Financial Markets…European stocks slipped on Friday with the benchmark index falling to a three-week low as early optimism on Spain’s new austerity measures was short-lived.
Spanish 10-year bond yield rose back above 6% amid uncertainty over its troubled banks before stress test results, fading optimism on the country’s debt cutting plan, and a looming Moody’s rating review which may cost the country its investment grade rating.
- Congo, Democratic Republic of
- Dominican Republic
- Korea, Republic of
- South Africa
- East Asia and Pacific
- Europe and Central Asia
- Latin America & Caribbean
- Middle East and North Africa
- Financial Sector
- Macroeconomics and Economic Growth
- Central banks
- financial markets
- retail sales
- consumer price inflation
- Industrial Production
- monetary policy measures
The latest bout of G3 monetary stimulus is likely to increase capital flows to developing countries, but may be limited by lingering economic uncertainty, and lower interest rate spreads. Notwithstanding the recent easing of financial market tensions, the anticipated rebound in real-side activity is lagging behind.
In less than 3 weeks, TEDxSendai will bring together an interesting group of thinkers and doers to focus on the theme of natural disasters.
Moderated by Toshi Nakamura, Co-founder and CEO of Kopernik, a technology marketplace for the developing world, TEDxSendai will explore this theme from the lens of a survivor, a historian and gender specialist, a CEO with a supply chain, an innovator of new technologies, a doctor working on emergency evacuation, a classical pianist who plays on a piano that survived the tsunami, a global expert in sustainable development, a specialist in reconstruction, and an inventor of engineering prototypes.
Two sessions -- Cherry Blossom Indomitable in the Aftermath and The Bouncing Ball: Building Resilience – will pull the varied strands of these different perspectives together and share ideas about disasters –recovery, resilience and hope.
|The looming US “fiscal cliff” is one of the main downside risks to the global economy in 2013, with Latin America and East Asia and Pacific to be among the most affected if it materializes.|
Find a good longread on development? Tweet it to @worldbank with the hashtag #longreads.
Drought, food prices, and global warming remain hot topics as crops in the United States wilt under the hot sun, raising fears of another food price crisis. The Guardian chronicles the corn belt’s adverse conditions – and the implications for the rest of the world in “America’s Corn Farmers High and Dry as Hope Withers With Their Harvest.” (For a view from South Africa on the drought’s ripple effect, see Independent Online’s “US drought puts pressure on SA food prices”.) On another food supply issue, Co.exist highlights a new study on the costs and benefits of rebuilding global fisheries in “More Fish Means More Money.” The bottom line: rebuilding fisheries would begin to pay off in 12 years, the study says. The New York Times blog India Ink relates an effort to address another huge challenge—access to sanitation—in “Mapping Toilets in a Mumbai Slum Yields Unexpected Results.” Bloomberg looks at the coming demographic dividend in Southeast Asia, where young workers are expected to gain jobs as workforces age in Japan, Korea and China.
It is hard to talk about South Asia without invoking its demographics. The region will contribute nearly 40 percent of the growth in the world’s working age (15-64) population, and will need to add a staggering 1 to 1.2 million new entrants to the labor market every month for the next two decades. Absorbing the influx of youth into the labor force is one of South Asia’s core challenges. But while economists grapple with employment statistics and economic policy, jobs are created at the grassroots. Entrepreneurship is the spark that lights the fire, and the engine that generates opportunities in local communities.
Important developments today:
1. Japanese Yen strengthens as the country’s current account turns to surplus again
2. Japan’s current account returns to surplus in February
The Japanese phrase “Shikata ga nai (仕方がない) -loosely translated as "it can't be helped" -captures the essence of the resilience and sense of duty towards one’s community that the Japanese people displayed in the aftermath of the Great East Japan Earthquake and Tsunami.
Important developments today:
Japanese output shrinks in September; employment conditions improve