1 IMF fears 'years of sub-par growth' (BBC) The global
economy could be heading for years of "sub-par growth", according to
the head of the International Monetary Fund. Christine Lagarde warned that
without "brave action" the world could fall into a "low growth
trap". She said the global economy would grow by more than 3% this year
and next, but that market volatility and tensions in Ukraine posed risks. Ms
Lagarde also urged more action to tackle low inflation in the eurozone.
She
called on the European Central Bank (ECB) to pursue "more monetary easing,
including through unconventional measures". She added, "There is the emerging risk
of what I call 'low-flation', particularly in the euro area". "A
potentially prolonged period of low inflation can suppress demand and output,
and suppress growth and jobs."
The IMF's
managing director said that global economic signs were positive overall, but
that "without sufficient policy ambition, the world could fall into a
medium-term low-growth trap". She called for governments to reform labour
markets to encourage job creation, and for more public investment such as
transport and communications networks in rich and emerging countries.
http://www.bbc.com/news/business-26861903
2 Germany approves first minimum wage (BBC) German
Chancellor Angela Merkel has approved the country's first minimum wage, at 8.50
euros an hour ($11.75), to start in 2015. At the moment, the country is one of
seven in the 28-nation EU without a minimum wage level. Germany has relied on
trade unions and business groups to fix pay instead. Mrs Merkel's conservative
Christian Democrats approved the change as part of a power-sharing deal with
the Social Democrats (SPD).
Parliament
is expected to debate the proposal this summer. It will then move to the upper
house for approval in September. Economists said higher wages in Europe's
biggest economy could help people spend more and stimulate the economy,
promoting economic growth. The SPD's labour market policy spokesperson, Katja
Mast, said: "Labour has got its dignity back with a fair payment of 8.50
euros, whether in the East or West and with no industry exceptions."
But the
wage does not cover minors, interns, trainees or long-term unemployed people
for their first six months at work. Some employers, such as those using
temporary or seasonal, workers, will have two years to phase in the new minimum
wage. For the rest of Germany's employers, the regulations will come into
effect on 1 January 2015. The wage will be reviewed annually from 1 January
2018.
http://www.bbc.com/news/business-26851906
The rash of new developments means Russia is poised to overtake the UK as the country with the second-most mall space in Europe by the end of this year. Holding the largest development pipeline, Russia may even contend for the top spot – eclipsing France – should most of the projects come good.
http://www.theguardian.com/business/2014/apr/02/russia-leads-shopping-mall-building-resurgence-europe
4 India's geriatric politicians (Neeta Lal in Khaleej Times) Should politicians have a retirement age? With general elections looming large on the horizon, this question is currently engaging the world’s largest democracy. The proponent of the idea – senior minister of India's ruling United Progressive Alliance (UPA) Jairam Ramesh – has advocated that all those holding political offices should retire at 70 years, and segue gracefully into playing an advisory role.
Perhaps
the minister had his own party – the 127-year-old Indian National Congress – in
mind while making the suggestion. The Congress creaks with pensioners. From
prime minister Manmohan Singh (who is 81) to Rishang Keishing, 94, four times
chief minister of Manipur, this is one geriatric club. In fact the average age
of the UPA ministerial Cabinet is 66 years, the oldest in the world! For this,
the dynastic tendencies of the entrenched Congress party leadership – which has
dominated the Indian political landscape for over a century -- is mainly to
blame.
The
elderly are clogging other political formations as well. Lal Krishan Advani of
the Opposition BJP is 88. Other BJP stalwarts – Rajnath Singh, Arun Jailtely
and Sushma Swaraj -- are all sexagenarians. Narendra Modi, 63, is being touted
as the `young face’ of his party. In a country where 50 per cent of the
population is below the age of 24 years, having aged leaders is a serious liability.
For a young and vibrant democracy, politicians need to be in sync with its
citizenry’s thoughts. This breathes fresh new ideas and enthusiasm into
governance and administration.
The moot
point is: If a retirement age is applicable to top government and private
officials, and even Supreme Court judges, why not politicians? Age limits exist
for a reason: to encourage the induction or ascension of new talent, weed out
the potential for entrenched privilege, and ensure that the leadership reflects
the changing times. All excellent reasons why it’s time to impose a retirement
age on India’s silver-haired politicos. Besides, retirement from active politics
doesn’t mean you have to stop serving the people. The Hindu philosophy
divides life into four periods. A 75-year-old, in his Vanprastha period, is
expected to devote himself to serving the society, without looking for profit.
http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=data/opinion/2014/April/opinion_April4.xml§ion=opinion
5
Amazon leaps into home entertainment (Jennifer Saba & Deepa Seetharaman in
Sydney Morning Herald) Amazon
has made a play for the increasingly crowded home entertainment arena by
unveiling a set top box that allows streaming of online video content in the
US. The Amazon Fire TV device ($99) device runs Google's Android operating
system and will offer Netflix, Hulu and other streaming channels in addition to
the company's own service, Amazon Prime.
The
announcement comes as the online retailer faces increasing pressure to boost
its bottom line after years of furious growth. The device is one of several
initiatives by Amazon, one of the world's largest online retailers. It is
investing heavily in building centres worldwide to expand its same-day delivery
service. Earlier this week, Amazon approved six original television shows. If
Fire TV takes off, it could shape the way consumers shop online. Fire TV
viewers may eventually be able to use their remote to buy a product directly
off a commercial, analysts said, as Amazon's multimedia and online retail
businesses become more integrated.
Tech
leaders such as Microsoft and Apple are vying for space on the TV, the traditional
family entertainment centre and where people used to spend most of their
leisure time. That has changed with the advent of the smartphone and tablet. While
the company tried to one-up existing streaming boxes with voice-activation and
games, some remained doubtful the Fire TV will make waves.
http://www.smh.com.au/digital-life/digital-life-news/amazon-leaps-into-home-entertainment-with-fire-tv-20140403-zqq06.html
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