The 11th summit of the European Union and China to be held in Prague will be "a milestone" in the development of relations between the two, top Chinese and EU diplomats said in Brussels on Tuesday.
The summit will be "a milestone in our common journey" for a "new global order, ways to tackle the global recession, promote peace and save the planet," Benita Ferrero-Waldner, European Commissioner for External Relations and European Neighbourhood Policy, told a seminar on EU-China relations.
"Never has the world confronted such a complex and inter-linked set of security, economic and environmental challenges as we witness today. We live in an age where global threats require global solutions," she said. "China is one of our most important partners to meet the challenges of today and of tomorrow," she said.
"The Chinese development model, which has achieved more in 30 years than has been achieved in two centuries, is a globalization success story not a globalization scare story." Also speaking at the seminar, which was organized by the European think-tank Friends of Europe, Chinese Ambassador to the EU Song Zhe said the EU-China summit in Prague will be an event important for both sides.
"Under the storm of the financial crisis, we all understand better that our cooperation means a lot to us and to the world," he said.
Source: China Radio International
Showing posts with label Financial Crises. Show all posts
Showing posts with label Financial Crises. Show all posts
Wednesday, May 20, 2009
New minister outlines energy priorities
Newly appointed Energy Minister Dipuo Peters on Wednesday outlined her short- to medium-term priorities for the sector.
Her address to a power conference in Cape Town was meant to be her debut speech as minister, but it was eventually delivered on her behalf after a lengthy delay, as she was attending the new Cabinet's first meeting at Tuynhuys.
The government would continue to strive for universal access to energy, with special emphasis on the rural poor, she said. "This will not only cover the electricity supply infrastructure and hardware, but also the operational cost associated with the poor households. "Regarding the latter, we will work closely with National Treasury and municipalities to make it happen within our available resources," Peters said.
The global economic slowdown should be viewed as a short-term scenario and the energy sector needed to plan carefully to allow it to respond quickly to the needs of a growing economy, she said.
Source: Mail & Guardian
Her address to a power conference in Cape Town was meant to be her debut speech as minister, but it was eventually delivered on her behalf after a lengthy delay, as she was attending the new Cabinet's first meeting at Tuynhuys.
The government would continue to strive for universal access to energy, with special emphasis on the rural poor, she said. "This will not only cover the electricity supply infrastructure and hardware, but also the operational cost associated with the poor households. "Regarding the latter, we will work closely with National Treasury and municipalities to make it happen within our available resources," Peters said.
The global economic slowdown should be viewed as a short-term scenario and the energy sector needed to plan carefully to allow it to respond quickly to the needs of a growing economy, she said.
Source: Mail & Guardian
Renewables Surge Despite Economic Crisis
The 2008 figures are in from the new REN 21 Renewables Global Status Report: Renewable power capacity (excluding large hydropower) increased a hefty 16 percent last year, which is remarkable given that world oil use actually declined. Growth in some renewable sectors was even more impressive. Biodiesel production increased 34 percent, and solar power took the prize with a 73 percent jump.
Source: Worldwatch Institute
Source: Worldwatch Institute
Sharp fall in exports from China
China's exports in April were down 22.6% from a year ago, the sixth successive month of decline.
April's fall in exports was also bigger than the 17.1% annual decline recorded in March.But other data released on Tuesday suggest that Chinese government efforts to stimulate the economy are pushing up investment levels in the country.
Analysts remain optimistic that China will be the first to make its way out of recession.For those Chinese factory owners who send most of their products abroad, there is little relief in these latest trade figures.Some had hoped the worst was over for exporters, but the 22.6% fall was greater than many analysts had expected.
On the other hand, investment in industrial plants and property in cities was 30% higher in the first four months of the year than it had been in the same period of 2008.
Source: BBC
April's fall in exports was also bigger than the 17.1% annual decline recorded in March.But other data released on Tuesday suggest that Chinese government efforts to stimulate the economy are pushing up investment levels in the country.
Analysts remain optimistic that China will be the first to make its way out of recession.For those Chinese factory owners who send most of their products abroad, there is little relief in these latest trade figures.Some had hoped the worst was over for exporters, but the 22.6% fall was greater than many analysts had expected.
On the other hand, investment in industrial plants and property in cities was 30% higher in the first four months of the year than it had been in the same period of 2008.
Source: BBC
Germany agrees 'bad bank' scheme
The German cabinet has agreed a "bad bank" scheme, to enable the country's lenders to remove remaining toxic assets from their balance sheets.
