1 Banking reforms too slow, says IMF (BBC) Banking
reforms aimed at preventing another financial crisis have failed to make enough
progress, the boss of the International Monetary Fund has warned. IMF managing
director Christine Lagarde blamed a combination of the complexity involved,
industry lobbying and "fatigue" for the delay. "The industry
still prizes short-term profit over long-term prudence," Ms Lagarde said.
She said inequality was "an issue" too. Ms
Lagarde said some of the biggest problems were with the so-called
"too-big-to-fail firms", banks whose collapse would cause such a big
knock-on effect on the wider economy that governments were still expected to
rescue them. She said a recent IMF study indicated that such banks were still
"major sources of systemic risk" and called for "tougher
regulation and tighter supervision" to tackle the issue.
"Their implicit subsidy is still going strongly
- amounting to about $70bn in the US, and up to $300bn in the euro area,"
she said. Ms Lagarde called for regulators worldwide to agree a framework to
wind down big banks in trouble, as well as mutual recognition on rules for
financial markets.
http://www.bbc.com/news/business-27588394
2 Yahoo may launch YouTube rival (Megan Rose Dickey
in San Francisco Chronicle) Yahoo is reportedly unveiling a YouTube rival this
summer. Yahoo's service will offer more generous revenue-sharing deals for
creators, AdAge reports. Google's YouTube takes 45% of ad revenue, but Yahoo is
expected to offer a split that tips more in favor of creators.
Yahoo intended to unveil the new service in April,
but contract issues ultimately delayed the launch. One point of contention was
around content ownership. Early drafts of the contract gave a video's ownership
rights to Yahoo.
Similar to YouTube, Yahoo video creators will be
able to have their own channels. Yahoo's video player will also be embeddable
on other sites. Those Yahoo creators who sign a contract will also get a
publishing dashboard so that they can distribute across Yahoo properties like
its home page, as well as blogging service Tumblr.
3 Five things about Ukraine’s Chocolate baron-President
(Ling Chang Hong in Straits Times) Chocolate baron Petro Poroshenko claimed a
resounding victory on Sunday in Ukraine’s presidential election. Just who is
Petro Poroshenko? Here are five things about him.
Wealth: The 48-year-old is known as the “Chocolate
King” for his ownership of Ukraine’s largest confectionery manufacturer,
Roshen. His vast empire also includes vehicle manufacturing and shipbuilding.
He also owns 5 Kanal TV, the most popular news channel in Ukraine. Forbes
estimated his wealth at $1.6 billion in 2013.
Political experience: A 10-year political veteran,
Mr Poroshenko comes from the mainly Russian-speaking Odessa region in southern
Ukraine, although his political stronghold is believed to be in the central
Vinnytsya region, where he started his business and political career. He was
foreign minister in Ms Yulia Tymoshenko’s government from 2009 to 2010, and
briefly an economic development and trade minister in 2012. He was also one of
the main figures of the Orange Revolution that brought Mr Viktor Yushchenko and
Ms Tymoshenko to power in 2004.
Campaign promises: The main slogan of Mr
Poroshenko’s election campaign was: "A new way of living". He
portrays himself as a pragmatic politician who sees Ukraine’s future in Europe,
but hopes to mend relations with Russia, using the diplomatic skills he
developed as foreign minister.
Main challenges: Mr Poroshenko will inherit a
country on the brink of economic collapse, with a separatist rebellion raging
in its main industrial region, and a Russian neighbour that has annexed one
part of the country. His main goal is to unite Ukraine. “The first steps of our
entire team at the beginning of the presidency will concentrate on ending the
war, ending the chaos, ending the disorder and bringing peace to Ukrainian
soil, to a united, single Ukraine,” he said at a victory rally.
Quotable quotes: “No.” - When asked by a Ukrainian
journalist at a post-election press conference whether he could guarantee the
freedom of the press. "When I win." - He interrupted and corrected a
question about what he would do if he wins the election.
http://www.straitstimes.com/news/world/europe/story/chocolate-king-ukraines-new-president-20140526
4 How economic crisis spurs obesity (Katie Allen in
The Guardian) The economic crisis could have intensified the obesity epidemic
in rich nations as people switched to cheaper and less healthy foods,
acccording to a report. The Organisation for Economic Co-operation and
Development also found that the drop in physical activity for those who lost their
job was likely to have contributed to higher obesity rates in some places.
In an update to its work on the economics of obesity
begun in 2010, the Paris-based thinktank found the epidemic had spread further
in the past five years, although rates have been increasing at a slower pace
than before. "Until 1980, fewer than one in 10 people were obese in OECD
countries. In the following decades, rates doubled or tripled, and are
continuing to grow," the report said, putting the obesity rate now at 18%
of adults.
People with less education and lower socio-economic
status are more likely to be obese, and the gap is generally larger in women,
the research found. It highlighted the effect of financial hardship on food
shopping habits. "In 2008, the world economy entered one of the most
severe crises ever. Many families, especially in the hardest hit countries,
have been forced to cut their food expenditures, and tighter food budgets have
provided incentives for consumers to switch to lower-priced and less healthy
foods," the OECD said.
http://www.theguardian.com/business/2014/may/27/oecd-obesity-epidemic-economic-crisis
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