In The News

Report: 61,000 Indian Millionaires Shifted Overseas in Last 14 Years

August 3, 2015
Wealthy individuals are mobile and can relocate to jurisdictions that offer competitive taxes, schools, business opportunities and security. Globalization and improved transportation, communications along with second citizenship have contributed to mobility. The report from New World Wealth and LIO Global covers the years 2000 to 2014 and points to the top senders as China, 91,000; India, 61,000...

Will Africa’s Growth Help Africa’s People?

Kanayo F. Nwanze July 23, 2015
Africa has 11 of the world’s 20 fastest growing economies, yet thousands of African youth risk their lives to cross the Mediterranean to pursue opportunities in Europe, notes Kanayo F. Nwanze, president of the UN International Fund for Agricultural Development. He questions if growth and development are improving lives for a broad segment of Africans or just a few. Money won’t solve the challenge...

Renminbi’s Flexible Rate – 10 Years On

Jennifer Hughes July 21, 2015
China surprised currency traders by announcing it is replacing its decade-long currency peg with a flexible exchange-rate, reports Jennifer Hughes for Financial Times. The renminbi has climbed steadily in value since 2005, reducing trade deficits and tension. “For China-watchers, the renminbi’s gradual moves towards full convertibility with long pauses along the way have become the classic...

Eurozone Strikes Greek Deal With Tough Conditions

Paul Taylor and Renee Maltezou July 13, 2015
Greece accepted tough conditions – tougher than those rejected by Greek voters in a referendum – in exchange for aid from fellow members of the Eurozone. Greek leaders must submit public policy proposals and spending plans to bailout monitors. Aid is contingent on Greece meeting “a tight timetable for enacting unpopular reforms of value added tax, pensions, budget cuts if Greece misses fiscal...

Greece’s Russian Fantasy; Russia’s European Delusion

Pavel K. Baev July 10, 2015
Greeks, well informed about their status as borrowers in advance with bank closures and limits on withdrawals, rejected foreign creditors’ conditions for aid in a referendum. “Many Greeks see Russia as a state that upholds its sovereignty and defies the EU diktat,” writes Pavel K. Baev for Brookings. Russia, sanctioned for its military interventions in Ukraine, has its own economic struggles with...

China’s Market Rout Is a Double Threat

Keith Bradsher and Chris Buckley July 10, 2015
China’s stock markets have bounced back, but the strong of losses may have dented investor confidence in the government’s ability to control those markets. The abrupt loss of Chinese shares’ value over the course of a few weeks, equal to six times Greece’s foreign debt, and a general downturn in the economy poses a threat to the global economy, report Keith Bradsher and Chris Buckley for the New...

To Save Its Stock Markets, China Is Putting Its Whole Financial System at Risk

Gwynn Guilford July 8, 2015
Stock prices in China doubled in value over the last year before moving downward, losing 30 percent since mid-June. The country’s leaders struggle to stabilize the markets by cutting interest rates and encouraging large purchases by large brokerages and insurance companies. Rules for buying on margin were loosened. Such interventions may not calm nerves. “In recent days, the Chinese government...