NEWS: Economic Development

NEWS via BloombergBusinessWeek: Megadams Are Dismal Investments

March 22, 2014 // 0 Comments

Megadams Are Dismal Investments By Blake Schmidt March 13, 2014 Photograph by Taylor Weidman/Zuma Press Indigenous Munduruku men at the quarry site for Belo Monte It’s hard to overstate the massive proportions of Belo Monte. When completed, it will be the world’s third-largest dam. Set in the heart of the Brazilian Amazon, it will funnel water through 18 turbines, each with the diameter of the Space Shuttle. When the last one is switched on in 2019, Belo Monte will have a capacity of 11,233 megawatts—enough to supply power to 40 percent of Brazil’s households. Construction crews, which began work in 2011, will have to dig up almost twice as much dirt as was removed to build China’s Three Gorges Dam, and truck in enough steel to build 16 Eiffel Towers, according to the dam’s developers. About 26,000 laborers toil in shifts around the clock. Massive is a word that also applies to the hydropower project’s price. Norte Energia, the consortium awarded a 35-year concession [...]

NEWS via CNN: Plugging China’s talent pool

March 20, 2014 // 0 Comments

Plugging China’s talent pool By Zarina Banu for CNN March 20, 2014 — Updated 0603 GMT (1403 HKT) Many are leaving China for reasons like education, food and wealth security and air quality. STORY HIGHLIGHTS China sees 8.5 million mainly middle-class living abroad with less than 10% moving in Paper in China calls exodus “the world’s worst brain drain” Hong Kong (CNN) — “Culture is not the main reason why most Chinese people leave. This is a romantic view. Most people leave China because of practical reasons like education, food and wealth security and air quality.” This is the view of Li Chen, who moved to Hong Kong from the mainland two years ago. A combination of pragmatism and aspiration led the 32-year-old Masters of Journalism student to leave. He said when his wife was offered the chance to relocate to Hong Kong, the timing for the couple was just right. The move allowed Li to pursue his passion for photography and will earn him [...]

NEWS via ABQjournal: Mexican economy’s growth in overdrive

March 19, 2014 // 0 Comments

Mexican economy’s growth in overdrive By Jerry Pacheco / For the Journal PUBLISHED: Monday, March 17, 2014 at 12:05 am The current economic situation in Mexico reminds me of what was going on in this country in the early 1990s. At that time, Mexico had fully committed to opening up its economy and opting for trade liberalization. It had a young president who was openly supportive of commerce and of foreign direct investment in his country. A wave of privatization, reversing the trends in the 1980s, was sweeping the country as it opened up its telecommunications and financial industries. The North American Free Trade Agreement was implemented in 1994 and Mexico was going full steam ahead to create a modern economy. Perhaps more than anything, there was a spirit of change and excitement in the air. Fast-forward 20 years and this same feeling seems to be in the air, as the Mexican economy grows and change is happening daily. Since taking office at the end of 2012, Mexican President [...]

NEWS via NPR: Who Had Richer Parents, Doctors Or Artists

March 18, 2014 // 0 Comments

Who Had Richer Parents, Doctors Or Artists A few weeks ago, we were sitting around the office arguing over this simple question: Who had richer parents, journalists or people working in finance? Doctors or artists? More generally: What’s the link between household income during childhood and job choice during adulthood? After some poking around, we figured out how to settle the argument. A government survey has tracked more than 12,000 people for decades. It allowed us to look at the same group of people in 1979 and 2010 — from a time when most were teenagers to the time when they were middle-aged and, for the most part, gainfully employed. We crunched the data a few ways. First, here’s a table that answers our basic question. It links peoples’ jobs as adults in 2010 to their parents’ income when they were kids in 1979. Job As Adult Household Income During Childhood Farming, Fishing, And Forestry less than $35,000 Child Care Workers, Home Care Workers, etc. [...]

NEWS via CNN: Crimea-Economic fallout of a ‘yes’ vote

March 16, 2014 // 0 Comments

Crimea: Economic fallout of a ‘yes’ vote By Alanna Petroff and Mark Thompson  @CNNMoney March 15, 2014: 7:54 AM ET Crimea is voting on Sunday in a referendum to decide if the region should break from Ukraine and join Russia.  LONDON (CNNMoney) The Ukrainian region of Crimea votes Sunday on whether to join Russia, a move that could tip Europe back into a Cold War with its powerful eastern neighbor. The West has called the vote illegal, saying Russian military activity in Crimea violates Ukraine’s sovereignty and will influence the outcome of the referendum. U.S. and European leaders say Russia will pay a price for annexing Crimea, and German Chancellor Angela Merkel has warned of a potential “catastrophe.” Related: Live coverage of the crisis in Ukraine If, as expected, Crimeans choose Russia over Ukraine, the fallout could ultimately affect economic growth, trade, investment and energy supplies. Sanctions: Western powers may move as early as Monday [...]

