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.
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