Sebastian Pinera

Another runner in the Great Tax Race: Susana Martinez, governor of New Mexico, hopes that recently approved cuts to corporate tax rates will help diversify its economy – following on from a tax incentive measure for the film industry designed to attract more television productions like Breaking Bad.
♦ As the Syrian state pulls back, necessity has forced rebel fighting brigades to take on the role of governing the towns and villages across rural northern Syria.
♦ Chile is embroiled in an embarrassing statistical scandal, casting a cloud over Sebastián Piñera’s final months in office. It seems analysts were right to question how he kept inflation at just 1.5 per cent despite growth of 5.6 per cent.
♦ The US seems to be headed for a manufacturing renaissance.
♦ Since the revolution, Cairo residents have turned to do-it-yourself infrastructure as they grapple with getting about from day to day. The New York Times has photographed the boom in illegal construction.
♦ The New York Times has also profiled Sohel Rana, the most hated man in Bangladesh: “He traveled by motorcycle, as untouchable as a mafia don, trailed by his own biker gang.”
♦ IBM has created the world’s smallest film by manipulating single atoms on a copper surface.
♦ Cash is still king in China, where home buyers make payments in trunks filled with cash and monthly salaries are delivered in armoured cars.
 

John Paul Rathbone

Presidents Raul Castro of Cuba (L) and Sebastian Piñera of Chile during a summit of Latin American states on Monday (Reuters).

It all went surprisingly well. Latin America, in sentiment if not in deed, presented a united front to its European guests at the summit of EU and Latin American leaders in Santiago, which wound up on Monday. With customary politesse, local differences were mostly swept under the carpet.

Nobody in Chile kicked up a fuss that communist Cuba will now head the 33-member Community of Latin American and Caribbean states (Celac) – even though democracy is one of Celac’s core goals. The region’s free-trading Pacific countries –Mexico, Colombia, Peru and Chile – agreed to drop tariffs to speed the creation of their “Pacific Alliance”, a “free-trade” block. (By contrast, Mercosur, a rival regional trade pact led by more protectionist Brazil and Argentina has been negotiating an EU trade deal for over a decade.) A handful of business deals were signed. And a long and flowery letter, supposedly written by Hugo Chávez from his sickbed in Cuba and that called for Latin American unity, was read out, which lent some colour to the last day. 

John Paul Rathbone

Businessmen run companies, technocrats run bureaucracies, and politicians run governments. Sometimes they cross-over roles – which sometimes works and sometimes doesn’t. Silvio Berlusconi was a businessman-turned-politician – and that clearly didn’t work for Italy. Mario Monti is a technocrat who has taken Mr Berlusconi’s place – hopefully he will. I had such thoughts in mind as I listened to Ricardo Martinelli speak at a conference in London this week.