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pharoah88
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08-Oct-2010 13:56
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MalaysiaDr M says meritocrats are racist tooAugust 24, 2010
KUALA LUMPUR, Aug 24 – Tun Dr Mahathir Mohamad mocked proponents of meritocracy today, calling them racist and decried Malays who support meritocracy as having misplaced pride. Dr Mahathir also described his Umno party as weak and mismanaged. The former prime minister blasted advocates of meritocracy, calling them “meritocrats” who are pushing for dominance by one race in all aspects of the country. Mahathir’s diatribe will likely embolden supporters of conservative Malay NGOs such as Perkasa which has already threatened several times to punish the Najib government over potential reforms intended to make Malaysia a developed high income nation. “Today we see a lot of Malay NGOs trying to defend the Malay position. Invariably they have been labelled racists,” said Mahathir (picture) on his blog today. “The unfortunate truth is that those who labelled them are equally racists because of their advocacy of meritocracy.” “If ‘Malaysian Malaysia’ conjures equality between races, ‘Meritocracy’ implies something stronger,” he added referring to the DAP’s old slogan. “It implies dominance by the race with the greatest merit in every field; in education, in business and in all fields of human endeavour.” Dr Mahathir said that the campaign for meritocracy is not a campaign against racism but a campaign by racists against racists. “The meritocrats are as much racists as the Malay NGOs, and Perkasa,” he said. “Incidentally by writing this I know the meritocrat racists will condemn me as racist. So be it.” The attack on meritocracy by Dr Mahathir comes as the nation grapples with a brain drain that has seen talent from all races abandon the country out of frustration due to decades of government administration that favoured ethnicity and political connections over ability. The lack of a meritocratic culture and loss of talent is widely acknowledged as the main reason the country has fallen behind its regional peers such as Singapore, South Korea and Taiwan in terms of development and per capita income and is caught in a middle income trap. Bloomberg columnist William Pesek recently blamed four decades of affirmative action for Malaysia’s lack of competitiveness. Dr Mahathir also took a swipe at his party Umno, calling it “weak” and “mismanaged”. “That is why today we have Perkasa and other Malay NGOs who are as openly concerned about the Malays as Umno once was,” he said. “The condemnation by those said to be advocating meritocracy is because they see the racism of the meritocrats, just as the Malays of 1964 saw the racism of ‘Malaysian Malaysia’.” Islamist party PAS also did not escape coming under fire from the veteran politician who said that it was using religion for political gain. “There are quite a large number of Indian Muslims in Malaysia but they do not figure in the political party said to be Islamic,” he said. “The party, by using Islam, knows full well they are appealing to Malays almost exclusively. But the intention is not to defend the Malays but merely to gain their support. One can say they are not Malay racists. Rather they are Malay political opportunists.” Dr Mahathir said that Malays who protested against meritocracy were condemned as racists and many therefore dared not support the race based New Economic Policy (NEP). “Some, perhaps due to mistaken pride have begun to support meritocracy, undermining the Malay position further,” said Dr Mahathir. |
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pharoah88
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08-Oct-2010 11:04
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Japan forex reserves at new record
TOKYO
Japan’s international reserves rose for the fourth straight month to US$1.11 trillion ($1.45 trillion) as of Sept 30, up US$39.45 billion from a month earlier, the Ministry of Finance said yesterday. The previous record of US$1.07 trillion was recorded in November last year.
Japan sold yen for US dollars on Sept 15 in an effort to weaken the Japanese currency, whose recent strength poses a major risk to its export-driven economy.
The government revealed last week that it spent US$2.12 trillion on currency intervention in the month through Sept 28.
The move worked initially, weakening the yen as hoped. But the impact was shortlived.
The yen struck yet another 15-year high of 82.25 to the US dollar yesterday in London.
Vice Finance Minister Fumihiko Igarashi said yesterday Japan would not weaken the yen to become more competitive with other countries in trade and any currency intervention would be aimed at restraining excessive moves.
His comments came ahead of today’s meeting of the G7 finance ministers in Washington.
