Monday, December 22, 2014

South Korea growth forecast cut; Mumbai brothels turn realty sites; US opening to boost Cuba tourism

1 South Korea growth forecast cut (BBC) Asia's fourth largest economy, South Korea, has cut its growth forecast, for this year and next, as consumer and business sentiment weakens. The Ministry of Strategy and Finance said on Monday the economy would now grow by 3.4% this year, down from the 3.7% it forecast in July. Growth in 2015 was also downgraded to 3.8% from 4% predicted earlier.

The government said private investment and consumer spending were coming out weaker than it had expected. South Korea's economy expanded by 3% last year. The forecast downgrade shows the challenges facing the economy despite government measures such as the central bank cutting interest rates twice this year to boost growth.

The ministry said it does expect conditions to improve in 2015 on falling oil prices and more stimulus measures. The government is planning to introduce measures to boost wages and encourage businesses to create jobs and increase investment. The moves include increasing the minimum wage and spending almost 60% of its annual budget in the first half of 2015.


2 Mumbai brothels turn realty sites (Jason Burke in The Guardian) The scene in Kamathipura, in the heart of Mumbai, India’s commercial capital, appears timeless. Established in the late 18th century by the British, the neighbourhood has been a hub of sex work and trafficking ever since. Yet what is one of the oldest and biggest red-light districts in the world may be living out its final days.

“It’s almost over already. Everything is shutting. It’s the end of Kamathipura,” said Hasina, 38, who has worked and lived there for two decades. Few beyond the brothel owners and the traffickers will mourn its passing, however. “This is a terrible place,” Hasina said.

Mumbai now has some of the most expensive real estate on earth and demand for land in this hugely overcrowded city of about 20 million is high. Developers have long eyed the lanes of Kamathipura but India’s flagging economic growth in recent years and a lack of investment capital has held them back.

Now however, with the promise of major reforms by the new government, business confidence has picked up again and development projects planned a decade ago are being dusted off. There is little thought for those who live and work here. Fatima, a 32-year-old sex worker, said the building in which she has lived and worked since being sold by her sister to a brothel owner at the age of 12 is slated for demolition. Details are scant – but she knows there will be no compensation for her. Eviction notices are expected any day.

About 10,000 female sex workers live in Kamathipura, an estimated third of the total 20 years ago. They come from all over India, as well as neighbouring countries Nepal and, increasingly, Bangladesh. Almost all have been trafficked, sold by relatives or lured by men who convinced them that a better life awaited them in Mumbai. Police are paid off, or turn a blind eye. A special trafficking court is little deterrent.


3 US opening to boost Cuba tourism (San Francisco Chronicle) American citizens have been allowed to visit Cuba on "people to people" trips since 2011, one of President Barack Obama's first moves toward detente with the communist-run island — provided their scheduled activities are sufficiently educational, and down time is kept to a minimum.

Now, such cultural exchanges are not only expected to grow dramatically, they are expected to become more flexible and less bureaucratic following last week's announcement by Cuba and the US that they would work to restore normal diplomatic relations for the first time in more than 50 years.

The new Treasury Department rules have not yet been released, but a White House statement suggests that educational travel to Cuba will now be covered by a "general license," which means tour operators — and perhaps individuals, depending on how the regulations are written — will be able to head to Cuba and simply give the US government their word that they're not engaging in ordinary tourism.

Travelers may simply have to sign a form and board a charter flight, making it easier and cheaper to visit the island, experts say. Dozens of operators offer people-to-people travel at prices that typically range from $2,000 to $6,000. Some cater to specific groups such as academic and legal organizations and others are for the general public. That is expected to increase amid renewed interest in the country following Obama's Dec. 17 announcement of restored relations after two decades of hostility.

http://www.sfgate.com/news/world/article/Experts-expect-surge-in-Cuba-tourism-under-Obama-5972785.php                                                     

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