In The News

Europe’s New Economic Divide

Chris Miller August 27, 2015
Europe still wrestles over how to resolve the debt crisis in Greece. The managing director of the International Monetary Fund warned this month that Greece’s debt remains unsustainable, and she urged the country’s European partners to prepare to provide significant relief. “Few voters anywhere in Europe are excited about bailing out Greece’s government,” writes Chris Miller, associate director of...

Great Fall of China Sinks World Stocks, Dollar Tumbles

Marc Jones August 24, 2015
Global investors are panicking over a long anticipated economic slowdown in China. Hard hit in particular are commodities and companies that relied on market growth and suppliers in China. The result is an abrupt 9 percent drop in the China stock markets, a drop for the US dollar along with those of emerging economies, and volatility in global markets amid fears about a currency war and new...

Being a China-Connected Global Banker Isn’t What It Used To Be

Cathy Kit Ching Chan August 21, 2015
Competition from Chinese bankers and strict regulations are reducing business for US and European banks, reports Cathy Kit Ching Chan for BloombergBusiness. Some top investment bankers are resigning, and their posts go unfilled. The report notes that “risk and compliance departments at global banks have become more vigilant about turning down deals in China that might have political connections,...

IMF Staff Urges No Rush to Add China Yuan to Currency Basket

David Chance and Krista Hughes August 12, 2015
China is pressing the International Monetary Fund to designate the yuan as a reserve currency, but IMF staff have urged a delay until September 2016. “The IMF board is scheduled to make a decision in November on whether to include the yuan in a basket of currencies comprising dollars, euros, pounds and yen, although the decision could be pushed back if policymakers decide they need more...

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...

Be Honest: You Don't Care If Your Pretty Dress Was Made by Child Slaves

Julia Hartley-Brewer July 30, 2015
Global consumers regard child labor, human trafficking and slavery as despicable yet most do not stop to consider the source and low prices of high-fashion clothes with intricate details. Julia Hartley-Brewer, writing for the Telegraph, contends that “when it comes to modern-day slavery, we are modern-day hypocrites.” Clothing manufacturers locate factories in countries with low wages, like...

Greek Debt Crisis Is Providing Fuel for the Country's Neo-Nazi Movement Golden Dawn

Nick Apoifis July 16, 2015
Corrupt and inept management for Greece later forced a need for austerity measures, which in turn lead to politics of resentment – emboldening neo-Nazi parties like the Golden Dawn in Greece where the unemployment rate is 25 percent. Riots have broken out in Athens after the parliament had little choice but to approve strict reforms and exit the European Union. “Against this backdrop of declining...