Under the plan, the banks will be able to swap their toxic debt for government-backed bonds, in return for paying an annual fee.
The government hopes the move will encourage banks to start lending again, both to each other and consumers.
Source: BBC
Under the plan, the banks will be able to swap their toxic debt for government-backed bonds, in return for paying an annual fee.
The government hopes the move will encourage banks to start lending again, both to each other and consumers.
Source: BBC
Japan's economy in record plunge
Japan's economy during the first three months of 2009 shrank at its quickest pace since records began, as exports slumped, officials figures have shown.
Output in the world's second largest economy contracted by 4% during the period, or by 15.2% on an annual basis.
Source: BBC
Output in the world's second largest economy contracted by 4% during the period, or by 15.2% on an annual basis.
Source: BBC
Tuesday, May 19, 2009
Creative New Venture to Help Communities Revitalize Neighborhoods Hit Hard by Foreclosures
The National Community Stabilization Trust, a collaborative venture of nonprofit housing organizations supported by the Ford Foundation, today announced the launch of a national effort to help revitalize communities hard hit by the foreclosure crisis. Over 80 cities – including New York, Los Angeles, and Chicago – are already working with the Stabilization Trust.
The Stabilization Trust will act as a transfer agent between financial institutions who hold or manage foreclosed homes and community housing providers who want to get these properties renovated and back into productive use as new, for-sale homes or affordable rental housing.
In practice, communities seeking to acquire multiple properties in a targeted area have had to negotiate separately with a dozen or more separate financial institutions. Now communities have another option – dealing with the Stabilization Trust to get access to these properties from multiple financial institutions in a more predictable and cost effective manner.
Source: Ford Foundation
The Stabilization Trust will act as a transfer agent between financial institutions who hold or manage foreclosed homes and community housing providers who want to get these properties renovated and back into productive use as new, for-sale homes or affordable rental housing.
In practice, communities seeking to acquire multiple properties in a targeted area have had to negotiate separately with a dozen or more separate financial institutions. Now communities have another option – dealing with the Stabilization Trust to get access to these properties from multiple financial institutions in a more predictable and cost effective manner.
Source: Ford Foundation
Banks 'throttling the economy'
Large commercial banks are throttling the economy while the housing market threatens to collapse and millions of consumers are in debt, debt counsellors Consumer Assist said on Tuesday.
"Reserve Bank Governor Tito Mboweni is among those starting to accuse banks of starting to throttle the economy as they hold on to credit and aggressively pursue the indebted," Consumer Assist said.
Source: Fin24.com
"Reserve Bank Governor Tito Mboweni is among those starting to accuse banks of starting to throttle the economy as they hold on to credit and aggressively pursue the indebted," Consumer Assist said.
Source: Fin24.com
Saturday, May 16, 2009
Russian, Italian leaders discuss G8 in Moscow
“I believe it is a very important matter that we plan to discuss today. There are very important opportunities to find answers to the current economic crisis and introduce a new global management method allowing us to supervise the financial and economic world and avoid any chance of a new crisis,” the Italian premier said.
Source: University of Toronto G8 Research Group
Source: University of Toronto G8 Research Group
Monday, April 27, 2009
Unfettered capitalism as a panacea for global poverty
Finance ministers responsible for overseeing the financial institutions at the heart of the global recession used an international gathering in Washington over the weekend to make amends, promising billions of new lending for emerging markets.
While hardly oblivious to the plight of the poor, economic leaders from the United States, Britain, Japan and other industrial nations have devoted most of their energy over the past year to cleaning up their financial messes at home.
But the risks facing emerging economies in Africa, Asia, South America and Eastern Europe have become so severe that they were impossible to ignore at meetings of the International Monetary Fund and World Bank.
The economies of emerging and developing countries will expand a mere 1.6 per cent in 2009, compared with 6.1 per cent last year, according to the IMF. Already, 50 million people have been thrust into extreme poverty as a result of the crisis, according to the World Bank.
The crisis, rooted in the rampant trading of exotic financial assets by American and European banks, exposed the weaknesses of unfettered capitalism as a panacea for global poverty.
France and Germany teamed up to contribute almost $2-billion (U.S.) to a World Bank program that will finance infrastructure projects in poorer countries that are at risk of stalling because of the crisis, and World Bank president Robert Zoellick said he will be pushing other nations to contribute to the fund. Richer countries’ support of poorer nations isn’t entirely altruistic.
