Word: banking
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...Assembly on May 31 that the number of households going hungry has doubled in one year. "The government understands and shares with the people," Dung said. "And sees it is their responsibility to try to best curb inflation." So far, Hanoi has moved to cool the economy by requiring banks to increase their reserves; the central bank has also raised interest rates to 12%. But inflation is being made worse by Vietnam's weakening national currency. The Vietnamese dong has fallen roughly 1.5% against the dollar in the past six months. But the recent dismal economic news is threatening...
...tackle inflation, the government knows it needs to raise interest rates and rein in spending, particularly by state-owned enterprises that have used state financial institutions as their own piggy banks. But any sudden moves can also threaten to strangle businesses and scare away new investors, which Vietnam must avoid if it is to meet its revised 7% growth rate. Still, while the numbers look bad now, Vietnam's long-term economic outlook is good, says Tom Nguyen, head of global markets at Deutsche Bank in Ho Chi Minh City. Some think the government's ability to deal with public...
...Advocates of globalization are correct that free trade and free markets have raised average incomes around the world. The World Bank reports that the proportion of people living on less than $2 a day shrank from 67% in 1981 to 47% in 2004. But $2 still isn't very much. And other research, such as a 2004 report by the World Commission on the Social Dimension of Globalization, has found that while the average person might be better off in absolute terms, he or she is often relatively worse off: 59% of the planet's population lives in countries with...
...Your experience of globalization, then, depends on what you have in the bank. In business class, the world is your village, and you're connected with your counterparts from all corners. For those whose journey involves a long truck ride through a desert or a dangerous boat ride across open sea, globalization is often much less forgiving. Millions of people every year seek to migrate, legally and illegally, from poor countries, either to the industrialized world or to more prosperous developing countries such as South Africa. But the poor in the developing world are determined not to diminish the little...
...state of affairs is inevitable. The fact is that we live in a society ruled by an invisible hand, not a philosopher-king. Those who take care not to make waves and to avoid situations in which failure is possible, can parlay their Harvard diplomas into a very sizable bank account...