By Ray Kwong | Broad strokes, when you’re talking about the 21st century possibly becoming the Asian Century, one thing becomes crystal clear: it’s not preordained and it’s not just all about China. With its varied cultures and emphasis on education, self-reliance and upward mobility, Asia may overtake the West as the world’s economic engine.
NEW YORK | By Ana Fuentes | The last huge tornado in Oklahoma could cost as much as 2 billion dollars. The center of the state has been devastated, 24 people dead, around 13,000 homes destroyed, cars and schools totally ruined. The final bill for the State, the regional government and private insurers is going to be one of the highest in US history.
BARCELONA | By Jordi Gual, economist | The euro area’s double dip recession is due to inopportune management of the sovereign debt crisis and slow advances towards European integration.
WASHINGTON | By Pablo Pardo | Robert Skidelsky: “There are technical economists in finance that had told us again and again that 2008-like ‘accidents’ were simply impossible. What connections do they have to the investment industry?”
China turns into a urban nation. A transformation that entails a dramatic achievement and a challenge without precedents in the world. As cities become better places to live they become more expensive too, to the extent that people can’t afford the luxury of inhabiting these mega-cities. Without a fairer model, which fosters job creation and an equal access to resources, urbanization risks undermining the country’s transition towards domestic consumption.
NEW YORK | As the country plunges into recession, the government proposal on a France culture tax as high as 1% on the sale of smartphones, tablets and other Internet devices is seen with skepticism the United States. Paris claims it would support to create digital cultural content inside France and counterbalance foreign content invasion. Protectionism or a smart move in times of crisis?
BEIJING | By Caixin Magazine | Global opinion on China economic prospects appears to have soured of late. Credit ratings agency Fitch downgraded the country’s long-term local-currency rating from AA– to A+ last month, followed by Moody’s lowering the country’s credit outlook from “positive” to “stable.” Are market bears right? For many, this means Beijing must put reform back on its agenda.
NEW YORK | Obama acted as Mediator In Chief this Monday. Like some kind of a high level marriage counselor, the US president asked Britons to be “patient” so reforms in the EU achieve their results before “making any decision”, adding that it was sensible to try to fix what’s wrong with a relationship before breaking it off. But, at the same time, he supported Cameron’s intention to renegotiate membership conditions for the UK.
By Anoop Singh | Spending differently and more efficiently can go a long way. In several Asian emerging economies and low-income countries, subsidies—which are often a distortion and not well targeted to the poor—take up a higher share of total government expenditure than in peers in other regions.
NEW YORK |The Federal Reserve is perhaps one of the most important political factors behind the slow but steady US economic recovery -the country is growing at a 2.5% pace a year despite Europe’s recession and China’s slowdown-. But also, and here comes a problem, America’s central bank could be behind the crazy Wall Street rally.