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...Because all of these countries are growing more robustly than the U.S., their interest rates are higher, thus creating a short-term opportunity for traders. Here's how it works with a currency like the Indonesian rupiah: the six-month London Interbank Offer Rate (or LIBOR, the benchmark for U.S. dollar borrowing), is now hovering at slightly less than 1%. That rock-bottom rate stands in stark contrast to the 6.5-7% rate of interest one can get from a short-term money market bill in Indonesia, where the 5-year government bond currently yields roughly 9%. The wide...
...billion privately funded Summer Games in 1996 sparked a construction boom in the city's downtown core and, according to the Metro Atlanta Chamber of Commerce, generated $5 billion in economic activity, including $1.8 billion in hotel, residential and commercial construction. What's more, the city found long-term uses for its Olympic venues, transferring the Olympic stadium and village to the Atlanta Braves and Georgia State University, respectively. "The Olympics gave Atlanta a tremendous boost in commerce," says Sam Williams, president of the Metro Atlanta Chamber. "We become a global city, not just the capital of the South." However...
...trade in question is known as the "dollar carry trade" because it allows traders to borrow dollars at low rates while investing in another currency that offers a significantly higher short-term yield. One factor behind its growing popularity in Asia is because the other side of the trade - the currency one buys with the dollars one cheaply borrows - are mostly to be found in the Asia-Pacific region. Most coveted, according to traders, are the Australian dollar, the Indonesian rupiah, and even the infrequently circulated Sri Lankan rupee...
...Jain of the ADB says the leadership in Manila, faced with elections in the coming months, is indeed thinking of long-term solutions to its infrastructure woes. Plans have been afoot to improve sanitation and also relieve the population burden in metro Manila by shifting certain businesses and government offices to areas outside the dense capital region. But the challenge facing the Philippines and other poor Asian countries is one of resources. Most Southeast Asia nations budget around 2% or 3% of their GDP for infrastructure development. To fend off such disasters in the future, Jain says that figure ought...
...since World War II will see Europe's biggest economy contract by 5% in 2009. While Germany's economy grew 0.3% in the second quarter of this year, it will still be a slow climb out of recession. Unemployment is set to rise next year once government subsidized short-term labor contracts are phased out. The budget deficit is expected to pass 6% of GDP in 2010, thanks mostly to a dip in tax revenues. Some economists say the center-right government will be penned in. "There's no room for maneuver on tax cuts," says Professor Henrik Enderlein, from...