While economic growth in emerging economies has slumped, it still is growth. The economies of the world’s industrialized nations will contract 3.8 per cent this year and won’t grow at all in 2010, according to the IMF.
Source: University of Toronto G8 Research Group
While hardly oblivious to the plight of the poor, economic leaders from the United States, Britain, Japan and other industrial nations have devoted most of their energy over the past year to cleaning up their financial messes at home.
But the risks facing emerging economies in Africa, Asia, South America and Eastern Europe have become so severe that they were impossible to ignore at meetings of the International Monetary Fund and World Bank.
The economies of emerging and developing countries will expand a mere 1.6 per cent in 2009, compared with 6.1 per cent last year, according to the IMF. Already, 50 million people have been thrust into extreme poverty as a result of the crisis, according to the World Bank.
The crisis, rooted in the rampant trading of exotic financial assets by American and European banks, exposed the weaknesses of unfettered capitalism as a panacea for global poverty.
France and Germany teamed up to contribute almost $2-billion (U.S.) to a World Bank program that will finance infrastructure projects in poorer countries that are at risk of stalling because of the crisis, and World Bank president Robert Zoellick said he will be pushing other nations to contribute to the fund. Richer countries’ support of poorer nations isn’t entirely altruistic.
While economic growth in emerging economies has slumped, it still is growth. The economies of the world’s industrialized nations will contract 3.8 per cent this year and won’t grow at all in 2010, according to the IMF.
Source: University of Toronto G8 Research Group
Friday, April 24, 2009
G7 hails China's actions and pledges supoort
The G7 major economies Friday hailed the contribution of “many countries,” including China, in the fight against the global economic crisis and pledged to work toward increasing their clout in international financial institutions.
“Many countries are now playing a major role in the global economy and we welcome their contribution to the collective international effort to promote recovery,” Group of Seven finance officials said in a statement following a meeting in Washington.
“We welcome China’s continued commitment to move to a more flexible exchange rate, which should lead to continued appreciation of the renminbi in effective terms and help promote more balanced growth in China and in the world economy,” the G7 finance ministers and central bank governors said.
The G7 added that they “will work with our international partners to modernize the governance of the international financial institutions in order to enhance their relevance, effectiveness, and legitimacy.”
The People’s Bank of China cut the renminbi’s peg to the dollar in 2005 and since then has allowed it to appreciate steadily, but under close control.
In recent months, the Chinese government appears to have decided the currency had gone up enough against the dollar as the global crisis saps its key export market.
Source: G8 Research Group University of toronto
“Many countries are now playing a major role in the global economy and we welcome their contribution to the collective international effort to promote recovery,” Group of Seven finance officials said in a statement following a meeting in Washington.
“We welcome China’s continued commitment to move to a more flexible exchange rate, which should lead to continued appreciation of the renminbi in effective terms and help promote more balanced growth in China and in the world economy,” the G7 finance ministers and central bank governors said.
The G7 added that they “will work with our international partners to modernize the governance of the international financial institutions in order to enhance their relevance, effectiveness, and legitimacy.”
The People’s Bank of China cut the renminbi’s peg to the dollar in 2005 and since then has allowed it to appreciate steadily, but under close control.
In recent months, the Chinese government appears to have decided the currency had gone up enough against the dollar as the global crisis saps its key export market.
Source: G8 Research Group University of toronto
Friday, March 20, 2009
GRAND THEFT, PLANET - 'The Smoking Gun'
As of right now, the six billion human beings on the planet earth owe the international banking system one hundred and ninety thousand dollars; each.
Once may be an accident; twice could possibly be a coincidence but three times in a row is a Declaration of War. Four times in a row is the arrogance of knowing that the Declaration of War fell on deaf ears. Five times in a row is quite simply daylight robbery and rape while we are drugged and asleep. This sixth time should wake us up so that this theft and rape is not visited on a seventh generation:
DEPRESSION UPON DEPRESSION
Every fifty years or so, since 1711, there has been a commodity peak in the leading money markets, followed by a crash (at that time called the South Sea bubble collapse), followed by a depression.
There is a nine-year period between a commodity peak and a market crash, followed over the next ten years or so by a depression. Add forty-six to that (the average period between depressions) and you have a fifty-year-odd boom-bust cycle meaning, “once a generation we are plucked”.- (Tom Dennen, "A Unified Field Theory of Economics" a work in progress.)
