Asia to enjoy more economic, political clout
Thursday, 13 August 2009
From Fazle Rashid
NEW YORK, Aug 12: Mixed indications about the possible turnaround of the global economy are now emerging. Recovery in Asia begins to gather steam is the title of a four-column report in the New York Times (NYT) today. But a report in another prestigious paper said China's economy "slowed slightly" in July as banks heeded Central bank's instructions to rein in excessive lending.
New lending dropped to the extent of 77 per cent. Russia reported good news. Its economy that suffered the steepest decline now appears to have leveled off. Russia's woes were accentuated by a sharp decline in the export of gas and oil, huge corporate debts, credit bubble burst and capital flights.
Why has the NYT become optimist about the recovery? This is because of economic reports from Singapore, the Philippines, Australia and China that provided the latest fuel for hopes that Asia was on track for a recovery that would outpace Europe and the United States and give the region more economic and political clout. Even in Japan which is mired in deepest recession its central bank struck an upbeat note. Asian economies seem to be growing at a faster rate, said Masaaki Shirakawa, governor of Japan's central bank.
Asia's export dependent countries suffered badly when consumers and companies in Europe and the US curtailed purchases leading to the collapse of the export dependent Asian economies. Companies in Asia are cutting and recruiting jobs at the same time. A company chief which hires people said the worst is over. It has been a very tough ten months. Remittance flows to Latin America and the Caribbean will drop by 11 per cent to $62 billion, the lowest level since 2006. It will effect more than one million people in Latin America and the Caribbean, a report of the International Development Bank (IDB) said.
India which is very strict in allowing foreign investments may allow non-resident Indians (NRI) to hold the top management positions including chief operating officer in telecommunication companies .Security agencies had earlier blocked lifting a cap on foreign direct investments in the telecommunication sector. New Delhi is deeply concerned about spying and the use of mobile networks in terror plots.
Another report by Farhan Bokhari in Lahore under FT Syndication Service adds: Pervez Musharraf, Pakistan's former president, will face arrest if he returns to the country, after police in Islamabad last Thursday registered a case against him over his detention of judges during a political crisis in 2007.
It is the first time in Pakistan's 62-year history that such a case has been brought against a former military ruler. It was not immediately clear whether Mr Musharraf, currently in London, would return to contest the case.
Pakistan has been ruled by army generals for more than half its life as an independent state and the military is still considered an influential institution.
Mr Musharraf resigned as president a year ago to avoid impeachment by parliament, paving the way for fresh elections that brought President Asif Ali Zardari to power.
"We are glad justice is taking its course. The law must prevail," said Siddique ul Farooq, a member of opposition leader Nawaz Sharif's Pakistan Muslim League-Nawaz.
This month the supreme court ruled that Mr Musharraf had violated the constitution by imposing emergency rule and purging the judiciary in November 2007 in a desperate attempt to hold on to the presidency.
The judges included Iftikhar Mohammad Chaudhary, chief justice of the supreme court. Mr Zardari was forced to restore Mr Chaudhary to his post in March this year, following countrywide protests and the threat of an opposition march that could have paralysed Islamabad, the Pakistani capital.
Analysts said the latest case represented a strengthening of democratic values in Pakistan as the ruling political class gained the confidence to move even against former generals - hitherto considered a well-protected class.
"This case shows that the ruling elite do not fear repercussions. Everyone believes civilian values must prevail," said Lieutenant-General (retired) Talat Masood, a respected commentator.
Although Mr Musharraf is regarded as yesterday's man, the ruling coalition led by Mr Zardari's party has shown little appetite for prosecuting him.
Mr Sharif, the prime minister that Mr Musharraf overthrew and Mr Zardari's greatest rival, is pushing for his usurper to be brought to justice.
NEW YORK, Aug 12: Mixed indications about the possible turnaround of the global economy are now emerging. Recovery in Asia begins to gather steam is the title of a four-column report in the New York Times (NYT) today. But a report in another prestigious paper said China's economy "slowed slightly" in July as banks heeded Central bank's instructions to rein in excessive lending.
New lending dropped to the extent of 77 per cent. Russia reported good news. Its economy that suffered the steepest decline now appears to have leveled off. Russia's woes were accentuated by a sharp decline in the export of gas and oil, huge corporate debts, credit bubble burst and capital flights.
Why has the NYT become optimist about the recovery? This is because of economic reports from Singapore, the Philippines, Australia and China that provided the latest fuel for hopes that Asia was on track for a recovery that would outpace Europe and the United States and give the region more economic and political clout. Even in Japan which is mired in deepest recession its central bank struck an upbeat note. Asian economies seem to be growing at a faster rate, said Masaaki Shirakawa, governor of Japan's central bank.
Asia's export dependent countries suffered badly when consumers and companies in Europe and the US curtailed purchases leading to the collapse of the export dependent Asian economies. Companies in Asia are cutting and recruiting jobs at the same time. A company chief which hires people said the worst is over. It has been a very tough ten months. Remittance flows to Latin America and the Caribbean will drop by 11 per cent to $62 billion, the lowest level since 2006. It will effect more than one million people in Latin America and the Caribbean, a report of the International Development Bank (IDB) said.
India which is very strict in allowing foreign investments may allow non-resident Indians (NRI) to hold the top management positions including chief operating officer in telecommunication companies .Security agencies had earlier blocked lifting a cap on foreign direct investments in the telecommunication sector. New Delhi is deeply concerned about spying and the use of mobile networks in terror plots.
Another report by Farhan Bokhari in Lahore under FT Syndication Service adds: Pervez Musharraf, Pakistan's former president, will face arrest if he returns to the country, after police in Islamabad last Thursday registered a case against him over his detention of judges during a political crisis in 2007.
It is the first time in Pakistan's 62-year history that such a case has been brought against a former military ruler. It was not immediately clear whether Mr Musharraf, currently in London, would return to contest the case.
Pakistan has been ruled by army generals for more than half its life as an independent state and the military is still considered an influential institution.
Mr Musharraf resigned as president a year ago to avoid impeachment by parliament, paving the way for fresh elections that brought President Asif Ali Zardari to power.
"We are glad justice is taking its course. The law must prevail," said Siddique ul Farooq, a member of opposition leader Nawaz Sharif's Pakistan Muslim League-Nawaz.
This month the supreme court ruled that Mr Musharraf had violated the constitution by imposing emergency rule and purging the judiciary in November 2007 in a desperate attempt to hold on to the presidency.
The judges included Iftikhar Mohammad Chaudhary, chief justice of the supreme court. Mr Zardari was forced to restore Mr Chaudhary to his post in March this year, following countrywide protests and the threat of an opposition march that could have paralysed Islamabad, the Pakistani capital.
Analysts said the latest case represented a strengthening of democratic values in Pakistan as the ruling political class gained the confidence to move even against former generals - hitherto considered a well-protected class.
"This case shows that the ruling elite do not fear repercussions. Everyone believes civilian values must prevail," said Lieutenant-General (retired) Talat Masood, a respected commentator.
Although Mr Musharraf is regarded as yesterday's man, the ruling coalition led by Mr Zardari's party has shown little appetite for prosecuting him.
Mr Sharif, the prime minister that Mr Musharraf overthrew and Mr Zardari's greatest rival, is pushing for his usurper to be brought to justice.