Global News Journal

Beyond the World news headlines

from Reuters Investigates:

Inside the Pirates’ Web

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CHINA-PIRACY/Reuters trade correspondent in Washington Doug Palmer had an unusual assignment: buy a fake Louis Vuitton handbag on the Internet, and take it to a LVMH store for a comparison test, before handing it over to U.S. authorities.

    What was startling was how easy it was to find websites selling a dazzling array of stuff online. This is the new face of
piracy and its costing businesses billions.   No need to skulk around back alleys or some pirate's rental van to browse through footwear, watches, DVDs and whatnot. Just pick out your LV shoulder tote from a virtual catalog on a website based in China. It looks and feels like the real thing at a fraction of the price.

Counterfeit goods ranging from shoes to software seized by the U.S. government  on display at the National Intellectual Property Rights Coordination Center in northern Virginia, October 7, 2010.  REUTERS/Jason Reed  

    The bulk of these goods comes from China. The workshop of the world is also the sweatshop oif the world when it comes to making fake goods.

from Reuters Investigates:

Mongolia’s El Dorado stirs shareholder battle

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friedlandIn Mongolia's South Gobi desert lies Oyu Tolgoi, touted as having the world's largest untapped copper and gold deposits. Little wonder then that this "El Dorado" has become a boardroom battleground between the relatively unknown Ivanhoe Mines and its biggest shareholder, the giant Australian mining company, Rio Tinto.  

Our attempts to get near this mine or elicit any comment from Ivanhoe were about as fruitless as the Spanish conquistadors attempts to find the legendary "El Dorado", or "Lost City of Gold" in the 16th century. Twice Ivanhoe stopped our reporters from visiting the mine with delegations from the investment community, saying reporters were not  allowed to mingle with bankers on visits to the mine. We don't know why that would be. We mingle with them pretty often in other contexts and usually find each other's company amusing and mutually informative.

from Reuters Investigates:

Morbid money-spinners

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If the life settlements market seems ghoulish, here’s a British scandal which isn’t doing the image of the business any favours. It’s one of the worst the country’s seen.

Around 30,000 mainly elderly investors in the UK put their money into a company called Keydata, hoping to make a little extra cash to fund their own retirement with the promise of a healthy return.

from Africa News blog:

African poverty falling faster than thought?

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NIGERIA/The old image of an Africa doomed to get ever poorer has certainly lost credence over the past decade even if it is a view still held by some.

Well, according to a new study, Africans are getting wealthier more quickly than previously believed and the poorest continent's riches are also spreading beyond the narrow confines of its elite.

from Africa News blog:

Overdose of trouble in West Africa

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That political stability is vital for investment and development goes without saying, but it seems as though too much instability can be bad for criminal enterprises too.

The cocaine cartels that used West Africa, and Guinea-Bissau in particular, as a conduit to Europe were long accused of worsening the chaos in one of the region’s poorest and most troubled states by buying off some factions of the security forces and political leaders.

from Africa News blog:

Should West back Zimbabwe’s government?

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The United Nations has joined Zimbabwe’s power-sharing government in appealing for more than $700 million in humanitarian aid for the ruined country.

But while Western countries may show willing when it comes to emergency aid, they are still reluctant to give money to the government between President Robert Mugabe and Prime Minister Morgan Tsvangirai, his old rival.

from Africa News blog:

Africa back to the old ways?

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The overthrow of Madagascar’s leader may have had nothing to do with events elsewhere in Africa, but after four violent changes of power within eight months the question is bound to arise as to whether the continent is returning to old ways.

Three years without coups between 2005 and last year had appeared to some, including foreign investors, to have indicated a fundamental change from the first turbulent decades after independence. This spate of violent overthrows could now be another reason for investors to tread more warily again, particularly as Africa feels the impact of the global financial crisis.

from Africa News blog:

Time to stop aid for Africa? An argument against

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Earlier this month, Zambian economist Dambisa Moyo argued that Africa needs Western countries to cut long term aid that has brought dependency, distorted economies and fuelled bureaucracy and corruption. The comments on the blog posting suggested that many readers agreed. In a response, Savio Carvalho, Uganda country director for aid agency Oxfam GB, says that aid can help the continent escape poverty - if done in the right way:

In early January, I travelled to war-ravaged northern Uganda to a dusty village in Pobura and Kal parish in Kitgum District. We were there to see the completion of a 16km dirt road constructed by the community with support from Oxfam under an EU-funded programme.

Red tape tripping up Iraq

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By Mohammed Abbas                                      

Many developing countries are mired in dated bureaucratic practice and tangled in red tape, but of all of them, Iraq can perhaps least afford to see its crucial post-war development suffocated under mounds of paperwork.
What hangs in the balance is nothing less than whether oil-rich Iraq can emerge from years of war as a prosperous, democratic and secure state — or whether it sinks back into the bloodshed that almost tore it apart.
A love of official stamps, seals and documents in triplicate is by no means only an Iraqi phenomenon. Receiving shipments at Cairo airport, for example, involves one queue to buy a ticket, another to receive it and a third to get it laminated.

from Africa News blog:

Hu reassures Africa?

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If anyone in Africa was worried that the global financial crisis might dim China’s interest in the continent, President Hu Jintao will be visiting this week to give some reassurances - as well as possibly to temper any unrealistic hopes for the amount of assistance to be expected.

As Chris Buckley reported from Beijing, this visit is also about China showing the wider world that it is a responsible power.

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