Russian businesses, which collectively put in billions of dollars in foreign investment last year, are most likely to offer bribes and kickbacks in commercial deals abroad, according to Transparency International’s latest Bribe-Payers Index.
Related: World Corruption Special Report
Systems analysts have shown that a “super entity” of interconnected transnationals dominate the world economy. Their political power is such that even politicians fear the consequences of breaking their monopoly. But unless something can be done, the whole system is a ‘house of cards’ that could collapse at any moment.
Nearly half of China’s rich are considering emigrating, said a report by the Bank of China and the Hurun Report, with the United States, Canada and Singapore taking the top three destinations spots.
In the joint report published in the Private Banking White Paper 2011, 46 percent of Chinese with assets worth more than 10 million yuan ($1.57 million) are considering moving abroad, while another 14 percent said they had already moved or were applying to do so.
In April this year, the IMF published a preliminary set of guidelines for capital controls that would impose a “code of conduct” for governments that wished to regulate the flow of capital in and out of their capital accounts. It was hoped that these regulations would ensure that nations involved in currency intervention would not go out of hand. But while the IMF’s proposed code was a step in the right direction, much of it has eventually been proven to be a misguided effort.
Even as the threat of a eurozone wide financial meltdown tempers down, the risk of a European recession remains high, bringing about fresh concerns over the consequences for global growth and trade flows.
Several institutions have warned of the increasing risks of a European recession, days before the summit of G20 nations in Cannes.
Greece’s Finance Minister Evangelos Venizelos was unaware of the Prime Minister’s decision to call a referendum on the latest EU aid deal till the announcement was actually made, said a Greek government official to Reuters on Tuesday.
China-bashing in the US has now reached unprecedented levels. While China does account for 42 percent of America’s trade deficit, few realise that the US actually also runs deficits with 87 other countries. At the same time, most of the US problems stem from within the country. Blaming China for all of the US problems will only serve to deflect attention away from those truly responsible for perpetuating the greatest saving shortfall in history.
The American economy may not be doing great, with jobless figures at an all-time high and debt repayments a constant burden. But this Halloween, Americans spent close to $7 billion in festive shopping.
The National Retail Federation estimates that $6.87 billion was spent on Halloween this year, up from $5.8 billion last year. According to figures, that is a $3.57 billion increase from 2005, before the financial crisis began.
A senior official from Japan has confirmed that Japan will continue purchasing EFSF bonds, but stopped short of a commitment to inject additional liquidity into Europe’s emergency bailout fund.
In an Asian tour to market the sale of EFSF bonds, Klaus Regling, chief executive officer of the EFSF told reporters that “the Japanese government will continue to buy the EFSF bonds we have been issuing.”
A quick preview of the key economic events for the upcoming week:
Monday, 31 October
The World Wind Energy Conference and Renewable Energy Exhibition begins in Cairo. Speakers will focus on the latest developments in wind power and how to advance it in the Middle East and elsewhere.
Related: Blowing in the wind: Europe’s energy debate has stalled
Tuesday, 1 November