“It’s not our intention to engage in a currency-devaluation race for the sake of the national interest. We could conduct smoothing operations when movements are extremely volatile, that would be permissible,” he said. |
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cheerfully
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06-Oct-2010 22:26
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Markets Soaring "But the World Is Worse Off," Jimmy Rogers SaysSays Posted Oct 06, 2010 07:30am EDT by Aaron Task in Investing, Newsmakers Related: ^DJI, SLV, GLD, UUP, TLT, DBA, MOO Stocks, gold, energy and other commodities soared Tuesday after the Bank of Japan announced plans to dramatically expand its quantitative easing program. The BOJ's action spurred expecations for similar efforts by other central banks, Bloomberg reports, which helped the Dow climb 1.8% to within reach of 11,000. Meanwhile, gold hit another new record above $1,340 an ounce, silver reached a 30-year high and tin jumped to a record near $26,000 a metric ton. But don't confuse strength in such "risk" assets with an improving economy, says Jim Rogers, chairman of Rogers Holdings. "When you print a lot of money, the people who get the money are better off -- there's no question about it. But the country, the world is worse off," Rogers says. "Sure some of us feel much better, especially people in the financial markets but...the world is not getting better. The world is getting worse." Sticking to themes he's expressed here (and other venues) for many months, the legendary speculator remains bullish on "hard assets," notably precious metals and agricultural commodities. "Gold could correct for a few months [but] the bull market in gold is not over - far from it," he says. "I'm much more bullish on agriculture than I am even on gold. I own both. You should become a farmer - farming is going to be a great, great profession." Rogers predicts "more turmoil" in the currency markets, more problems in the stock market, weakness in bonds and, ultimately, inflation. "Central banks and governments are going to print money until we run out of trees. It's outrageous," he says. "Printing money is not the right thing to do, but they don't know that. Eventually, they'll run out of trees." In the meantime, he owns the Swiss franc, euro and yen but is not actively short any currencies, including the greenback. The dollar is a "terribly flawed currency" and is "going to have big problems in the next decade," he says. "But that doesn't mean it won't go up. Everyone is very pessimistic [on the dollar], including me. I wouldn't sell it right now." http://finance.yahoo.com/tech-ticker/markets-soaring-%22but-the-world-is-worse-off%22-jimmy-rogers-says-535479.html?tickers=%5EDJI,SLV,GLD,UUP,TLT,DBA,MOO&sec=topStories&pos=9&asset=&ccode= |
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pharoah88
Supreme |
06-Oct-2010 20:06
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Fiscal situation ‘untenable’: Obama WASHINGTON The US budget deficit is forecast to hit a record US$1.47 trillion ($1.9 trillion) in the fiscal year that ended on Sept 30 and US$1.42 trillion for fiscal year 2011, according to the White House Office of Management and Budget. Mr Obama said that emergency government spending measures he took to support growth and hiring, had temporarily added to the funding gap, but the deficit had to be tackled. “I realise that we are facing an untenable fiscal situation,” he told a meeting of his Economic Recovery Advisory Board. The fate of Bush-era tax cuts has become an issue as campaigning for the Nov 2 mid-term Congressional elections enters its last four weeks. Mr Obama and most Democratic leaders favour letting the cuts, passed in 2001 and 2003, lapse for the rich, but continue for everyone else. Republicans suggest that could wreck the fragile economic recovery and want all the cuts extended. At a town hall meeting in Providence Rhode Island, on Monday, US Federal Reserve Chairman Ben Bernanke weighed in on the topic, saying the world’s largest economy could be hurt if Congress and the White House fail to curb huge federal budget deficits in the coming years. Exploding budget deficits can lead to higher interest rates for people buying homes and cars and for businesses buying equipment or expanding operations. That could crimp Americans’ spending and slow economic growth, he warned. However, the government should not raise taxes or slash spending for the time being because the recovery is still too fragile, he said. Mr Bernanke added that the economy could be helped by another round of asset purchases by the central bank, reinforcing expectations that the Fed would likely take such action at its next meeting on Nov 2 and Nov 3. — The United States is facing an “untenable fiscal situation” and will have to get serious about tackling its federal deficit, President Barack Obama warned on Monday.AGENCIES |
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pharoah88
Supreme |
05-Oct-2010 14:03
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UK lenders may need another bailout next year, says think-tank LONDON In its report Where Did Our Money Go? published yesterday, the NEF said it examined Bank of England (BoE) data and concluded that many UK banks appeared to face a “funding cliff”. The Royal Bank of Scotland and Lloyds Bank had to be partly nationalised as they ran up huge losses during the credit crisis and banks such as Barclays and HSBC had drawn on cheap credit provided by the central bank. UK banks have a January 2012 deadline to repay £185 billion they borrowed from the BoE against £287 billion of liquid assets, mostly residential mortgage backed securities, under the Special Liquidity Scheme. They also face further pressure from new Basel III banking industry rules, due to be phased in by January 2019, which will require banks to hold more capital. The main requirement of the new Basel rules is for banks to have a minimum Tier 1 capital ratio of 7 per cent. Many bank Tier 1 ratios are above this but the Basel III regime is much stricter on what can be counted as Tier 1 capital. When asked about the NEF report yesterday, British Finance Minister George Osborne played down the need for banks to draw on additional government support. — British banks may need another taxpayer-funded bailout next year and their borrowing requirements could hit £25 billion ($52 billion) a month, according to the New Economics Foundation (NEF), a London-based think-tank.AGENCIES |
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pharoah88
Supreme |
03-Oct-2010 15:26
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DMG - Eric LEE Tougher For Investors To Apply PR Status
Do you see the potential in Real Estate business?
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pharoah88
Supreme |
01-Oct-2010 15:40
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Like FENG SHUI ? ? ? ? WHAT a cOIncIdence ? ? ? ? SAME tImIng wIth ? ? ? ? exchange Of MalaysIan Railway StatIOn land ? ? ? ?
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pharoah88
Supreme |
01-Oct-2010 15:23
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The 2011 Budget, which will be tabled on Oct 15, will set the pace to transform
Regards
Rohizal Moktar
RHBuBank SHARE TRADING
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pharoah88
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25-Sep-2010 15:59
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Mas Selamat is back ... About two years, seven months after his escape in 2008
SINGAPORE
In a statement, Singapore’s Ministry of Home Affairs (MHA) said he has been arrested under the Internal Security Act.
Mas Selamat escaped from the Whitley Road Detention Centre on Feb 27, 2008.
But following close cooperation between the security agencies in Malaysia and Singapore, the Malaysian Special Branch re-arrested him in Johor on April 1 last year and detained him under Malaysia’s Internal Security Act.
The MHA conveyed its appreciation to its Malaysian counterparts, the Malaysian Special Branch and the Special Task Force for their help with the arrest and repatriation of Mas Selamat to Singapore.
Malaysian Home Affairs Minister Hishammuddin Hussein said in an SMS to
Both governments and the relevant security agencies felt the time was right. He is after all from Singapore. It shows the level of confidence and cooperation between the two countries is high especially on security issues.”
The terrorist leader is expected to be grilled extensively by the Singapore authorities about the level of support and sympathisers he may have here, observers noted. Mr Alvin Yeo, Government Parliamentary Committee for Law and Home Affairs chairman, said: “The first priority is to make sure that he does not get away again. The second priority is to try and obtain as much information as we can of the level of support for the JI in Singapore.
“For instance, did he have help to escape from Singapore to Malaysia?
Obviously you want to know how he escaped and basically what was the level of support he got.”
The MHA did not say where Mas Selamat would be held but observers said if he does return to the Whitley Road Detention Centre, he will face stricter restrictions to his movements and privileges compared to other detainees. In a written reply to Parliament last year, Deputy Prime Minister Wong Kan Seng said a new detention centre will be built inside the maximum security Changi Prison Complex to hold terror detainees within five years.
Mr Kumar Ramakrishna, a counter terrorism expert at the S Rajaratnam School of International Studies, believed that Mas Selamat would be detained again at Whitley Road and — this time — under far stricter guard.
“We can be sure of one thing, that precautions will be in place to ensure that he doesn’t escape again.