The following compilation is from 'The Great Reckoning' by James Dale Davidson and William Rees-Mogg, Sidgwick & Jackson, 1993.
THE FIRST SHOT FROM THE STILL SMOKING GUN
Commodity prices peaked in London in 1711 (Long before America came into the economic picture). The South Sea Bubble burst nine years later in 1720. Depression followed.
THE SECOND SHOT
Producer prices peaked in London in 1763. The London stock market crashed again in 1772 (nine years later). Depression followed.
THE THIRD SHOT
Commodity prices peaked in London in 1816, just after the Battle of Waterloo. The London stock market crashed in 1825 (nine years later). Depression followed.
THE FOURTH SHOT
Wholesale prices peaked in New York in 1864. A worldwide assets crash began in May 1873 (nine years later). Depression followed.
THE FIFTH SHOT
Then followed our beloved Great Depression in the 30s, about which much has been said, from which, little learned.
THE SIXTH SHOT FIRED – IS THE GUN NOW EMPTY? HAVE WE LEARNED?
Commodity prices peaked in Tokyo, in 1980 some fifty years after the Great Depression started. The Tokyo stock market peaked in 1989 (again, nine years later) and crashed in 1990.
The depression following that crash is now upon us. “I call this one, 'Grand Theft, Planet”,
WHAT WE OWE THE BANKS
From Tom Foremski (The Silicon Valley Watcher) - October 16, 2008, "According to various distinguished sources including the Bank for International Settlements (BIS) in Basel, Switzerland -- the central bankers' central bank -- the amount of outstanding derivatives worldwide as of December 2007 crossed USD 1.144 Quadrillion, ie, USD 1,144 Trillion. The main categories of the USD 1.144 Quadrillion derivatives market were the following:
1. Listed credit derivatives stood at USD 548 trillion;
2. The Over-The-Counter (OTC) derivatives stood in notional or face value at USD 596 trillion and included:
a. Interest Rate Derivatives at about USD 393+ trillion;
b. Credit Default Swaps at about USD 58+ trillion;
c. Foreign Exchange Derivatives at about USD 56+ trillion;
d. Commodity Derivatives at about USD 9 trillion;
e. Equity Linked Derivatives at about USD 8.5 trillion; and
f. Unallocated Derivatives at about USD 71+ trillion.
The Size of Derivatives Bubble now equals $190K Per Person on the Planet. "Exponential economic growth required by the mathematics of compound interest on a money supply based on money as debt must always run up eventually aginst the finite nature of Earth's resources." - British financial analyst Chris Cook. 'Unregulated financial market' means that banks are allowed to charge compound interest. Even ancient Rome capped interest at max 5% and compound interest (usury) was outlawed (See Tacitus, The Annals of Rome, Chapter Six, a.d. 29).
We’ve been robbed again. Q.E.D.
Source: Tom Dennen
Once may be an accident; twice could possibly be a coincidence but three times in a row is a Declaration of War. Four times in a row is the arrogance of knowing that the Declaration of War fell on deaf ears. Five times in a row is quite simply daylight robbery and rape while we are drugged and asleep. This sixth time should wake us up so that this theft and rape is not visited on a seventh generation:
DEPRESSION UPON DEPRESSION
Every fifty years or so, since 1711, there has been a commodity peak in the leading money markets, followed by a crash (at that time called the South Sea bubble collapse), followed by a depression.
There is a nine-year period between a commodity peak and a market crash, followed over the next ten years or so by a depression. Add forty-six to that (the average period between depressions) and you have a fifty-year-odd boom-bust cycle meaning, “once a generation we are plucked”.- (Tom Dennen, "A Unified Field Theory of Economics" a work in progress.)
The following compilation is from 'The Great Reckoning' by James Dale Davidson and William Rees-Mogg, Sidgwick & Jackson, 1993.
THE FIRST SHOT FROM THE STILL SMOKING GUN
Commodity prices peaked in London in 1711 (Long before America came into the economic picture). The South Sea Bubble burst nine years later in 1720. Depression followed.
THE SECOND SHOT
Producer prices peaked in London in 1763. The London stock market crashed again in 1772 (nine years later). Depression followed.
THE THIRD SHOT
Commodity prices peaked in London in 1816, just after the Battle of Waterloo. The London stock market crashed in 1825 (nine years later). Depression followed.
THE FOURTH SHOT
Wholesale prices peaked in New York in 1864. A worldwide assets crash began in May 1873 (nine years later). Depression followed.
THE FIFTH SHOT
Then followed our beloved Great Depression in the 30s, about which much has been said, from which, little learned.
THE SIXTH SHOT FIRED – IS THE GUN NOW EMPTY? HAVE WE LEARNED?
Commodity prices peaked in Tokyo, in 1980 some fifty years after the Great Depression started. The Tokyo stock market peaked in 1989 (again, nine years later) and crashed in 1990.
The depression following that crash is now upon us. “I call this one, 'Grand Theft, Planet”,
WHAT WE OWE THE BANKS
From Tom Foremski (The Silicon Valley Watcher) - October 16, 2008, "According to various distinguished sources including the Bank for International Settlements (BIS) in Basel, Switzerland -- the central bankers' central bank -- the amount of outstanding derivatives worldwide as of December 2007 crossed USD 1.144 Quadrillion, ie, USD 1,144 Trillion. The main categories of the USD 1.144 Quadrillion derivatives market were the following:
1. Listed credit derivatives stood at USD 548 trillion;
2. The Over-The-Counter (OTC) derivatives stood in notional or face value at USD 596 trillion and included:
a. Interest Rate Derivatives at about USD 393+ trillion;
b. Credit Default Swaps at about USD 58+ trillion;
c. Foreign Exchange Derivatives at about USD 56+ trillion;
d. Commodity Derivatives at about USD 9 trillion;
e. Equity Linked Derivatives at about USD 8.5 trillion; and
f. Unallocated Derivatives at about USD 71+ trillion.
The Size of Derivatives Bubble now equals $190K Per Person on the Planet. "Exponential economic growth required by the mathematics of compound interest on a money supply based on money as debt must always run up eventually aginst the finite nature of Earth's resources." - British financial analyst Chris Cook. 'Unregulated financial market' means that banks are allowed to charge compound interest. Even ancient Rome capped interest at max 5% and compound interest (usury) was outlawed (See Tacitus, The Annals of Rome, Chapter Six, a.d. 29).
We’ve been robbed again. Q.E.D.
Source: Tom Dennen
Monday, March 16, 2009
Great Power divisions persist following G20 summit
A summit of G20 finance ministers and central bankers failed to reach any concrete agreement for measures to deal with the growing international finance crisis.
The meeting held in Horsham, southern England last Friday and Saturday brought together the finance ministers and central bankers of the world's leading economies responsible for 85 percent of world economic output. The aim of the meeting was to prepare an agenda for the G20 summit of country leaders planned for April 2 in London.
The communiqué issued by the finance ministers and central bank governors was upbeat, stating, "We have taken decisive, coordinated and comprehensive action to boost demand and jobs, and are prepared to take whatever action is necessary until growth is restored. We commit to fight all forms of protectionism and maintain open trade and investment." A closer perusal of the communiqué reveals that the assembled finance heads and bankers had been unable to agree on any of the main issues.
The failure of the leading capitalist nations to arrive at any binding agreement demonstrates that divisions between the major powers—particularly the US, Europe and China—are hardening fast. It is already clear from the proceedings at the weekend that nothing remains of the "Global New Deal" proposed by Brown to Obama in Washington earlier this month.
The implications of these divisions are far-reaching. In a comment on the growing drift between America and Germany, this week's Der Spiegel declares, "The German-American brawl evokes bad memories for economists. America and the European states were also incapable of agreeing on a joint strategy in the world economic crisis in the 1930's. The result was a worldwide trade war which only accelerated the economic collapse into the Depression. That cannot be allowed to happen again—that was what the industrial nations assured at their first summit last November in Washington. Now, however, the rifts are growing between the US and continental Europe."
Der Spiegel neglects to point out in its drawing of parallels with the 1930's that the resolution of the economic conflict between Germany and its rivals, including the United States, culminated in the Second World War.
Source: World Socialist Web Site
The meeting held in Horsham, southern England last Friday and Saturday brought together the finance ministers and central bankers of the world's leading economies responsible for 85 percent of world economic output. The aim of the meeting was to prepare an agenda for the G20 summit of country leaders planned for April 2 in London.
The communiqué issued by the finance ministers and central bank governors was upbeat, stating, "We have taken decisive, coordinated and comprehensive action to boost demand and jobs, and are prepared to take whatever action is necessary until growth is restored. We commit to fight all forms of protectionism and maintain open trade and investment." A closer perusal of the communiqué reveals that the assembled finance heads and bankers had been unable to agree on any of the main issues.
