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across the Thames from Greenwich. And how apt that originally-meteorological title proved to be: Lehman Bros (in the building to the left of Citigroup) soon collapsed after this photo was taken. HSBC is doing reasonably well-ish. Barclays is still intact but has uninsured toxic loans on its books and new sovereign investors on its register, Citibank and most American banks received huge and repeated innoculations injected by the US Treasury, ditto UBS by the Swiss government...... and RBS, HBOS et al...... well they have gone the way of the Goodwin, with Gordon Brown's support. Oh and his helping hand and guidance also steered Victor Blank into a little too much undue non-diligence and meant that his relatively conservative Lloyds TSB got hitched up to the relatively unconservative Halifax Bank of Scotland to the detriment of its own shareholders (and bonuses). Some storm! But back on Independence Day 2008, this lot stick looked reasonably imposing and intact!
Visitors from abroad provide the excuse for this Londoner to take an overdue repeat 1/2 hr "trip" on the Millennium Wheel - this time after dark. The lens brings the South Bank, City & East London seemingly-close together.
The famous Ipanema Beach in Rio de Janeiro with the Two Brothers Mountain in the background at sunset.
Bangladesh is one of the fastest growing merging markets in the world today. Literally millions of families of moving out of poverty and some entering the middle classes.
This has been enabled primarily by women who work and so contribute to the economy. A great example of this is the creation of the Ready to wear garments industry. Brands Like `Tesco, Zara and Miss Selfridge, to name but a few produce their garments in Bangladesh, made by womenlike this who are rushing to work.
Yes there are issue that need to be resolved like stricter application of work and safety and a higher minimum wage. But conversely, years ago, these women were idle and without income.
Today there earnings provide for a better standard of living and crucially providing their children an education.
Transformation is possible within a generation
Christ the Redeemer (Portuguese: Cristo Redentor) is a statue of Jesus Christ in Rio de Janeiro, considered the second largest Art Deco statue in the world.
The Palácio do Planalto is the official workplace of the President of Brazil. Constructed in 1958. Designed by Oscar Niemeyer.
A happy coincidence of east London images.
Bankers' Heaven or Hell: The offices of Barclay's, Credit Suisse, & HSBC among others (including the defunct Lehman Bros, just to the right of this photo) at Canary Wharf on the Isle of Dogs..... and the banner for a sleep-easy bed & mattress warehouse... with some of that mortgaged negative equity sandwiched in-between.
(When will they ever learn? HSBC is one of the few international banks still standing tall-ish, despite buying a dodgy American enterprise called Household - HFC - through which is enlarged its toehold in the USA and inherited both an outlandishly overpaid US director, William Aldinger, now dropped but living off the proceeds, who, at a guaranteed £37.5m over 3 years from 2003 - plus free US-priced health & dental care for life, received dramatically more than his new bosses in the combined bank...... but also its household finance, credit card and sub-prime mortgage exposure in the USA. HSBC survives largely intact because so much more of its business was in Asia & emerging markets and more conservatively-managed credit in Europe [mainly through the former Midland Bank operation in the UK, a rather wiser purchase, it turned out, though Midland was only affordable because its 1970s management had bought another dodgy gambling US-house-mortgage-lending-to dead-&-bankrupt-people bank, Crocker, and suffered long after writing off that purchse too].... and courtesy of a massive £12.5billion rights issue to its existing shareholders who have been asked to fork out a record number of billions - the largest ever UK rights issue - to support the HSBC balance sheet.
The same - on what then seemed a massive scale - happened to RBS shareholders only last year and look what befell them: the UK government now owns most of the Royal Bank of Scotland and its ordinary shareholders have been diluted and abluted! But, unlike all but Santander & JP Morgan Chase, HSBC's position is protected by its profitability - it has even declared a dividend, albeit reduced and its 2008 profits fell from $24m to $9m - and by the fact that its deposit base exceeds its loans, something that was once quite an important principle of sound banking everywhere! It now regrets its Household purchase and agrees, it seems, with its biggest rebellious shareholders..... and yet it probably won't walk away from the Household liabilities because it would ruin its reputation. Interestingly, though it has lent Household even more than it's raising through the rights issue, it has not actually guaranteed the Household liabilities; so it could renege on them if everything got really scary. Something else to keep lawyers in business!) It seems that the rights issue, which closed on 3 April, was a success with a 97% take-up of shares at a 44% discount (but then the RBS issue last year had a 95% take-up which benefitted shareholders onl;y if they sold their shares immediately!). HSBC stock-holders, like the leaders gathered nearby for the G20 summit, must hope that its share-price and profitability is sustained - because if HSBC goes down...... ouch!! And let's hope it holds up because, following the world's turbulence, HSBC strategy is, it claims, now aligned with 3 trends which are shaping the global economy:
1. Emerging markets are growing faster than developed countries
2. World trade is expanding faster than GDP
3. Longevity is increasing virtually everywhere
What's that about growth & expansion?!)
#364 on Explore, Saturday, April 4, 2009
looking east, from the abandoned control cab of the bascule bridge at the entrance to the Shadwell basin. At the left is the air shaft for the Rotherhithe tunnel. This is the view down the Thames past the Regent's Canal entrance & St Anne's church, Limehouse, towards the entrances to the West india docks (still open till 1980) on the Isle of Dogs & what would now feature the Canary Wharf / Canada Square complex. To the right on the south side of the river are the warehouses on Rotherhithe Street, behind which was Lavender dock (part of the Surrey commercial docks).
David Lipton (left), First Deputy Managing Director IMF, Gene Frieda, Moore Capital and Alfonso Prat-Gay, Minister of Treasury and Public Finance Argentina, participate in the panel discussion Emerging Markets at the Crossroads: Challenges and Opportunities during the 2016 IMF/World Bank Spring Meetings in Washington, D.C. Ryan Rayburn/IMF Photo
A local craftswoman starts the process pulling fibres from a water lily, that will be spun into thread.
The inn at inle lake is accessed by canal boat service, where a brightly coloured concierge awaits your arrival.
Recently, many economies have come under sharp foreign exchange pressures, reflecting large commodity price declines, volatile external financing conditions, and country-specific factors. This seminar will invite central bank officials from emerging and frontier markets to discuss their recent experiences in dealing with these pressures, including the role of exchange rate flexibility and constraints imposed by the overall macroeconomic policy frameworks and balance sheets.
What the G20 leaders in London this week agreed to beg, steal or borrow to tackle the global financial crisis and to rescue the world economy. That's the impossible-to-grasp number that tells us how much it will take, they decided, in genuine Roosevelt New Deal dimes (mainly for the IMF and not including the other trillions already committed by national governments to bail out banks and auto companies, among others, and to support unemployed people). All this - and more, not to mention our collective wealth foregone - is pursuit of the items highlighted in the backdrop to the G20 leaders' group photo (the one the Canadian PM missed because he went to the loo):
STABILITY | GROWTH | JOBS
Want that dime inflated? View this dime - and my begging fingers - Large On Black
#192 on Explore, April 21, 2009
Cityscape of Bangkok, the financial and business capital of Southeast Asia. You can see various modern skyscrapers and some older tall buildings.
The Bangkok skyline at dusk. The cityscape of Bangkok has changed immensely over the last two decades as it transforms from an emerging market to a key business hub in Asia. I was very lucky to witness this stunning city view.
Daytime low angle landscape view of a woman and two children walking in the Haneda Airport following the 311 Tohoku Tsunami in Tokyo, Japan © LAN
Recently, many economies have come under sharp foreign exchange pressures, reflecting large commodity price declines, volatile external financing conditions, and country-specific factors. This seminar will invite central bank officials from emerging and frontier markets to discuss their recent experiences in dealing with these pressures, including the role of exchange rate flexibility and constraints imposed by the overall macroeconomic policy frameworks and balance sheets.
