Emerging Markets: Jim O’Neill, who coined BRIC, moves to MINT
Jim O’Neill worked as an economist at Goldman Sachs from 1995 to 2013 and is best known for having coined the term BRIC in reference to emerging markets Brazil, Russia, India, and China. Today he is bullish about a new set of emerging economies: Mexico, Indonesia, Nigeria, and Turkey, which he refers to as MINT.
United Kingdom: Pressure on Carney as unemployment approaches 7%
UK unemployment rate fell to 7.1% in December, which was down from the 7.4% tallied in November, as The Guardian informed. The print puts pressure on the Bank of England governor Mark Carney who, according to the forward guidance policy its taking, is expected to raise interest rates when unemployment falls below 7.0%.
Argentina: Argentina restricts online shopping
Following the continued drop in international reserves, Argentinean government restricted internet shopping by stopping big companies to deliver goods at homes. Instead items will have to be collected at a customs office. As the BBC News reported, the measure comes after a 30% drop in international reserves in 2013.
Spain: Spanish Unemployment Stays Above 25% as Rajoy Seeks Growth
In this article Bloomberg reports the latest Spain’s unemployment data. According to the National Statistics Institute, in Q4, unemployment rate was 26.03% which was slightly up from the 25.98% recorded in the three months through September.
China: Time for Overhaul of China’s Land Market
Caixin’s editorial argues that a systematic overhaul is needed to truly transform the land market. It should enable collective rural land to be openly bought and sold in the market. The government-directed land management system of “auction, tender and list” is reaching its expiration date.