The failure of the leading capitalist nations to arrive at any binding agreement demonstrates that divisions between the major powers—particularly the US, Europe and China—are hardening fast. It is already clear from the proceedings at the weekend that nothing remains of the "Global New Deal" proposed by Brown to Obama in Washington earlier this month.
The implications of these divisions are far-reaching. In a comment on the growing drift between America and Germany, this week's Der Spiegel declares, "The German-American brawl evokes bad memories for economists. America and the European states were also incapable of agreeing on a joint strategy in the world economic crisis in the 1930's. The result was a worldwide trade war which only accelerated the economic collapse into the Depression. That cannot be allowed to happen again—that was what the industrial nations assured at their first summit last November in Washington. Now, however, the rifts are growing between the US and continental Europe."
Der Spiegel neglects to point out in its drawing of parallels with the 1930's that the resolution of the economic conflict between Germany and its rivals, including the United States, culminated in the Second World War.
Source: World Socialist Web Site
Sunday, March 15, 2009
Foreclosure Rescue Scams
As soon as a lender raises the red flag, scammers descend.
While the schemes vary in their mechanics, all follow a similar pattern. An individual or group, in the guise of helping a homeowner avoid losing his or her house, persuades the owner to transfer the title to the rescuer or another designated buyer.
The unscrupulous individuals or groups approach homeowners facing foreclosure and promise to help them save their homes. In many instances, they convince the troubled homeowner (who is desperate to save their homes) to transfer the deed over to them with the promise that the investor will make the mortgage payments going forward, and the previous owner can rent while they try to rebuild their savings and repair their credit.
Once the supposed “angel investor” gets the deed to the house, they boot the former owner out—and sell the property for what’s often a hefty profit.
Source: Businessweek
While the schemes vary in their mechanics, all follow a similar pattern. An individual or group, in the guise of helping a homeowner avoid losing his or her house, persuades the owner to transfer the title to the rescuer or another designated buyer.
The unscrupulous individuals or groups approach homeowners facing foreclosure and promise to help them save their homes. In many instances, they convince the troubled homeowner (who is desperate to save their homes) to transfer the deed over to them with the promise that the investor will make the mortgage payments going forward, and the previous owner can rent while they try to rebuild their savings and repair their credit.
Once the supposed “angel investor” gets the deed to the house, they boot the former owner out—and sell the property for what’s often a hefty profit.
Source: Businessweek
Wednesday, March 11, 2009
South Africa: Rural Poor Bear The Brunt of Dysfunctional Land Reform
One major blight on the last three terms of the ANC-led government is service provision to the rural poor, and in particular the provision of land and the requisite agricultural support. In general, the ANC government’s relationship with rural South Africa has been rather nebulous, and the land question has made this even more starkly so.
For the vast majority of the country’s rural households, land is no longer the primary lifeline, as it was the case before colonial, and subsequently, apartheid land dispossession. Neither is subsistence farming, nor agriculture. With the increasing dependence on social grants these traditional modes of survival are wilting away, along with the once cherished ideals of hard work and self-determination.
The previous ANC leadership fixated on being careful not to frighten investors and other big players by any radical government intervention in the land market, and the corollary has been inadequate public investment in the rural economy, and consequently poor access to agricultural land, finance and infrastructure.
As the country approaches the fourth national democratic elections, the marginalisation of rural South Africa is emerging as a key campaign issue, with the new ANC leadership going as far as labelling it government’s single greatest failure. While the causes of this failure are varied and complex, they are not unrelated to certain deficiencies in government’s land administration practices.
Then there is the question of unscrupulous landowners who have seized the land restitution process as an opportunity to grow fat profits from grossly inflated land prices. Land officials themselves have been suspected of conniving with these landowners, in return for a share of the spoils. And to some extent the Land Affairs department has been complicit in these shady acts, namely by failing to verify whether the sellers are in fact owners of the properties sold to government. The purchase of food-producing land for golf courses and game farms has also emerged as a major issue.
Source: Institute for Security Studies
For the vast majority of the country’s rural households, land is no longer the primary lifeline, as it was the case before colonial, and subsequently, apartheid land dispossession. Neither is subsistence farming, nor agriculture. With the increasing dependence on social grants these traditional modes of survival are wilting away, along with the once cherished ideals of hard work and self-determination.
