Global economy

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  • Magnus Carlsen retained his crown as world chess champion without the aid of supercomputers or a huge team of assistants – reinforcing the view that he is the best player the game has ever seen
  • Foreign travellers are returning to the pyramids in Giza and Cairo’s ancient markets as Egypt’s tourist industry picks up, a sign that the country’s broader economic picture may be improving
  • “Lung washing tours” are the new thing in Chinese tourism, as smog drives mainland tourists into novel migration patterns to escape the worst days of autumn
  • As China increasingly uses its state-owned television network as an arm of the law, not only are its journalists embarrassed to wear its logo in public – they don’t even believe the things they report (Foreign Policy)
  • Mumbai gangsters have returned to targeting Bollywood celebrities in an effort to find a “new business model”, police in India’s commercial capital say (Guardian)

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November’s press conference by European Central Bank President Mario Draghi comes a week after the US Federal Reserve ended its monetary stimulus programme, and the Bank of Japan put a rocket booster under its already large volumes of bond buying.

In contrast, investors and analysts are expecting the ECB’s monetary policy committee to sit tight this month. It has announced that rates remain at a record low and predictions are for no change in its private-sector asset buying programme. But with eurozone deflationary fears showing no signs of receding in the stagnating economy, investors will be wanting Draghi to instil confidence in markets that he has his own bazooka ready to fire. By Lindsay Whipp and Emily Cadman

 

  • Hungary’s introduction of the world’s first internet tax is just the latest in a batch of unorthodox uneconomic policies, dubbed ‘Orbanomics‘, that some say are leading to increased government control over the economy
  • Through their alliances with jihadis and actions that flout the democratic will, Libya’s Islamists are courting disaster for themselves and their country
  • The disappearance of 43 students has brought attention back to Mexico’s security woes and away from its economic reforms, threatening to tarnish President Enrique Peña Nieto’s record of success
  • Quantitative easing in the US has kicked back into gear Wall Street’s securitisation machine – providing a supply of risky assets that bundle together car loans, corporate debt and mortgages
  • The forgotten Yazidi refugees who once captured the world’s attention now sit outside the spotlight, wondering how they will survive the winter, reports Foreign Policy

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The biggest development story of the last two decades has been the vast reduction in the number of the world’s extreme poor thanks to the rapid growth of China and other developing economies. But how does the US, the world’s richest economy, fit in when you apply the $2/day poverty line the World Bank and others normally use to grade much poorer countries?

In a fascinating new paper, researchers at the Brookings Institution look at exactly that question and come up with some potentially shocking findings, albeit ones that come with plenty of caveats attached. Read more