Global rating agency Standard & Poor’s has been found guilty of “misleading” Australian investors over the ratings of two constant proportion debt obligation (CPDO) notes created by banking giant ABN AMRO prior to the 2008 financial crisis, reported Bloomberg on Monday, in a landmark case that may set precedent for future litigation around the world.
Two of the world’s largest economies will witness a change in their political leadership this week: The US presidential election sees Democratic President Barack Obama standing for a second and final term, with recent opinion polls suggesting that Obama is leading by a small margin. In China, the fifth-generation leadership will be appointed at the 18th Party Congress.
Monday, November 5
G20 finance ministers and central bank governors meet in Mexico.
Japan’s Nuclear Regulation Authority (NRA), a team set up by the government to draft new safety standards for nuclear reactors following the Fukushima disaster last year, has had its neutrality called into question by the public, reported the Associated Press on Sunday, after four out of the six-member team were revealed to have received research grants from utility companies and atomic industry manufacturers in the past.
The world has a lot riding on the upcoming U.S. presidential elections. Overwhelmingly, non-US citizens favour Barack Obama’s re-election over a victory for his challenger, Mitt Romney – and for good reason.
Despite the recent economic slowdown, the rise of Asia over the last decade has seen an increase in the number of billionaires across the region. Nowhere is this more evident than in China where the rank of billionaires has risen from just 15 six years ago to 251 this year.
It’s no secret that the super-rich in China are now creating major waves in the global economy. Check out this infographic, which explores who’s holding on to all the wealth and what are they buying with all their money.
Shop owners and residents in India’s capital of New Delhi will no longer be allowed to manufacture, import, store, sell or transport any kind of plastic bag starting from November 22 this year, reported The Asian Age on Wednesday, following the introduction of a ‘blanket ban’ on plastic by state government authorities in order to reduce the capital’s annual plastic waste.
American presidential elections have historically been close affairs; with just four presidential candidates in the past have receiving more than 60 percent of votes across the electorate. But while the American electorate may appear to be deeply and persistently divided, the reality is that most elections are simply elections of relative indifference.
The amount of money owed to Chinese listed companies has risen sharply in the previous quarter, lending support to claims of an imminent economic slowdown in China.
According to a report by the Financial Times, 66 percent of Chinese listed companies that have reported third-quarter results showed a year-on-year increase in unpaid bills, or accounts receivable in accounting terms, as a proportion of sales.
Japanese authorities have spent nearly a quarter of the funds set aside to reconstruct disaster-hit areas, from the earthquake and tsunami last year, into numerous unrelated projects such as subsidies for a contact lens factory and hiring protection for Japanese whalers, claimed a recent independent audit commissioned by the government, with nearly half of the budget also still to be spent amid delays over rebuilding strategies.
Over the last decade, the Australian economy has experienced a boom on the back of the rise of Asia – with Chinese demand for Australian commodities in particular spurring economic growth. Yet, with emerging market growth in Asia having now slowed down, Australia’s abundance of resources is transforming from being a blessing to a curse.