The previous ANC leadership fixated on being careful not to frighten investors and other big players by any radical government intervention in the land market, and the corollary has been inadequate public investment in the rural economy, and consequently poor access to agricultural land, finance and infrastructure.
As the country approaches the fourth national democratic elections, the marginalisation of rural South Africa is emerging as a key campaign issue, with the new ANC leadership going as far as labelling it government’s single greatest failure. While the causes of this failure are varied and complex, they are not unrelated to certain deficiencies in government’s land administration practices.
Then there is the question of unscrupulous landowners who have seized the land restitution process as an opportunity to grow fat profits from grossly inflated land prices. Land officials themselves have been suspected of conniving with these landowners, in return for a share of the spoils. And to some extent the Land Affairs department has been complicit in these shady acts, namely by failing to verify whether the sellers are in fact owners of the properties sold to government. The purchase of food-producing land for golf courses and game farms has also emerged as a major issue.
Source: Institute for Security Studies
Friday, February 13, 2009
Guangdong GDP set to grow 8.5%
Guangdong province, the country's top economic powerhouse, is forecasting 8.5 percent GDP growth this year, a draft government report said yesterday.
The report is yet to be discussed by delegates to the provincial people's congress, which opens today in the provincial capital of Guangzhou. Growth will be less than last year's 10.1 percent, sources close to the provincial people's congress said. GDP of the province was about 3.57 trillion yuan ($522 billion) last year, down 4.6 percent on 2007.
"As the largest province in terms of GDP, Guangdong will face a tough time in 2009 as it has been greatly affected by the global financial crisis," Governor Huang Huahua said at a government work meeting in December 2008.
Source: China View
The report is yet to be discussed by delegates to the provincial people's congress, which opens today in the provincial capital of Guangzhou. Growth will be less than last year's 10.1 percent, sources close to the provincial people's congress said. GDP of the province was about 3.57 trillion yuan ($522 billion) last year, down 4.6 percent on 2007.
"As the largest province in terms of GDP, Guangdong will face a tough time in 2009 as it has been greatly affected by the global financial crisis," Governor Huang Huahua said at a government work meeting in December 2008.
Source: China View
Tuesday, January 20, 2009
Anxious wait
Around £1.5bn a year in research funding is at stake as officials at the Higher Education Funding Council for England (Hefce) work out what money will follow December's research assessment exercise (RAE). The national project to judge the quality of British research revealed a much wider spread of top researchers than before. With over half the research (54%) submitted in 2008 deemed to be either world-leading (4*) or internationally excellent (3*) - and found in 150 of 159 universities - the funding that follows will inevitably be more thinly spread.
Vice-chancellors of big, research-intensive universities are particularly worried. The Russell group claims that without continued "selectivity" - at the moment 29 universities receive 82% of Hefce's research funding - world-class universities with the capacity to compete globally will be jeopardised.
But vice-chancellors who have met with the higher education minister, David Lammy, suggest he is less interested in hearing about research funding than what universities can do to help the country out of recession.
"Ministers understand the importance of research selectivity and concentration and having world-class universities, particularly as a mechanism to accelerate out of the bottom end of the recession and gain advantage. But whether that will translate through, we don't know," says Professor Michael Arthur, vice-chancellor of the University of Leeds. "Other VCs are saying this is classic Russell group protectionism, but take it to its extreme and you end up with lots of universities in the middle and nobody at world-class level. That would be bad for the country.
mperial College London was rated one of the top universities in the UK, with most of its research deemed to be of the highest quality. But funding predictions suggest it could be one of the biggest losers, mainly because its medical school did not do as well as last time round.
Michelle Coupland, Imperial's strategy and planning, RAE project director, says: "The college is proud to have the greatest concentration, at 73%, of research assessed as world-leading and internationally excellent and this must be rewarded in the funding that results. It is no accident that the UK is home to four universities regarded as among the global top 10. The world's most pressing problems can be solved by these top universities, since they have recognised strengths across a broad range of disciplines.
"These universities have demonstrated consistent excellence in successive exercises and investment in them will thus enable the UK to maintain a globally competitive edge."
Soure: The Guardian
Vice-chancellors of big, research-intensive universities are particularly worried. The Russell group claims that without continued "selectivity" - at the moment 29 universities receive 82% of Hefce's research funding - world-class universities with the capacity to compete globally will be jeopardised.
