By Freha Amjad
If you are looking to ride a career helicopter into the rarefied echelons of those who earn more than $250,000 a year – then consider becoming an expat working in Asia.
Such a course is suggested by the findings of the latest HSBC Expat Explorer report, which is based on a YouGov survey of 9,288 expats worldwide. Asia is home to the highest earning expats, who are almost three times more likely to earn over $250,000 a year than their counterparts in Europe. Read more >>
** FT News **
* The day Abenomics roars back | Abenomics roars back as further monetary easing stuns investors
* BoJ unexpectedly expands easing programme | Japan central bank attributes move to weak demand and lower oil price Read more >>
** FT News **
* Russia and Ukraine reach gas deal | Agreement forestalls potential winter energy crisis for Europe
* Military seizes power in Burkina Faso | Parliament set ablaze after President Compaoré tries to prolong his 27-year rule Read more >>
People in emerging markets are a lot more satisfied than they were in 2007, according to a survey by Pew Research, with Indonesians and the Chinese surging ahead in their accumulation of contentment.
By interviewing 47,643 people in 43 countries and comparing the results to a similar survey undertaken in 2007, Pew concluded that the greatest increases in “life satisfaction” occurred in Asia. In Indonesia, satisfaction levels increased by 35 percentage points over the past seven years; in China, satisfaction grew by 26 percentage points. Read more >>
** FT News **
* Acid attacks on women spread fear in Iran | Up to eight women in the central city of Isfahan have been injured in acid attacks this month
* Jerusalem on edge after shooting of rabbi | Attack on religious activist raises fears of broader Israeli-Palestinian confrontation Read more >>
By Andrew Foxall, The Henry Jackson Society
Western sanctions against Russia, first imposed in March, have strengthened that significant body of Russia’s elite who want to see a much more state-led style of development. During last week’s Valdai Club meeting in Sochi, President Putin argued that sanctions would help Russia’s ambitions by reducing its economic dependence on the West.
While Russia’s emphasis on self-sufficiency pre-dates the Ukraine crisis, its statism has intensified as Russia’s economy has started to show the strain of sanctions. Read more >>
The downturn in China’s property market is well documented, and one of the biggest points of interest for global investors. Whether you mine copper, sell TVs, or buy bonds, chances are the Chinese housing market matters to you somehow.
With that in mind, we’d like to present this handy chart from Moody’s – showing the annual price changes for newly completed apartments in China. It’s quite telling. Read more >>
And now the hurly burly’s done. With Brazil’s presidential run-off last weekend, this year’s elections in the five big deficit-plagued emerging markets are now complete.
Growth in all the fragile five – Brazil, India, Indonesia, Turkey and South Africa – has slowed, and ongoing current account deficits leave them vulnerable to a tightening of global credit. Perhaps unsurprisingly, the elections saw shifts against incumbents. Yet how far that move went, and what it is likely to mean for future policy, has divided those countries and may well determine their performance in the future. Read more >>
More evidence of the slowdown afflicting emerging markets: bank lending conditions have dipped back into negative territory. So finds a report to be published today by the Institute of International Finance. The tightening in the third quarter of the year follows an improvement in the second quarter and was driven by weaker demand for credit and a significant increase in non-performing loans, according to the IIF.
Felix Huefner, the IIF’s deputy director for global macroeconomic analysis, said the deterioration in bank lending on the demand side had come even as funding conditions, on the supply side, had shown some improvement. But he said even those conditions had become more challenging at the end of the quarter. Read more >>
Of the many resources used by Dilma Rousseff’s campaign managers in Brazil’s close-fought and acrimonious presidential election, one of the most striking was a simple, full-face photograph. The original was taken 44 years ago, when the 22-year-old Rousseff was under arrest as a member of the armed resistance to Brazil’s military dictatorship. What was already a striking portrait has been worked on and reshaped to produce something truly powerful, an image verging on the iconic that is packed with significance not only for Brazil’s past and present but also, who knows, for its future. Read more >>
In the years since the financial crisis, emerging markets have been awash with free-flowing global liquidity. Easy money from western central banks – notably the Fed – has driven up equity markets and currencies, and slashed borrowing costs.
On Wednesday, the QE punchbowl is finally set for the dishwasher. So will investors in emerging markets call it a night? Read more >>
** FT News **
* Russia behind cyber attacks, says group | Security analyst FireEye claims to be tracking ‘focused, longstanding espionage effort’
* Alibaba’s market value nudges Walmart | Jack Ma’s ecommerce group is closing in on the list of the world’s 10 most valuable companies Read more >>
Economists expect the drop in global food prices to help keep inflation low across emerging Asia over the next year, benefiting consumers and allowing central banks to keep monetary policy loose.
The International Monetary Fund estimates that global commodity prices are 8.3 per cent lower than at the start of the year. This can have some complicated effects, with some winners and losers within the same country. Read more >>
The World Bank’s annual “Doing Business” rankings have long been a favourite grousing point for policymakers in the developing world and a regular source of tension between the bank and its member countries.
So much so that China – disenchanted with its persistently low place in the rankings – tried to kill them altogether in 2013.
The rankings’ defenders argue there is a good reason for why the annual Doing Business report is the bank’s most popular: It offers an unvarnished assessment of economies’ relative standings in the world when it comes to bureaucratic barriers to business. And that, the defenders contend, makes it a valuable policy tool Read more >>
When oil prices fall, it’s a fair bet that Venezuela’s economy will suffer. After all, that has been the case every time oil prices have fallen in the past. When Venezuela’s official gazette then publishes a legal notice on October 10 saying that its oil-for-loans scheme with China had been tweaked, it is also a fair bet that this would be taken as a sign of Venezuelan economic distress and maybe even a default on loans from its closest ally, China. That is how beyondbrics and many others understood it. How wrong one can be — sort of. Read more >>