The Great Debate UK
from Davos Notebook:
Jim O'Neill, the Goldman Sachs economist who coined the term BRICs back in 2001, is adding four new countries to the elite club of emerging market economies. But does his new edifice have the same solid foundations?
In future, the BRIC economies of Brazil, Russia, China and India will be merged with those of Mexico, Indonesia, Turkey and South Korea under the banner “growth markets,” O'Neill told the Financial Times.
Hmmm. Doesn't quite grab you like BRICs, does it? The Guardian helpfully offers an amended branding banner of "Bric 'n Mitsk" (geddit?). But which ever way you cut it, it's hard to see a flood of investment conferences and funds floating off under the new moniker.
Ten years ago, Goldman had this field to itself. Now more and more acronyms are being bandied around by banks seeking to pique investors' appetite for higher returns.
– Lord Hunt is a visiting professor at Delft University and emeritus professor at University College London, and former director-general of the UK Meteorological Office. Dr Simon Day is a researcher at the Aon Benfield UCL Hazard Research Centre, University College London. The opinions expressed are their own –
The devastating tsunami that struck the Indonesian islands of Mentawai may have caused about 450 deaths, with hundreds more still missing, and compounds the disaster caused in the country by the eruption of Mount Merapi in Java. Following a magnitude 7.7 earthquake, the Mentawai Islands were engulfed with estimated three-metre waves that affected thousands of households.
President-elect Barack Obama has been getting a lot of advice these days on how to deal with Muslims and Islam. He invited it by saying during his campaign that he either wanted to convene a conference with leaders of Muslim countries or deliver a major speech in a Muslim country "to reboot America’s image around the world and also in the Muslim world in particular”. But where? when? why? how? Early this month, I chimed in with a pitch for a speech in Turkey or Indonesia. Some quite interesting comments have come in since then. (Photo: Obama image in Jakarta, 25 Oct 2008/Dadang Tri)
Two French academics, Islam expert Olivier Roy and political scientist Justin Vaisse argued in a New York Times op-ed piece on Sunday that Obama's premise of trying to reconcile the West and Islam is flawed: