| FXCM: Currencies Quiet Awaiting NFP Data
Majors hugged very tight ranges in Asian and European sessions as trading was particularly quiet ahead of the US Non-Farm payroll numbers. In addition, capital markets in Europe and US are closed today for the Good Friday holiday. Therefore, given the lack of liquidity, currency trading may be even more volatile than the typical NFP Friday. In Japan today, the Leading Indicator index slipped further down to 30 from 40.9 the month prior. The index has spend the last eight months below the 50 boom/bust level but during that time has been woefully inaccurate in predicting an actual economic slowdown as Japan’s GDP expanded at a healthy 3.8% - far stronger than most analysts predicted. Nevertheless, the LEI news should not be dismissed out of hand, especially if consumer sentiment begins to waver once again.
Missing link between university education and economic growth
EDUCATION: Until 1960s, universities in Sri Lanka had earned the reputation of centres of excellence in arts, culture, and sciences. Now these universities are still centers, but certainly not of excellence. According to development economists, investments on knowledge and human capital stimulate the economic growth. But they did not explain how and why knowledge spillover takes place. This article attempts to draw attention of the academia, policy makers, and general public on how universities can be made centers of economic growth and development citing example from other countries. In the year 2004 Sri Lankan Government has spent around 2.7 percent of its GDP for education out of which around 0.42 is for university education. According to the University Grant Commission's Statistics the amount spent for university education, as a percentage of government expenditure, is around 1.6 percent (9.82 percent is for education including tertiary education).
Africa: Pan African Unity - Can the Continent Match the Bid?
The idea of a United States of Africa is the visionary outcome of a Pan African Unity. Gichinga Ndirangu presents the case for a United States of Africa and points out some of the major stumbling blocks that need to be overcome before Nkrumah's dream of a united Africa becomes a reality. At the upcoming African Union summit in Accra, Ghana, a proposal seeking to establish a continental union government will be debated. Accra is a symbolic, if not significant host for this debate. It was here that Ghana's founding father, Dr. Kwame Nkrumah, first pitched for Pan African unity in his famous exhortation that Ghana's independence counted for less unless, and until, the entire continent was liberated. It was Nkrumah's view that in the absence of forging a common united front, Africa would remain shackled to neo-colonialism.
Stocks rise on strong economic report
NEW YORK (AP) - Wall Street advanced Thursday after a government report showed the economy grew in the fourth quarter at a faster clip than had been estimated. The Commerce Department's final measure of fourth-quarter gross domestic product, which showed growth of 2.5 percent, could help quell concerns that economic growth is slowing too quickly. At the same time, strong economic growth could make it harder for the inflation-wary Federal Reserve to cut short-term interest rates. Investors also bought stocks in a bit of window dressing to their portfolios as the first quarter comes to an end. Further acquisition activity also lent support to major indexes after U.S. Steel struck a deal to buy Lone Star Technologies Inc. for about $2.1 billion. In the first minutes of trading, the Dow Jones industrial average rose 74.34, or 0.60 percent, at 12,374.70.
The Monday Edition- Going Gold
This week I'd like to cover topics surrounding gold. From a) Market Sentiment to b) Demand and c) Supply to d) Implications of de-hedging. Thanks in advance for your time.Market Sentiment Too bullish? Consider this- 1) Bloomberg's most recent Gold survey indicated 23 of the 32 analysts & traders advised buying gold and only three said to sell, with five being neutral. 2) The top 100 amateur investors tracked by Marketocracy.com recommend Goldcorp. Also, all major brokerages expect gold to hit $700 by second half of 2007. 3) The Commitment of Traders report- (keep in mind commercial traders are a much better indicator of price movements than speculative ones) from Jan 9th to Feb 27th, the speculative traders added 12.11 million oz of net longs to take their position to 21.6 million oz (Gold fell quite a bit since then, especially Feb 27th, about $30+).
The Most Harmful Books, Conservative Style
What are the most dangerous books of the last two centuries? Here's one answer as compiled by conservatives, hence the lack of a single title by Ann Coulter. A disclaimer: I do not think the folks who compiled this list represent all or even most conservatives.On to the list, and my commentary:1. Communist Manifesto. Okay, fair enough. Debate over the ideals and logic behind it aside, attempts to implement this little gem led to the deaths of tens of millions of people worldwide. Communism remains a nice ideal (to some) but a demonstrably horrible form of government.2. Mein Kampf. This one's a little murkier. Yes, Adolf was a pretty bad guy, and as such perhaps his book deserves the same treatment as the Communist Manifesto, and for the same reason. Except that his book played almost no role in his rise to power.
Explaining the NPP philosophy
The Statesman can be accused of focusing attention on ideologies currently, most notably on the ruling party's motto of 'Development in Freedom.' Indeed, Qanawus de profundis view is that there has been very little of ideas and philosophy driving this countrys politics and one of the consequences of that is our quirk to de-intellectualise issues, leaving the people exposed to the vagaries and folderol of propaganda. After more than six years in office, the Kufuor government is seasonable for a forensic test. In Qanawus view, the New Patriotic Party sees and respects the instrumental role of freely functioning markets in facilitating economic growth or the intrinsic value of individuals freedom to engage in voluntary exchange. As Amartya Sen would have put it, fundamental to the doctrine of Danquah-Busiaism is the principle that freedom is the primary end as well as the means to development.
Politics, price tag challenge Range-wide high-speed Internet project
The proposed Iron Range fiber optic network has captured the imagination of local officials in Ely, Tower, and numerous other communities on the Iron Range. A total of 11 communities have now signed on to the next phase of the project, although their commitments dont require funding at this point. But funding will eventually be required, and thats where the estimated $49.1 million project appears to face its biggest challenges politically. While local officials have expressed support for the project, Iron Range state legislators have been noticeably cool to the idea so far. Legislative support is likely to be key to the success of the proposal, which is being spearheaded by the newly-formed Iron Range Network Joint Powers Board. Legislators dominate the Iron Range Resources board, which makes their votes key in any effort to fund the fiber project.
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