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Exige la comunidad internacional que cese la represión en Egipto

http://www.jornada.unam.mx/2011/01/30/index.php?section=mundo&article=023n2mun

Check out: ‘Strange Currency’ on Slate

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Strange Currency
By Annie Lowrey
http://www.slate.com/id/2282765?wpisrc=sl_ipad

Check out: ‘The Sure Thing’ on Slate

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The Sure Thing
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http://www.slate.com/id/2282621?wpisrc=sl_ipad

Check out: ‘Repeat Competition’ on Slate

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Check out: ‘The End of the Mancession’ on Slate

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The End of the Mancession
By Heather Boushey
http://www.slate.com/id/2282340?wpisrc=sl_ipad

Lic. Ramón Cortes Vargas
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The Independent — Davos ends with promise for poor

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Davos ends with promise for poor

Business leaders rounded off this year’s World Economic Forum with a call to make sure the poor benefit more from any global economic revival.

© 2009 Independent News and Media

The Washington Post: U.S. stock market declines following Egyptian unrest

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U.S. stock market declines following Egyptian unrest
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The Independent — Davos Diary: JD, CEO JPM, coins LOL acronym

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Davos Diary: JD, CEO JPM, coins LOL acronym

Jamie Dimon, the CEO of JPMorgan Chase, is widely admired as a banker but it looks as if his marketing skills still need a little honing. Dimon professes himself unhappy with the official description of the plan for an orderly wind-up of a failing bank as a «resolution scheme». He wants to call it the MDBFBDB plan instead. It stands for «minimal damage bankruptcy for big dumb banks». We get the point, but it’s not the catchiest of titles.

© 2009 Independent News and Media

(BN) Subbarao Seeks Budget Restraint to Curb India Inflation After Rate Rise

Subbarao Seeks Budget-Deficit Cut to Slow India’s Inflation

Jan. 26 (Bloomberg) — India’s central bank urged the government to cut subsidies that are preventing inflation from easing as Governor Duvvuri Subbarao increased interest rates for the seventh time in a year.

“Monetary policy works most efficiently while dealing with an inflationary situation when the fiscal situation is under control,” Subbarao said yesterday after boosting the repurchase rate by a quarter-point to 6.5 percent.

Subbarao’s comments build pressure on Finance Minister Pranab Mukherjee to cut the budget deficit, which has almost doubled in three years. The Reserve Bank of India may also need to keep raising rates to quell inflation that remains the highest in the Group of 20 after Argentina and Russia.

“The expansionary fiscal policy is exacerbating demand- side inflation and the government needs to squeeze in harder to rein in the deficit,” said Vishnu Varathan, a Singapore-based economist at Capital Economics Ltd. “The RBI will need to hike rates further to anchor inflation.” He expects rates to climb by another percentage point by December.

Finance Minister Mukherjee is scheduled to announce in February the budget for the financial year starting April 1. The minister is aiming to narrow the budget deficit to 5.5 percent of gross domestic product in the current year ending March 31. That compares with a shortfall of 2.7 percent of GDP in the year ended March 2008.

Stocks Fall

The Bombay Stock Exchange’s Sensitive Index fell 1 percent at the close of trading in Mumbai yesterday. The yield on the most-traded 11-year government bond dropped six basis points to 8.20 percent. The rupee slid 0.1 percent to 45.7075 per dollar.

The RBI yesterday raised its benchmark wholesale-price inflation forecast to 7 percent by March 31, more than its earlier prediction of 5.5 percent after food costs soared. India’s latest annual consumer-price inflation was 8.3 percent, compared with 10.9 percent in Argentina and 8.8 percent in Russia.

Food inflation in India has averaged more than 15 percent in the past two years. The government on Jan. 13 blamed the late arrival of rains for the current spurt in prices of fruits and vegetables including onions, a staple in the local cuisine. It said prices of milk, eggs, meat and fish gained because of stronger consumer demand after faster economic expansion boosted incomes.

The central bank retained the growth projection for the financial year through March at 8.5 percent with an “upward bias.”

Food Inflation

“The rise in food inflation has not only persisted for more than two years now, the increase has been rather sharp in the recent period,” Subbarao said in yesterday’s monetary policy statement. “This cannot but have some spillover effects on generalized inflation, particularly when the growth momentum is strong and both workers and producers are likely to have pricing power.”

Inflation forced Hero Honda Motors Ltd., maker of about half the motorcycles sold in India, to raise wages, Chief Finance Officer Ravi Sud said in a Jan. 19 interview without providing details.

Godrej Consumer Products Ltd., India’s second-largest maker of bath soap, will boost prices for a third time in as many months to offset raw material costs that have climbed 50 percent since April, Managing Director A. Mahendran said this month.

Consumers are shielded from inflation by the government, which provides subsidy on items including food and fuel.

Aggregate Demand

While “subsidies may contribute in the short term to keep supply-side inflationary pressures in check, they may more than offset this benefit by adding to aggregate demand,” Subbarao said. “If the government is able to commit more resources to capital expenditure, it will help deal with some of the bottlenecks that contribute to supply-side inflationary pressures.”

Subsidies for food and fertilizer now consume 10 percent of the budget. With another 14 percent of the budget devoted to defense, 19 percent to pay interest on the national debt and another 25 percent given to states as their share of the federal government’s revenue, there’s little left to pay for roads and power plants, whose shortage add to the cost of doing business.

India has a power deficit of 10 percent during peak hours, the nation’s Central Electricity Authority estimates, forcing most companies to invest in their own supply back-ups. Roads, used to transport about 65 percent of the nation’s cargo, are plagued by single lanes and irregular surfaces.

“The government also has to do its bit to see that its actions are aimed at easing supply bottlenecks, that helps address the inflation problem,” said Samiran Chakrabarty, a Mumbai-based economist at Standard Chartered Plc. “The budget is a good opportunity to show its resolve and take measures to improve the subsidy program and cut wasteful expenditure.”

To contact the reporter on this story: Kartik Goyal in New Delhi at kgoyal

To contact the editor responsible for this story: Stephanie Phang at sphang

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