To navigate the U.S. away from the huge monetary stimulus, the Federal Reserve has initiated tapering. But in an integrating world, the emerging economies, especially India, China and Brazil, will see collateral liquidity damage. How will the Fed enforce its mandate? How will central banks in emerging markets react?
The United Nations’ highest court, the International Court of Justice (ICJ), has banned Japan from hunting for whales off Antarctica, ruling that the nation’s annual hunt was not for scientific research as Tokyo had claimed, reported the Associated Press.
The rising tensions between China and Japan over the Senkaku/Diaoyu islands has led some experts to draw parallels with the Sarajevo incident, which sparked off World War I in Europe. Yet while is a significant risk that the conflict will result in a military confrontation, an all-out war is unlikely given economic reasons.
In what has been described as the largest corruption scandal in the country in more than six decades, Chinese authorities have seized at least 90 billion yuan ($14.5 billion) in assets from family members and associates of former domestic security chief Zhou Yongkang – once also a member of the Politburo Standing Committee, China’s top decision-making body.
The Malaysian economy could lose nearly $1.3 billion in tourism revenue this year, according to analysts speaking to the South China Morning Post, with many Chinese tourists now cancelling their trips following the controversy surrounding the missing Malaysia Airlines flight MH370.
In the eyes of many commentators, the US dollar’s reign as the global reserve currency is under threat from two angles. The first comes from within the US—a permanent deficiency in demand or secular stagnation; and the second from the People’s Republic of China (PRC), and in particular from a fully convertible yuan.
The world’s largest banks have forked out close to $100 billion to settle U.S.-based legal disputes since the beginning of the financial crisis, according to a research study by the Financial Times.
Last week, Credit Suisse agreed to pay $885 million deal to the Federal Housing Finance Agency, after it was accused of mis-selling mortgage-backed securities during the run up to the financial crisis.
Organised crime syndicates in Italy operate on an annual budget of more than 200 billion euros ($276 billion), claimed the country’s foreign ministry on Tuesday, with significant investments both in and outside Italy.
Speaking at the Second Annual European Cyber Security Conference in Brussels, Giovanni Brauzzi, security policy director at the Italian ministry of foreign affairs, said that crime syndicates in Italy had begun to shift their “investments” overseas, with just 10 percent of their budget still parked within the country.
Medical ailments brought on by air pollution is causing up to 7 million deaths a year, said a new report by the World Health Organisation, making air pollution the world’s largest single environmental health risk.
For a year, President Xi Jinping and Premier have talked about the Chinese dream, while outlining massive reforms to pave the way for the realization of the dream. As the Two Sessions took place in Beijing, China’s leaders took a hard look at the future challenges. Is the Chinese dream still reachable?