“Perhaps, in comparison to other detainees, he will be placed under far stricter restrictions on his movements and his privileges in order to ensure that there is no repetition of the escape, especially since he has proven himself to be a very wily operator ... able to spot vulnerabilities in prison systems,” he said. |
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pharoah88
Supreme |
23-Sep-2010 15:11
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pharoah88
Supreme |
23-Sep-2010 15:00
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Forbes' richest in U.S. are still feeling recession The Forbes 400 regained lost ground in 2010, while most were still smarting from the recession. |
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pharoah88
Supreme |
23-Sep-2010 14:54
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Government's break-even price for GM: $133.78 The U.S. government would have to sell its General Motors stock for $133.78 per share to recoup the nearly $50 billion it spent bailing out the Detroit automaker. |
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pharoah88
Supreme |
23-Sep-2010 14:47
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Fed's unusual worry: Inflation may be too low It might seem like prices are rising wherever you look, from medical care to college tuition. Yet to the Federal Reserve, they might not be going up fast enough. |
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pharoah88
Supreme |
23-Sep-2010 14:41
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Traders put their September stock rally on hold and moved into Treasurys and gold, a day after the Federal Reserve said it was ready to take more action to boost the economy. |
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pharoah88
Supreme |
22-Sep-2010 12:18
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pharoah88
Supreme |
21-Sep-2010 20:43
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When they say ‘we’, they mean ‘you’ paul krugman Anger is sweeping America. CRAZINESS HAS GONE MAINSTREAM The rage of the rich has been building ever since Mr Obama took office. At first, however, it was largely confined to Wall Street. Thus when Now, however, as decision time looms for the fate of the Bush tax cuts — will top tax rates go back to Clinton-era levels? — the rage of the rich has broadened, and also in some ways changed its character. For one thing, craziness has gone mainstream. It’s one thing when a billionaire rants at a dinner event. It’s another when When it comes to defending the interests of the rich, it seems, the normal rules of civilised (and rational) discourse no longer apply. At the same time, self-pity among the privileged has become acceptable, even fashionable. New York magazine published an article titled The Wail of the 1 Per Cent, it was talking about financial wheeler-dealers whose firms had been bailed out with taxpayer funds but were furious at suggestions that the price of these bailouts should include temporary limits on bonuses. When the bi l l ionaire Stephen Schwarzman compared an Obama proposal to the Nazi invasion of Poland, the proposal in question would have closed a tax loophole that specifically benefits fund managers like him.Forbes magazine runs a cover story alleging that the President of the United States is deliberately trying to bring America down as part of his Kenyan, “anti-colonialist” agenda, and that “the US is being ruled according to the dreams of a Luo tribesman of the 1950s”.A BELL IGERENT SENSE OF ENTITLEMENT Tax-cut advocates used to pretend that they were mainly concerned about helping typical American families. Even tax breaks for the rich were justified in terms of trickle-down economics, the claim that lower taxes at the top would make the economy stronger for everyone. These days, however, taxcutters are hardly even trying to make the trickle-down case. Yes, Republicans are pushing the line that raising taxes at the top would hurt small businesses, but their hearts don’t really seem in it. Instead, it has become common to hear vehement denials that people making US$400,000 ($534,000) or US$500,000 a year are rich. I mean, look at the expenses of people in that income class — the property taxes they have to pay on their expensive houses, the cost of sending their children to elite private schools, and so on. Why, they can barely make ends meet. And among the undeniably rich, a belligerent sense of entitlement has taken hold: It’s their money, and they have the right to keep it. “Taxes are what we pay for civilised society,” said Oliver Wendell Holmes — but that was a long time ago. The spectacle of high-income Americans, the world’s luckiest people, wallowing in self-pity and self-righteousness would be funny, except for one thing: They may well get their way. Never mind the US$700 billion price tag for extending the high-end tax breaks: Virtually all Republicans and some Democrats are rushing to the aid of the oppressed affluent. You see, the rich are different from you and me: They have more influence. It’s partly a matter of campaign contributions but it’s also a matter of social pressure, since politicians spend a lot of time hanging out with the wealthy. So, when the rich face the prospect of paying an extra 3 or 4 per cent of their income in taxes, politicians feel their pain – feel it much more acutely, it’s clear, than they feel the pain of families who are losing their jobs, their houses and their hopes. And when the tax fight is over, one way or another, you can be sure that the people currently defending the incomes of the elite will go back to demanding cuts in Social Security and aid to the unemployed. America must make hard choices, they’ll say; we all have to be willing to make sacrifices. But when they say “we,” they mean “you.” Sacrifice is for the little people. THE NEW YORK TIMES The writer is a professor of economics and international affairs at Princeton University. He received the Nobel Prize in Economics in 2008 .True, this white-hot rage is a minority phenomenon, not something that characterises most of our fellow citizens. But the angry minority is angry indeed, consisting of people who feel that things to which they are entitled are being taken away. And they’re out for revenge. No, I’m not talking about the Tea Partiers. I’m talking about the rich. These are terrible times for many people in this country. Poverty, especially acute poverty, has soared in the economic slump; millions of people have lost their homes. Young people can’t find jobs; laid-off 50-somethings fear that they’ll never work again. Yet if you want to find real political rage — the kind of rage that makes people compare President Barack Obama to Hitler, or accuse him of treason — you won’t find it among these suffering Americans. You’ll find it instead among the very privileged, people who don’t have to worry about losing their jobs, their homes or their health insurance, but who are outraged — outraged — at the thought of paying modestly higher taxes. |
