Socialism is a gift that keeps on giving. The latest victim of this failed system of the past century is Venezuela, which is currently facing an economic and political crisis of humongous proportions.
Often touted as a “socialist paradise” and torchbearer in the fight against West’s neo-liberal system, the South American country is plunging into one crisis after another, all man-made.(Link)
Increasing prices are a big deal in Japan. The country’s sluggish economy means that the cost of most things has not risen in 20 years, and almost any increase makes headlines. (Link)
Indian officials say they have proposed an oil-for-drugs barter plan with cash-strapped Venezuela to recoup millions of dollars in payments owed to some of India’s largest pharmaceutical companies.
Several of India’s generics producers, led by the country’s second-largest player Dr Reddy’s Laboratories Ltd, bet heavily on Venezuela as they sought emerging market alternatives to slower-growing economies such as the US. (Link)
A tale of how intelligence and serendipity combined to create the killing of a lifetime (Link)
Saudi Arabia is considering using IOUs to pay outstanding bills with contractors and conserve cash, according to people briefed on the discussions.
As payment from the state, contractors would receive bond-like instruments which they could hold until maturity or sell on to banks, the people said, asking not to be identified because the information is private. Companies have received some payments in cash and the rest could come in the “I-owe-you” notes, the people said, adding that no decisions have been made on the measures. (Link)
The Punjab government has proposed that banks write off a quarter of its Rs 20,000 crore of loans taken for procuring food grains — a move that could deal another blow to banks reeling under loan defaults by companies, said two people familiar with the matter. (Link)
Negative outlook reflects company’s lower volume growth mainly due to lower coal volumes and an increase in capital expenditure and financial leverage, when compared to previous expectations. (Link)
The best candidate might be found 3,500 miles away, in New Delhi. As Gadfly pointed out last year, Suzuki’s 56 percent-owned Indian subsidiary Maruti Suzuki has long outgrown its parent company and is perfectly set up for a reverse merger. (Link)
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