Daily Archives: July 24, 2013

Ordos, Inner Mongolia (Getty)

Not content with banning lavish banquets and overseas junkets in its efforts to shore up declining moral standards within its own ranks, China’s communist party has moved to stop the building of any more monumental offices.

As the FT’s Simon Rabinovitch points out:

Whether the latest ban has a similarly negative impact on the property market will depend on how it is interpreted by state-owned companies. Chinese corporate executives have felt pressure to comply with Mr Xi’s earlier austerity policies even though government officials, not companies, were his targets.

Beijing has previously tried to stop local governments from building massive new offices, but only with limited success. Even in poorer parts of China, cities and villages have built monolithic offices, replicas of the US Capitol building and faux-European palaces.

But just how excessive are these party palaces? We’ve got a few of them here for your gawping pleasure. Read more

David Gardner

Residents gather at the site of an explosion in Beirut's southern suburbs, stronghold of Hizbollah, July 9, 2013. AFP/Getty

Hizbollah has brushed off the European Union’s decision on Monday to blacklist its “military wing” as a terrorist organisation. Well, it would, wouldn’t it.

The Shia paramilitary group issued the mandatory rhetorical broadside. “It looks as if the decision was written by American hands and with Israeli ink”, it said, to which “the EU only had to add its signature”.

In fact, as Hizbollah would surely know, it takes a great deal more than that for the EU’s 28 member-states to reach a consensus on anything at all. Read more

♦ China’s growth still contributes more to global demand than that of any other economy The FT looks at how rebalancing will generate winners and losers in different sectors.
♦ Turkey’s decision to raise its overnight lending rate for the first time in nearly two years underscores the dilemma facing developing economies as the end to US monetary easing draws near: focus on inflation or growth?
♦ Inflation has defied all predictions in the US during the past five years and it is making life complicated for the Federal Reserve.
♦ Haïdara Aïssata Cissé, the only woman standing for president in Mali’s upcoming elections, is an outsider, but she has improved her chances by going on walkabouts.
♦ Shaun Walker at Foreign Policy thinks Russian President Vladimir Putin should be worried about Alexei Navalny, especially as people start to compare him to Mandela and Lenin. Read more