But vice-chancellors who have met with the higher education minister, David Lammy, suggest he is less interested in hearing about research funding than what universities can do to help the country out of recession.
"Ministers understand the importance of research selectivity and concentration and having world-class universities, particularly as a mechanism to accelerate out of the bottom end of the recession and gain advantage. But whether that will translate through, we don't know," says Professor Michael Arthur, vice-chancellor of the University of Leeds. "Other VCs are saying this is classic Russell group protectionism, but take it to its extreme and you end up with lots of universities in the middle and nobody at world-class level. That would be bad for the country.
mperial College London was rated one of the top universities in the UK, with most of its research deemed to be of the highest quality. But funding predictions suggest it could be one of the biggest losers, mainly because its medical school did not do as well as last time round.
Michelle Coupland, Imperial's strategy and planning, RAE project director, says: "The college is proud to have the greatest concentration, at 73%, of research assessed as world-leading and internationally excellent and this must be rewarded in the funding that results. It is no accident that the UK is home to four universities regarded as among the global top 10. The world's most pressing problems can be solved by these top universities, since they have recognised strengths across a broad range of disciplines.
"These universities have demonstrated consistent excellence in successive exercises and investment in them will thus enable the UK to maintain a globally competitive edge."
Soure: The Guardian
Tuesday, January 13, 2009
Notes on the political and economic crisis of the world capitalist system
The conditions that prevail as humanity enters 2009 cruelly refute the illusions of a new epoch of peace and prosperity that thrived at the dawn of the new millennium. The entire world is engulfed in an economic crisis that is rapidly assuming the dimensions of a historic catastrophe.
Amidst the mounting economic disarray, the conduct of the imperialist powers assumes an openly criminal character. Israeli bombs and artillery rain down on the defenseless people of Gaza, recalling the fascist atrocities of Guernica and the Warsaw Ghetto. American imperialism, itself implicated in the slaughter of countless thousands of Iraqis and Afghans, gives its wholehearted approval to the crimes of the Israeli regime.
The poet Auden’s characterization of the 1930s as a “low and dishonest” decade applies no less aptly to the first decade of the 21st century. And yet, the loss of political illusions is an essential prerequisite for the acquisition of knowledge. The experience of the initial years of the new century refutes the fatuous claims that history (i.e., class struggle against capitalism and imperialism) has ended. Rather, it is becoming increasingly clear that the working class, in the United States and internationally, is entering a new epoch of revolutionary struggles.
Source: International Committee of the Fourth International (ICFI)
Amidst the mounting economic disarray, the conduct of the imperialist powers assumes an openly criminal character. Israeli bombs and artillery rain down on the defenseless people of Gaza, recalling the fascist atrocities of Guernica and the Warsaw Ghetto. American imperialism, itself implicated in the slaughter of countless thousands of Iraqis and Afghans, gives its wholehearted approval to the crimes of the Israeli regime.
The poet Auden’s characterization of the 1930s as a “low and dishonest” decade applies no less aptly to the first decade of the 21st century. And yet, the loss of political illusions is an essential prerequisite for the acquisition of knowledge. The experience of the initial years of the new century refutes the fatuous claims that history (i.e., class struggle against capitalism and imperialism) has ended. Rather, it is becoming increasingly clear that the working class, in the United States and internationally, is entering a new epoch of revolutionary struggles.
Source: International Committee of the Fourth International (ICFI)
Wednesday, October 8, 2008
In bleak forecast, IMF sees major global downturn
In its bleakest forecast in years, the International Monetary Fund (IMF) said on Wednesday the world economy was set for a major downturn, with the United States and Europe either in or on the brink of recession.
Source: Mail & Guardian
Source: Mail & Guardian
Saturday, September 27, 2008
Biggest US bank failure ever
The collapse of the Seattle-based firm, the sixth largest US bank and the largest savings and loan company in the country, was the biggest bank failure in American history.
With $307 billion in assets, $188 billion in deposits and more than 2,200 branches, Washington Mutual’s failure by far eclipsed the previous record bank collapse, that of Continental Illinois in 1984. The latter had $40 billion in assets at the time of its demise.
Source: World Socialist Web
With $307 billion in assets, $188 billion in deposits and more than 2,200 branches, Washington Mutual’s failure by far eclipsed the previous record bank collapse, that of Continental Illinois in 1984. The latter had $40 billion in assets at the time of its demise.
Source: World Socialist Web
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