Recently, many economies have come under sharp foreign exchange pressures, reflecting large commodity price declines, volatile external financing conditions, and country-specific factors. This seminar will invite central bank officials from emerging and frontier markets to discuss their recent experiences in dealing with these pressures, including the role of exchange rate flexibility and constraints imposed by the overall macroeconomic policy frameworks and balance sheets.
Recently, many economies have come under sharp foreign exchange pressures, reflecting large commodity price declines, volatile external financing conditions, and country-specific factors. This seminar will invite central bank officials from emerging and frontier markets to discuss their recent experiences in dealing with these pressures, including the role of exchange rate flexibility and constraints imposed by the overall macroeconomic policy frameworks and balance sheets.
Underground landscape view of a subway train conductor in a subway train at a Tokyo subway station following the 311 Tohoku Tsunami in Tokyo, Japan © LAN
Recently, many economies have come under sharp foreign exchange pressures, reflecting large commodity price declines, volatile external financing conditions, and country-specific factors. This seminar will invite central bank officials from emerging and frontier markets to discuss their recent experiences in dealing with these pressures, including the role of exchange rate flexibility and constraints imposed by the overall macroeconomic policy frameworks and balance sheets.
July 24, 2014;Mexico City, Mexico-The IMF presented its latest world economic outlook at a press conference today in Mexico City. The report stated that global recovery continues but at an uneven pace, and that downside risks remain. Continued policy efforts are needed to secure a more robust recovery. Addressing the media are (L) Gian Maria Milesi-Ferretti, (R) Olivier Blanchard.
Photo:Wesley Bocxe
As part of The AJ's emerging markets series the magazine profile Qatar.
In this section, Qatar's capital Doha is compared to Dubai
Daytime landscape view of a woman and a child in a stroller walking in front of an "ANA 787" advertisement at the Haneda Airport following the 311 Tohoku Tsunami in Tokyo, Japan © LAN
Juan Enriquez, Managing Director, Excel Venture Management
Peter Diamandis, Founder and Executive Chairman, XPRIZE Foundation
Michael Milken, Chairman,
Milken Institute
Daytime low angle landscape view of a woman walking in the Haneda Airport following the 311 Tohoku Tsunami in Tokyo, Japan © LAN
Daytime low angle landscape view of people walking in the Haneda Airport following the 311 Tohoku Tsunami in Tokyo, Japan © LAN
Underground landscape view of a man standing and reading a paper in a Tokyo subway station following the 311 Tohoku Tsunami in Tokyo, Japan © LAN
Daytime landscape view of a woman walking past the Kamiyacho subway station entrance following the 311 Tohoku Tsunami in Tokyo, Japan © LAN
Daytime low angle landscape view of a Starbucks employee offering a sample to patrons on the sidewalk next to Aoyama Dori in Omote-sando following the 311 Tohoku Tsunami in Tokyo, Japan © LAN
Daytime high angle landscape detailed view of closed windows of a commercial building in Tokyo following the 311 Tohoku Tsunami in Tokyo, Japan © LAN
Daytime aerial view of clouds in the Chubu region following the 311 Tohoku Tsunami near Tokyo, Japan © LAN
Daytime landscape view of the Tokyo Bay skyline from the Tokyo Monorail following the 311 Tohoku Tsunami in Tokyo, Japan © LAN
July 24, 2014;Mexico City, Mexico-The IMF presented its latest world economic outlook at a press conference today in Mexico City. The report stated that global recovery continues but at an uneven pace, and that downside risks remain. Continued policy efforts are needed to secure a more robust recovery. Addressing the media are (L) Gian Maria Milesi-Ferretti, (Center) Olivier Blanchard, (R) Jennifer Beckman. Photo:Wesley Bocxe