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pharoah88
Supreme |
20-Sep-2010 10:58
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Monday: 20 SEPTEMBER 2010 China suspends contacts with Japan BEIJING It said Japan’s refusal to release the captain has “already caused serious damage to Sino-Japanese bilateral contacts”. It said Beijing has suspended ministerial and provincial level contacts, halted talks on aviation issues and postponed a meeting to discuss coal. “China has already suspended bilateral exchanges at and above the provincial or ministerial levels,” the official Ministry spokesman Ma Zhaoxu reiterated Beijing’s stance that the detention was “illegal and pointless”. The number of Chinese tourists visiting Japan has plunged because of the dispute, “The blame for such a situation totally falls on Japan. The Japanese side should immediately and unconditionally release the Chinese captain or bear all the consequences,” Beijing made the announcements shortly after a Japanese court approved a 10-day extension of Captain Zhan Qixiong’s detention. “His detention was extended for further questioning. He will be held until Sept 29,” an official at the Naha Public Prosecutor’s Office in Okinawa, southern Japan, said on condition of anonymity because he was not authorised to speak to the media. Under Japanese law, prosecutors can hold a suspect for up to 20 days while deciding whether to file formal criminal charges. The first 10-day detention period ended yesterday. The spat was sparked by the seizure of the Chinese captain after his vessel collided with two Japanese Coast Guard ships on Sept 7 near islands in the East China Sea claimed by both countries. The arrest and his ensuing detention have inflamed ever present anti-Japanese sentiment in China. The incident has sparked the worst diplomatic row in years between Beijing and Tokyo, with China already summoning Japan’s Ambassador five times and scrapping scheduled talks over joint energy exploration in the East China Sea. Chinese Premier Wen Jiabao and his Japanese counterpart Mr Naoto Kan risk an embarrassing crossing of paths this week when they both attend a United Nations meeting in New York, where each is separately scheduled to meet American President Barack Obama. The extension of Capt Zhan’s detention came a day after anti-Japanese protests broke out across China on the anniversary of the start of a brutal Japanese invasion in 1931. While the protests occurred in several Chinese cities, Japan’s new Foreign Minister Seiji Maehara said they were “sporadic”, thanks to efforts by China to restrain them. Mr Maehara, a hawk who is expected to take a tough stance in relations with China, again called on Beijing to handle the dispute calmly. He reiterated the government’s stance that there should be no territorial dispute over the islands because they are an “integral part of Japanese territory”. “Territorial issues do not exist in this region”, Mr Maehara said during a televised talk show. He also described the collision as “guhatsuteki” — a Japanese word which could be translated as incidental or unforeseen. The expression was apparently softer than Tokyo’s earlier position that the captain intentionally rammed the Japanese vessels during a high-seas chase on Sept 7. China sees the captain’s detention and possible prosecution under Japanese law as a provocation and challenge to its claim of sovereignty over the islands. Japan last week sought to ease tensions by freeing 14 crew members from the Chinese trawler and returning the boat. — China has suspended high-level contacts with Japan over the extended detention of a Chinese fishing boat captain arrested after a collision near disputed islands, state broadcaster CCTV said on Sunday.Xinhua news agency quoted the Foreign Ministry as saying.Xinhua quoted the Foreign Ministry as saying relations with Japan had been “severely hurt”.CCTV said. On Friday, a Beijing-based company announced it would cancel a planned group tour to Japan for 10,000 people.CCTV said. China has repeatedly called for his immediate release.Agencies |
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pharoah88
Supreme |
19-Sep-2010 12:33
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Sunday: 19 SEPTEMBER 2010 SUNDAY TIMES Good Times in CHINA Mistresses are back in business . . . . |
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pharoah88
Supreme |
14-Sep-2010 21:21
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Corruption and growth: Distant cousins?
Does corruption affect economic growth?
The Indian example does not indicate so.
At a time when the impending Commonwealth Games in India are mired in controversies over widespread corruption, India’s economic growth story reports a vigorous rebound.
The global financial crisis and the resultant economic deceleration appear to be a distant past in India with the latest GDP estimate showing a growth of 8.8 per cent.
The robust growth might encourage some to contend that scandals over bribes and money laundering have not affected India’s growth performance and economic outlook. Indeed it is not only corruption surrounding the Commonwealth Games that does not appear to have made a difference.
