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...Saving for a rainy day may sound smart, but some observers say this habit could be hindering China in the long run, and disrupting global trade balances. Access to consumer debt could ease the country's dependence on exports and investments that now power China's 10% annual growth, ultimately making it more sustainable. "Mature economies are driven by consumer spending," says Nigel Lee, president of First Data's Asian operations. "Consumer credit is an important instrument in increasing domestic demand...
...allocating capital more efficiently is central to the ongoing reform process." The government has outsized influence over large Chinese corporations for a simple reason: most being brought to market are state owned. Encouraging big, well-known companies to make their shares available to domestic investors-who have very limited access to markets abroad-makes sense. China's equity markets have a reputation for being poorly regulated casinos. Giving investors the opportunity to buy stakes in China's leading corporations under a more robust regulatory regime (starting this year, companies listed in Shanghai and Shenzhen must meet internationally accepted accounting standards...
...sealed-off hillside base, one of many that have sprung up over the last year in the rugged mountains and stony valleys around Rihan, a southern Lebanese village. The entrance to another no-go zone, along a rutted dirt track, is advertised by a sign that reads: WARNING. ACCESS TO THIS AREA IS FORBIDDEN. HIZBALLAH. Less than a mile to the south, the Litani River, shriveled to a creek by the summer heat, cuts through a deep, meandering gorge. The river marks the edge of Hizballah's new military territory...
...decree, called a motu proprio, or personal initiative of the Pontiff, was made public Saturday along with an explanatory letter to the world's bishops acknowledging the recent "news reports" and "confusion" about the lifting of restrictions for access to the old rite. Known as the Tridentine rite - delivered in Latin with the priest usually facing the altar, his back to the congregation - the old Mass (though never banned) had effectively been replaced, following the mid-1960s reforms of the Second Vatican Council, by a liturgy recited in the vernacular. Some Vatican insiders caution that Benedict's new ruling will...
...Bishops in the West, particularly in France, had shared their concerns that widening access to the old Mass would deepen the rifts and create splinter movements among their followers. The Pope also listened to concern about how this document could affect inter-faith affairs, given the inclusion of the Good Friday prayer calling for the conversion of Jews. Though much less offensive than a reference to "perfidious Jews" that Pope John XXIII eliminated in 1962, some Jewish leaders are bound to ask why, after years of growing mutual respect, the Pope would not simply excise the conversion prayer...