem to be paid to keep quiet and where people
are afraid to openly criticise the president.
Greater transparency could also bolster Angola's chances of
receiving more Western loans and placing debt with private
investors abroad, as it seeks cash shore up its finances after
the recent slump in oil prices.
Angola was ranked in the bottom 19 of 180 countries in a
Transparency International corruption study last year.
State-run daily Jornal de Angola hailed the news conference
a success in an editorial a few days later.
"The Angolan government has explained how public funds are
being managed so that Angolans continue to trust in those they
elected into government for four years," said Jornal de Angola.
"It is important that all Angolans, whether or not they
voted for the ruling party, to be aware of the importance of
this extraordinary performance."
The question is whether the Angolan government is serious
about increasing transparency or simply using the media's thirst
for information to campaign ahead of the nation's 2012
from Global News Journal:
By Sunanda Creagh
The decision by Indonesia's reformist Finance Minister Sri Mulyani Indrawati to move to the World Bank must have thrilled those politicians who lobbied hard to dethrone her and derail her anti-corruption drive. But if letters to the editor in the local media are any guide, Indonesia's 'wong cilik' or the little people, as the man on the street is called here -- are in mourning.
"It was a black Wednesday in the history of our nation," read one reader's letter to the Jakarta Post.
"One of the most honest and qualified people and someone who is known as the hope, finally succumbed to political pressure by the political elite that prefer to remain."
Many letter-writers have begged her to return in 2014 to run for president, while others have expressed fears that, without her, Indonesia will return to the bad old days of cronyism.
"We didn't want to see you driven out. Take pity on the people of Indonesia!" one reader, Daslam Al Maliki, wrote on the Indonesian-language news website Tempo Interaktif.
Indrawati, as well as being a widely respected economist, is a notoriously tough cookie who stood up to powerful businessmen and politicians who wanted the rules bent in their favour.
In retaliation, she was made the target of an inquiry into the 2008 decision to bail out the ailing Bank Century.