NEWS via Guardian Liberty Voice: China Population Structure Change Demands Economic Reform

March 15, 2014 // 0 Comments

China Population Structure Change Demands Economic Reform Added by Tina Zhang on March 15, 2014. On March 13, China’s annual parliament meeting closed. Reforms in financialsector, economic structure, environmental protection, and many other areas were proposed. During the nine days of the meeting, there was plenty of news showing disappointing performance in areas such as investment, retail sales and factory output in the first two months of this year. These already invited speculations that policy easing from the government should be imminent. Beijing repeated said it would tolerate slower economic growth in exchange for economic structural transformation. Aside from the often-quoted reasons for such reform, the unstoppable change of the population structure demands China must tough through the pain of slowing economy and its structural reform. China’s working-age population shrank for the first time in 2012 by 3.45 million. Looking into the future, the number of 15 to 24 [...]

NEWS via CNN Money: 11 cities where workers are disappearing

March 14, 2014 // 0 Comments

NEW YORK (CNNMoney) Cincinnati, Cleveland and Dayton, Ohio The labor force has been shrinking in all of Ohio’s major cities other than its state capital, Columbus. Cleveland has lost 52,000 workers, or about 5% of its labor force, since November 2007, and Cincinnati lost 39,000 workers, or about 4% of its labor force, since May 2009, according to U.S. Bureau of Labor Statistics data. Job growth is anemic, particularly in Ohio’s main industry, manufacturing. Signs point to workers giving up, said Amy Hanauer, executive director of Policy Matters Ohio. “I think people are getting discouraged and leaving the labor market,” she said. Ohio lost 388,000 jobs in the financial crisis, and has since gained only about a fifth of them back. Phoenix and Tucson, Ariz. The fallout from the housing bust is still felt here. The construction sector slashed more than half its jobs in the crisis, and they’ve only started to trickle back in the last few months. But the [...]

RESOURCE: Life and Debt-Video and Guided Worksheet

March 11, 2014 // 4 Comments

Life and Debt (2001) The video Life and Debt is a fantastic documentary that discusses the economic struggles that post-colonial countries such as Jamaica face. The majority of the video shows how structural adjustment programs hinder economic progress by imposing fewer restrictions in free trade zones, and more restrictions to the rest of the country. Power relation struggles between MDCs and LDCs are evident when the World Trade Organization and international lending agencies are shown wielding their power. A current source for the online video is HERE.   Suggested use: Background information: Before viewing Life and Debt, the following topics are discussed: free trade zones, special economic zones, export processing zones, International Monetary Fund, World Bank, World Trade Organization, Walter Rostow’s Five Stages of Development, Immanuel Wallerstein’s World Systems Theory, structural adjustment programs, international model of development, self-sufficiency [...]

NEWS via NewYorkTimes: Some Who Fled Cuba Are Returning to Help

March 7, 2014 // 2 Comments

Some Who Fled Cuba Are Returning to Help By DAMIEN CAVEMARCH 4, 2014 At Atelier, foreigners and Cubans find food and service that had disappeared from Havana for decades. Credit Todd Heisler/The New York Times HAVANA — The business ideas have ranged from a bikini franchise to a peanut farm, restaurants, and design firms for software and home interiors. But even more novel than the pitches — in a country where entrepreneurship used to be illegal — is the financial muscle behind them: Cuban-Americans whose families lost their previous ventures to Cuba’s Communist government. “It’s all about people not losing hope and seeing that starting a business is a way to improve their lives,” said Eduardo Mestre, 65, a Wall Street banker who returned to Cuba last year for the first time since 1960 to see the start-up training he helps finance. “Emotionally, it’s very hard not to connect with people who have all this ambition in a place where maintaining hope is very hard to [...]

NEWS via HinduBusinessLine: ‘Agriculture dependent population in India grew by 50% during 1980-2011’’

March 2, 2014 // 0 Comments

‘Agriculture dependent population in India grew by 50% during 1980-2011’’ According to a report of the Worldwatch Institute, the economically active agricultural populations of China and India grew by 33 and 50 per cent respectively due to overall population growth. WASHINGTON, FEB 27: The agricultural population of India grew by a whopping 50 per cent between 1980 and 2011, the highest for any country during this period, followed by China with 33 per cent, while that of the US dropped by 37 per cent as a result of large-scale mechanisation, a latest report has said. “Between 1980 and 2011, the economically active agricultural populations of China and India grew by 33 and 50 per cent respectively due to overall population growth,” the Worldwatch Institute said in a report. “The economically active agricultural population of the US, on the other hand, declined by 37 per cent as a result of large-scale mechanisation, improved crop varieties, fertilisers, pesticides, and [...]

Map via WashingtonPost: Where long-term Unemployment is at Historic Highs

March 1, 2014 // 0 Comments

Where long-term unemployment is at historic highs Before the recession smashed the record, long-term unemployment peaked at 26 percent thirty years ago. But in 2013 it was higher than that in 41 states and D.C. It’s highest in D.C., New Jersey and Florida, where more than 45 percent of the jobless are long-term unemployed (i.e. unable to find work after about six months of [...]