Corruption in India as such does not appear to have dented India’s economic outlook and long term growth prospects.
These notions, however, are entirely counter-productive. India’s ability to grow at high rates despite corruption is a testimony to the zeal and productivity of its dynamic private sector. Such zeal would have produced even better results had businesses in India not had to deal with costs of large-scale corruption.
In matters of corruption, India is in fairly illustrious company.
Most major emerging market economies such as China, Brazil, South Africa and Indonesia, suffer from certain varieties of corrupt practices.
The nature and scale of these practices, however, vary widely between these countries.
Most emerging market economies are still in the throes of transition as far as their economic systems, institutions, business practices and corporate rules and regulations are concerned. These countries are at a particularly delicate stage of their financial development where external businesses and agencies often find their rules and regulations complex and mutually inconsistent. In several cases such rules are surprising in terms of both their simplicity as well as complexity.
In India, for example, a bank account can be opened well within an hour while obtaining a certificate for fire safety may require months. Delays such as those in the latter have resulted in growth of intermediaries who promise to get the job done in return for money.
The author is Head (Development & Programmes) and a visiting senior research fellow at the Institute of South Asian Studies (Isas) at the National University of Singapore. He is an economist specialising in international trade and foreign investment. He worked in India’s Ministry of Finance for a decade and handled India’s external sector, industrial and infrastructure policies. The opinions expressed are his own.
One-third of Indians are ‘utterly corrupt’, says former watchdog chief
Almost one-third of Indians are “utterly corrupt” and half are “borderline”, says the outgoing head of the country’s corruption watchdog.
Mr Pratyush Sinha, who retired as India’s Central Vigilance Commissioner last week, said the worst part of his “thankless job” was observing how corruption had increased as people became more materialistic.
“When we were growing up, I remember if somebody was corrupt, they were generally looked down upon,” he said.
“There was at least some social stigma attached to it.
That is gone. So there is greater social acceptance.”
Transparency International, the global anti-graft body, puts India 84th on its corruption perception index with a 3.4-point rating, out of a best possible score of 10.
Recent corruption scandals in India have focused on construction projects for the Commonwealth Games that open in New Delhi next month and alleged tax evasion in the lucrative Indian Premier League (IPL) cricket tournament. India is also regarded as a hotbed of illegal betting syndicates.
The group has said that each year millions of poor Indian families have to bribe officials for access to basic public services. There are occasions, when even paying bribes does not help.
Due to multiple layers involved in the procedures, an intermediary might often be able to clear some, but not all, leaving his hapless client high and dry.
India is a typical example of competition having improved efficiencies somewhere but inefficiencies still persisting elsewhere. While banking and financial services are examples of higher efficiencies, municipal and civic services are not. These services are still monopolised by state agencies with the latter known for promoting corruption.
It is hardly surprising that the scandal over commonwealth games has again highlighted the tainted facet of land and urban agencies.
Controls can often be incentives for corruption.
In India, multiple procedures have created multiple controllers. Inspectors and administrators issuing licenses and permits are usually poorly paid.
They use their monopoly power to issue permits for taking bribes to supplement their incomes. Poor salaries are inducements to corruption in other countries as well.
In India the problem gets complicated due to lack of accountability.
Excessive authority vested with local governments in China has resulted in occasional corrupt practices particularly in real estate transactions.
But incentives encouraging dishonesty accompanied by improper enforcement of penalties has made the problem worse in India.
Giving bribes for obtaining services has become a preferred and ‘efficient’ process compared to the normal formal channel.
Equal willingness to take and give bribes have made abetting corruption a ‘win-win’ situation. A difficult place for doing business is bound to have problems of corruption.
India is a difficult place in this respect as is China. China though, is several ranks above India in business rating indices.
The perplexing issue is why China and India are among the fastest growing economies as well as among the largest recipients of foreign investment despite being poor places for doing business. Clearly the size and depth of both markets are phenomenal. The returns on investment from both are higher than other comparable markets.
These attributes probably outweigh the disadvantages of difficulties faced in doing business.
China is being a relatively less difficult business place than India is one of many factors behind its getting more investment.
For investors looking at India, it is better to accept that difficulties in doing business and corruption will exist along with the prospects of high returns.
The only consolation is that the benefits from the latter can indeed be high enough to more than compensate costs of the former. |
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pharoah88
Supreme |
14-Sep-2010 21:02
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worker salaries are lower and lower ? ? ? ? yet product prices are hIgher and hIgher ? ? ? ?
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