What We Read Today 31 July 2014

July 31st, 2014
in econ_news, syndication

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

  • Argentina Declared in Default by S&P as Talks Fail (Camila Russo and Katia Porzecanski, Bloomberg) It's official! Argentina has failed to pay interest on $13 billion of restructured bonds (out of the $200 billion total foreign currency debt. See also Today's the Day for Argentina and Its Vultures (Matt Levine, Bloomberg View) says today really isn't any different than any other day because their is no legal definition of sovereign bankruptcy. There is another article and further discussion of this 'behind the wall'.

Follow up:

  • The Brics bank is a glimpse of the future (David Pilling, The Financial Times) The new international bank may present a competitor to the World Bank anf the IMF (International Monetary Fund) as the five participating BRICS countries (Brazil, Russia, India, China and South Africa) can operate independently for financing infrastructure and in dealing with global financial stresses. The possibility is arising that the post World War II world order defined at Bretton Woods in 1944 is being upended. Pilling mentions the hypocrisy of the IMF in forcing reforms on developing countries in financial distress while endorsing bail-outs when the big boys got in trouble in 2008. He says the BRICS Bank was "born out of frustration". The article is worth a lot, but the caption graphic is priceless (below). See also GEI Opinion 28 July article The BRICS Bank is a Game-changer (by Ali Burak Güven, The Conversation).

brics-piggy-bank-480x190

  • Flipkart's Bansals nearly as rich as Infosys co-founders (Samidha Sharma and Anshul Dhamija, The Times of India) Hat tip to Sanjeev Kulkarni. The two co-founders of India's online marketing start-up Flipkart now have a combined net-worth approaching $1 billion. Sachin Bansal and Binny Bansal (not related) originally worked for Amazon before starting their own business in 2007. By 2011 their annual sales revenue had grown to $11 million to a current sales rate that annualizes to $2 billion. The founders project a potential annual revenue 50x larger in less than ten years, at $100 billion. But the road to the goal is not going to be traveled without competition. In response to a $1 billion fund-raise announced by Flipkart on Tuesday, Amazon has announced it will see the India company $1 billion and raise $1 billion. Amazon announced Wednesday (30 July) plans to invest $2 billion in India in an effort to boost the current annualized sales rate of $500 million and challenge the Flipkart revenue. See Amazon to invest $2 billion in India (The Times of India). Hat tip to Sanjeev Kulkarni. Amazon announced it will add five more warehouses in India to add to the two existing fulfillment centers in Mumbai and Bangalore.

highway-fatalities-map


There are 10 articles discussed today 'behind the wall'.

Please support all that we do at Global Economic Intersection with a subscription to our premium content 'behind the wall'.

There are between 75 and 100 articles reviewed most weeks. That is in addition to the 140-160 articles of free content we provide.

You get a full year for only $25.


The rest of the post is for our premium content subscribers - Click here to continue reading. If you have forgotten your login or password - send an email to info at econintersect.com.

 









Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.















 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved