By Luisa Frey The collapse of Eike Batista’s business empire has dominated the headlines about Brazil in recent weeks. With good reason. The brash entrepreneur’s rise and fall has become a metaphor for the end of the country’s economic boom.
After growing 7.5 per cent in 2010, Brazil’s economy expanded by a paltry 2.7 per cent in 2011 and sputtered to only 0.9 per cent last year. This year it is forecast to grow by 2.5 per cent. Meanwhile, inflation is stubbornly high at 5.84 per cent in October (on a yearly basis) – well above the official target of 4.5 per cent. To keep expanding, the country will need to boost its productivity by eliminating growth bottlenecks, improving infrastructure and encouraging investment.
Here are some of the best articles from the FT and elsewhere about the end of the “Samba economy”.
The most significant International Olympic Committee meeting in a generation takes place this weekend – the committee will choose a host city for 2020 at the weekend amid reservations about all three candidates. Shortly after, it will have to decide on a successor for Jacques Rogge, president of the movement.
Evidently, Ai Weiwei is not one to let 81 days in jail keep him quiet. China’s most famous dissident has just released a heavy metal song with a video that re-imagines his time in detention. The FT’s Kathrin Hille describes it as “a chilling, five-minute rant filled with coarse language that is provocative even by Mr Ai’s standards”.
The artist is nothing if not versatile, working with a range of materials – here is the best of the rest.
Here in Britain there have been a few grumbles about the partisan coverage the BBC is giving to the Olympics, with an obsessive focus on Britain’s position in the medals table and on local athletes. But I’m told that it is little different in other countries. Every nation focuses on its own athletes. As a result, every country is watching a different Olympics.
To check on the truth of this proposition, I have been perusing international sites. And it is certainly true that they reveal very distinct national concerns and anxieties. Over at Der Spiegel, they have a long article headlined “Can You Represent Germany If Your Lover is a Nazi?” The story is about Nadja Drygalla, a rower, who has left the Olympic village after it emerged that she is in a relationship “with a central figure in the far-right scene in Rostock”. Read more
Gideon became chief foreign affairs columnist for the Financial Times in July 2006. He joined the FT after a 15-year career at The Economist, which included spells as a foreign correspondent in Brussels, Washington and Bangkok. He also edited The Economist’s business and Asia sections.
His particular interests include American foreign policy, the European Union and globalisation.