Editor’s note: The Millennials are a generation that are constantly plugged in and moving fast to make their mark on the world. CNN’s Quest Means Business is tracking four of them. In this episode, Joe Braidwood and his company, Swift Key, head to Barcelona for the 2012 Global Mobile Awards 2012 while David Lloyd, CNN contributor, writes on the attraction of Colombia from the Summit of the Americas. Follow The Millennials to find out how Lloyd's company, Intern Latin America, was recognized at the summit.
(CNN) – Buying real estate in Colombia is not the sort of thing that your local bank branch manager is likely to recommend. But to me it is a sensible, even prudent, macro-bet on a country which is the next star of Latin America.
Colombia now takes its place alongside an Asian tiger like Indonesia and the future giant of South Africa in the CIVETS group of rapidly growing emerging markets. It is the new darling of “smart money” which views it as the hidden gem of Latin America. Although it continues to suffer from out-of-date negative perceptions, its attractiveness is coming onto both the tourist and investor’s radars.
The negative perceptions that persist present opportunities. In Colombia’s modern and industrious second city, Medellin (where Hewlett Packard has just located its entire Latin American Headquarters), prime property is found for under $750 per square meter, with rental yields in excess of 10% commonplace. There are very few places in the world with statistics like this that share Colombia’s potential. I have just made a macro-bet on Colombia via a real estate purchase.
(CNN) – Cambodia joined the capital markets Wednesday as its own stock market opened for trade in a bid to attract foreign capital to the Southeast Asian nation.
Trade started with one stock – Phnom Penh Water Supply Authority. The initial public offering of 13 million shares – 15% of the state-owned company – was 17 times over subscribed, according to underwriter Tong Yang Securities.
Interest in the stock has come from “Thailand, Vietnam – the biggest demand is from China, then Japan, Korea and even the U.S.,” KT Han, managing director of Tong Yang Securities, told CNN.
While the Cambodian economy has steadily grown at an average annual rate above 8% the past 10 years, the nation is still a financial frontier. The government is hoping the stock exchange will help bulwark the national currency, the riel, against an onslaught of U.S. dollars. Nearly 80% of the cash that changes hands in Cambodia are greenbacks, compared to 60% in the late 1990s, according to a 2011 International Monetary Fund report.
New York (CNN) – Don’t look now, but the phone hacking scandal that shuttered the British tabloid “News of the World” and cost James Murdoch his job at BSkyB is about to hit stateside - at least if Mark Lewis has his way.
The UK lawyer who represents alleged victims of phone hacking, including the family of murdered teenager Milly Dowler, is in New York this week meeting with lawyers and exploring legal options against parent company News Corp.
Lewis, who represents three to four people – one believed to be an American citizen and one person from the world of sport – says his clients phones were hacked while they were on U.S soil. The incidents are linked to alleged hacking that took place at the “News of the World,” but when I sat down with Lewis in New York, he was quite clear he believes the problem is much more widespread.
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