August 18th, 2011
09:06 PM GMT
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In "Wall Street: Money Never Sleeps," Oliver Stone's fictitious financier Gordon Gekko famously pronounced "idealism kills every deal."

The pearls of Hollywood wisdom have rarely seemed more pertinent to the current market rout, after the leaders of France and Germany spectacularly failed to shore up confidence in the eurozone this week.

Then came the nail in the coffin: Morgan Stanley warned that the world's dithering politicians had pushed the U.S. and Europe "dangerously close" to a recession.

Two questions emerge: Are the world’s biggest economies heading towards a double dip? And if so, which will succumb first?
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August 18th, 2011
10:38 AM GMT
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Kampala, Uganda (CNN) Along the Entebbe Road, that bustling, traffic-ridden street that links the airport to Uganda’s capital city Kampala, is a small hairdresser called “Obama Salon.”

The name conjures up an ode, a prayer, a little bit of wishful thinking on behalf of the salon owner, who no doubt wanted some of Barack Obama’s yes-we-can-do-it magic to wear off on this neglected avenue in Africa.

For the beleaguered residents of Kampala, a run-down city that tries hard to create some order out of the chaos of poverty, life remains hard. Food prices and transport prices continue to spiral higher and higher, making residents angry that those with so little have to pay so much for the basics.

It will not be like this for much longer, say the optimists.
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August 18th, 2011
10:38 AM GMT
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Hong Kong, China (CNN) – Good economic news was lacking in Asia-Pacific this Thursday. With nothing to cling to, Japan’s Nikkei and Australia’s ASX 200 fell in morning trading. The Hang Seng and Shanghai Composite joined them down the slide in the afternoon. By the close, all major markets had fallen between 1% to 2%.

The strength of the Japanese yen hit export-related stocks hard, pulling the Nikkei down 1.25%. In early morning trade, the yen touched 76.41 to the U.S. dollar, creeping ever closer to its post-war record of 76.25. Toshiba and Hitachi were the biggest export losers all day, closing down 4% to 4.5%. As of 5pm Hong Kong time, the yen was trading at 76.61 to the dollar.
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Filed under: AsiaBusinessChinaHong KongJapan


August 18th, 2011
08:45 AM GMT
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(CNN) – With people in the streets of India in support of graft-buster Anna Hazare, where does India rank among the world’s major economies in terms of corruption?

Moreover, is there a correlation between strong economies and good transparency?

Depends where you look. Comparing the world’s 10 largest economies against their rankings in the 2010 Transparency International corruption perceptions index, here’s how they stack up:
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Filed under: BusinessIndia


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