NEWS vía Global Times: Island Migration – Canada Closes it’s Doors

February 27, 2014 // 0 Comments

Island migration Recently, Canada announced that it would end its investor program, closing off another path for Chinese immigrants. However, as Canada closes the door, island countries such as St Kitts and Nevis have opened another window for Chinese entrepreneurs who are seeking immigration for various reasons. Island nations have become the popular alternative immigration choice for rich entrepreneurs in China, because of benefits such as relaxed conditions and low investment requirements. Entrepreneurs such as Zhang Lan, the chairwoman of high-end restaurant chain South Beauty, and Feng Changge, the founder of Harmony Auto, are reported to have migrated there. A booth for overseas investment at the Shanghai Real estate fair, on October 3, 2013. Photo: I Fewer options A newly released report conducted by the Hurun Research Institute said that 64 percent of Chinese millionaires have already migrated with their wealth or are preparing to do so. On January 22, 2014, the Center for [...]

Map via WashingtonPost: Where the Millionaires Are

February 27, 2014 // 0 Comments

Where the Millionaires Are Per capita millionaire households (Source: Phoenix Global Wealth Monitor) More than six million households in the United States have liquid assets worth more than $1 million, according to new estimates that show the greatest concentrations of wealth in the United States are along the Interstate 95 corridor. (Click through for an interactive [...]

MAP via WashingtonPost: Who’s most well off

February 26, 2014 // 0 Comments

Who’s most well off Gallup’s well-being index. Gallup’s well-being index relies on 55 metrics, including rates of obesity, produce consumption, smoking, depression and psychological fulfillment. Generally, the best-off states are in the Midwest and West while the worst are in the south. And there was quite a bit of a shakeup last year. Nineteenth-ranked North Dakota rose to the top spot, while 12th-ranked South Dakota took the second spot. After four years on top, Hawaii fell to the eighth spot. Read more at [...]

NEWS via CNN: Mainland Chinese line up for Australia’s ‘millionaire visa’

February 9, 2014 // 0 Comments

Mainland Chinese line up for Australia’s ‘Millionaire Visa’ By Peter Shadbolt, for CNN February 4, 2014 — Updated 1145 GMT (1945 HKT) Chinese immigration into Australia now represents the third largest group after migrants from the UK and New Zealand. STORY HIGHLIGHTS Chinese are the biggest group to apply for Australia’s ‘millionaire visa’ High wealth individuals must invest $A5 million in Australia to get a visa Those investing for more than four years are eligible for permanent residency Chinese are the third largest immigrant group in Australia after the UK and NZ Hong Kong (CNN) — There’s little doubt which country Australia is targeting under its immigration scheme for the super-wealthy; the investment visa is called sub-class 188 and its permanent visa is called sub-class 888. In China, the number eight is culturally associated with wealth, prosperity and good fortune and rich Chinese nationals have been queuing up for the [...]

NEWS via Reuters: U.N. Sounds Alarm on Worsening Global Income Disparities

February 9, 2014 // 0 Comments

U.N. sounds alarm on worsening global income disparities BY LOUIS CHARBONNEAU UNITED NATIONS Wed Jan 29, 2014 11:50am EST Helen Clark, head of the United Nations Development Programme (UNDP), speaks during a news conference after launching a report on ”Water Governance in the Arab Region” in Manama November 28, 2013 file photo. CREDIT: REUTERS/HAMAD I MOHAMMED (Reuters) – The U.N. Development Program warned in a report on Wednesday that income disparities in countries around the world have been worsening, posing new risks for global economic and political stability. The UNDP warning echoes remarks from U.S. President Barack Obama in his annual State of the Union address on Tuesday, in which he said there was a widening gap between rich and poor in the world’s biggest economy and that while the stock market has soared, average U.S. wages have barely budged. The UNDP report said income inequality increased by 11 percent in developing countries over the two [...]

NEWS via Christian Science Monitor: Drug trafficking in Central America Wreaking Havoc on Forests

February 7, 2014 // 0 Comments

  Drug trafficking in Central America wreaking havoc on forests, study finds Drug traffickers are targeting vast stretches of rainforest  for clandestine landing strips and roads to carry on the drug trade, study finds By Sudeshna Chowdhury, Staff writer / January 31, 2014 It is time to rethink the war on drugs from the perspective of “narco-deforestation,” say researchers, who have expressed concern over disappearing Central American rainforest . In a paper published in journal Science, researchers stated that in remote areas of Honduras, Guatemala,Nicaragua, and neighboring countries, drug traffickers are destroying forests, often protected areas, to make way for clandestine landing strips and roads to move drugs and money. Vast stretches of forest are also cleared to set up agribusinesses, primarily-cattle ranching, to launder drug money, Erik Nielsen, assistant professor in the School of Earth Sciences and Environmental Sustainability at Northern Arizona [...]
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